The global hospital beds market is forecasted to worth USD 4.22 billion by the end of 2025, showcasing a CAGR of 6.89% between 2020 to 2025.
Hospital beds are critical components required at healthcare facilities to provide comfort to the patients who need rest. Traditionally regular beds were used in healthcare facilities, but with the advent of technology, smart beds are being introduced in the market, which can easily track and monitor patients. Hospital beds allow the positioning of the body, which is not possible at home beds. These beds are now equipped with machines like ECG and others. The introduction of electric and semi-electric beds has completely changed the scenario of hospital beds.
MARKET DRIVERS
Factors such as the high growth in the chronic illness among patients and increasing patient population admitting in the hospitals and the recent global COVID-19 outbreak are majorly accelerating the hospital beds market across the globe. The government is now investing more in healthcare facilities, which resulted in growth in the number of hospitals with better facilities. The development of electrical beds with more facilities than traditional beds has also driven the increase as more hospitals are adopting new technologies.
MARKET RESTRAINTS
The global hospital beds market is primarily challenged by the affordability of hospital beds with modern technology. Many countries are not focusing on the development of healthcare, and thus there is a hindrance to the growth of the hospital bed market. The lack of technological advancement in many regions is also affecting growth.
COVID 19 impact on the Hospital Beds Market
COVID 19 has led to a surge in demand for hospital beds in all over the world. The governments worldwide have started building COVID dedicated hospital and treatment sites to cure the increasing number of patients. These increasing hospitals have boosted the market. Many countries have begun building hospital beds in their country and exporting them to the countries according to their requirements and urgency. The time frame of making and delivering beds is less, and the demand is huge in the market. It has led to the introduction of new players in the market, making cost-efficient hospital beds.
REPORT COVERAGE
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REPORT METRIC |
DETAILS |
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Market Size Available |
2019 to 2025 |
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Base Year |
2019 |
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Forecast Period |
2020 to 2025 |
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Segments Covered |
By Usage, Power, End-Users, And Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Challenges, Opportunities, Challenges, PESTLE Analysis, Porter's Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
This research report on the global Hospital Beds Market has been segmented and sub-segmented based on usage, power, end-users, and region.
Hospital Beds Market - By Usage:
Based on the usage, the acute care beds segment accounted for the largest market share in 2019 and is expected to grow at a healthy rate due to more incidents of accidents due to increasing traffic and population. It is primarily attributed to the greater adoption of medical/hospital beds to curative acute and chronic illnesses.
The Long-term beds segment held the second largest market share among all other segments in 2019 and is expected to grow faster. Long prevailing chronic illness is a significant factor in driving the growth of this market.
Hospital Beds Market - By Power:
Based on the end-user, the semi-electric bed had the largest market share among others in 2019 and is expected to grow at a reasonable rate during the forecast period. The growth can be attributed to technological advancement, more awareness about quality healthcare facilities.
The electric bed accounted for the second-largest market share in 2019 and is expected to grow at the fastest rate among all the other segments. The large share of these beds is primarily attributed to technological advancements, easy patient handling, and advanced powered beds. Governments and private companies invest more in providing quality healthcare to patients who will drive the market's growth.
The manual bed was the third-leading segment in 2019, and the growth is expected to decline during the forecast period. The main reason for the decreasing growth rate can be the increasing adoption of powered beds by health institutions. Lack of advanced features like powered beds is also a reason why manual beds are not preferred now.
Hospital Beds Market - By End-User:
Based on the end-user, the Hospital segment is expected to rule the global hospital beds market during the forecast period. As more hospitals get established, more beds will be needed to handle more patients. The hospitals now built are mostly multi-specialty hospitals and thus will be able to cater to more patients and drive the growth of the hospital bed market.
The Clinics segment is estimated to be the second-largest segment and is expected to grow at a prominent rate. As the population increases, there will be more illness among people; thus, there will be rising demand from clinics to treat this patient and thus boosting the hospital bed market. Although clinics' requirements for hospital beds are significantly less compared to hospitals, they can still match hospitals with a rising number of clinics.
The Ambulatory services segment is forecasted to grow at a reasonable rate from 2020 to 2025. The development of quality healthcare services is a significant factor responsible for the growth of this sub-segment.
Hospital Beds Market - By Region:
Regionally, Europe dominates the global hospital beds market owing to the high healthcare spending, favorable reimbursement policies, well-developed healthcare sector, and increasing government support. Countries like Germany and France have the most extensive healthcare budgets among all other countries, with approximately USD 321 billion and USD 237 billion dedicated to the healthcare budget. The Americas has the second-largest market, and the Asia Pacific follows. A well-developed healthcare system, huge geriatric population, and growing investment in healthcare research & development have paved the way for the American hospital beds market to expand. The Asia Pacific is the fastest growing world market for hospital beds.
The presence of a vast population base with a growing geriatric population, increasingly rising hospital number, and growing government funding for research & development has driven market growth. Also, the continuous development of the hospital system would fuel demand over the forecast period. The Middle East & Africa showed a limited increase due to low healthcare spending and limited technologies' availability. The Middle East region holds a significant share in the regional market.
TOP COMPANIES IN THE MARKET
Companies like Invacare Corporation, Paramount Bed Holdings Co. Ltd., Gendron Inc., Medline Industries Inc., LINET spol. S r.o., Savaria Corporation, Savion Industries, Hill-Rom Holdings Inc., Stryker Corporation, and Getinge Group are a few of the promising companies in the global hospital beds market.
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