Hospital Bed Market
The hospital bed market is expected to grow from US$ 3,214.96 million in 2021 to US$ 4,688.96 million by 2028; it is estimated to grow at a CAGR of 5.7% from 2022 to 2028.
Hill-Rom Holdings (Baxter); Stryker Corporation; Arjo; Invacare Corporation; GF Health Products; Span America (Sarvaria Corporation); Malvestio SpA; STIEGELMEYER GMBH AND CO. KG; Savion Industries; and Paramount Bed Holdings are among the leading companies operating in the hospital bed market.
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The COVID-19 pandemic has boosted the global hospital bed market growth. A surge in the prevalence of COVID-19 patients across the world has led to the increased demand for advanced healthcare services and infrastructure to manage the health crisis. Further, healthcare companies have launched new products to cope with the high demand for hospital beds during the pandemic. For instance, in 2020, Stryker Corporation launched emergency relief beds to meet the need for beds in hospitals.
The global hospital bed market growth is mainly attributed to the increased prevalence of chronic diseases. According to the National Health Council report, ~40 million Americans face constraints in their routine activities as they suffer from one or more chronic health conditions. Incurable chronic diseases affect ~133 million Americans, representing more than 40% of the total population as per the published report in 2019. Many live with one or more chronic illnesses, such as diabetes, heart disease, or depression, but with two or more conditions. Such a high prevalence of chronic diseases may result in a more significant requirement for hospitalization, which drives the demand for hospital beds.
According to the estimates presented in a Department of Health & Children report, ~80% of the general practitioners’ (GP) consultations and 60% of hospital bed requirements are related to chronic disease cases with associated complications. As per a report by the Data and Digital Health Unit, acute care hospital beds are available for curative care, accounting for 100,000 beds per population in Europe.
In 2021, the semi-electric segment held the largest share of the market. The introduction of smart technologies in medical beds is anticipated to offer significant opportunities to the market in the projected period. Based on usage, the global hospital bed market is segmented into acute care beds, long-term care beds, psychiatric care beds, and others. The long-term care beds segment is expected to have high market share in the market. Based on end users, the global hospital bed market is segmented into hospitals & clinics, elderly care facilities, ambulatory surgical centers, and home care settings. The hospitals & clinics segment accounted for the largest share of the market in 2021.
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