Hospital beds are an essential part of hospital infrastructure used to accommodate patients for treatment, recovery, observation or end-of-life care. Manufacturers provide a wide range of beds in various sizes from adult, bariatric, pediatric to neonatal and maternity beds. Hospital beds allow caregivers to efficiently monitor and treat patients from a central location in wards, intensive care units or operating rooms. The global hospital beds market includes general beds, electric beds, semi-electric beds and specialty beds used in various clinical and post-surgical care settings.
The global hospital beds market is estimated to be valued at US$ 4,151.9 Mn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the growth of the global hospital beds market is the increasing prevalence of chronic diseases such as cancer, cardiovascular diseases, diabetes and respiratory diseases. As per the WHO, chronic diseases accounted for approximately 60% of total reported deaths in 2020. The growing geriatric population base which is highly susceptible to chronic illnesses also contributes to the rising demand for hospital beds. Furthermore, the increasing investments in healthcare infrastructure development globally aimed at expanding hospital bed capacity will further propel the market growth over the forecast period. Technological advancements in hospital bed designs focused on patient comfort, safety and real-time monitoring will also support the market expansion. However, high costs associated with specialty and technologically advanced beds may limit their adoption in cost-sensitive markets.
SWOT Analysis
Strength: Hospital beds market has strong growth potential driven by increasing aging population and chronic diseases. High unmet medical needs of bedridden and elderly patients further strengthens demand. Continuous technological advancements in smart and specialized beds also provides added comfort to patients.
Weakness: High costs associated with specialized and technologically advanced beds limits their widespread adoption across all hospitals. Lack of skilled professionals for operating specialized beds in some regions pose operational challenges.
Opportunity: Rising healthcare expenditure in developing nations offers new growth avenues. Untapped rural markets yet to adopt advanced beds represent an opportunity area. Growing demand for home healthcare also opens up new application areas.
Threats: Price wars and intense competition among existing players may squeeze profit margins. Regulations surrounding new product approvals are stringent which causes delays. Changing reimbursement policies also impact sales cycles in some countries.
Key Takeaways
The global hospital beds market is expected to witness high growth over the forecast period of 2023 to 2030. The market is projected to rise at a CAGR of 6.3% during this period to reach a value of US$ 4,151.9 Mn by 2023 from the current estimated size of US$ 6,623.2 Mn.
Regional analysis: North America currently dominates the global hospital beds market supported by advanced healthcare infrastructure and higher healthcare spending. The region accounted for over 30% market share in 2022. Asia Pacific is identified as the fastest growing region owing to rising patient pool, increasing medical tourism, and improving access to healthcare in countries like India and China. The Asia Pacific hospital beds market is estimated to rise at a CAGR of around 8% during the forecast period.
Key players: Key players operating in the hospital beds market are Stryker, Hill-Rom Holdings, Inc., Getinge AB, Invacare Corporation, Medline Industries, Inc., LINET., EarlySense, Max Healthcare, Eqova Healthcare, Compass Health Brands, Stiegelmeyer GmbH & Co. Kg, Antano Group S.R.L, Amico Corporation, and Midmark Corporation. Stryker and Hill-Rom Holdings dominate the market with their wide product portfolio and global presence.
