The hospital beds market is estimated to be valued at USD 4,896.5 Mn in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period (2024-2031). The global hospital beds market is witnessing high growth owing to rising aging population who are more prone to chronic diseases and subsequent hospitalization. Furthermore, increasing healthcare expenditure in developing nations is also fueling the demand for high-quality beds and other medical equipment from hospitals.
Market Dynamics:
The growth of the global hospital beds market is driven by the rising geriatric population and growing prevalence of chronic diseases. People aged 65 years and above are more likely to suffer from disabilities, co-morbidities, and require long-term hospital care. According to the United Nations, the proportion of world's population over 60 years will nearly double from 12% to 22% between 2015 and 2050. This growing pool of elderly population will continue to drive the demand for assisted beds, mattresses, and other medical support devices over the forecast period. Additionally, rapid improvements in healthcare infrastructure along with rising disposable incomes have led to an increase in healthcare spending in developing nations. The increased funding has encouraged hospitals to improve and expand their facilities including purchase of technologically advanced beds and bedsores prevention products. This has significantly favored the growth of global hospital beds market in recent years.
Increasing Incidence of Chronic Diseases
Chronic diseases like cancer, diabetes, cardiovascular diseases, and respiratory diseases require long term care and treatment. Hospitalization is usually required for disease management, surgical procedures, and recovery which drives the demand for hospital beds. According to World Health Organization, chronic diseases accounted for approximately 60% of total reported deaths in the world in 2001. With increasing aging population and changing lifestyles, the incidence of chronic diseases is expected to grow significantly in the coming years thereby fueling the need for hospital beds.
Advancements in Bed Technology
Constant innovation and technological advancements in hospital beds is another key factor augmenting the market growth. Modern hospital beds are equipped with features like adjustable height, backrest and mattress position, bed rails, weigh scales, fall prevention alarms, integrated monitoring devices, and others. Advanced beds with powered functions help caregivers easily move and position patients. There is also a rising demand for specialized beds like bariatric beds, pediatric beds, pressure relief beds, and beds for long term care facilities. The launch of beds with enhanced comfort, safety, mobility, and infection control will continue to support market expansion in the long run.
High Cost of Advanced Hospital Beds
The high cost of sophisticated hospital beds remains a major challenge limiting widespread adoption, particularly in price sensitive developing markets. Features like adjustable height ranges, integrated monitors, and powered actuation demand higher manufacturing cost which gets reflected in the final price. This makes advanced beds unaffordable for many mid-sized and small hospitals along with individual buyers. Although advanced beds offer clinical and economic advantages in the long run, the high initial investment remains a barrier.
Limited Reimbursement for Hospitals
Reimbursement policies also act as an important restraint as they determine how much cash hospitals can generate from using medical equipment and facilities. Most public and private medical insurers provide limited or no coverage for buying hospital beds. This restricts hospitals' ability and budget allocated for equipment upgrades. Their priority naturally tilts towards life-saving instruments over comfort devices. Unfavorable reimbursement scenarios compel hospitals to use beds longer than their recommended lifespan, undermining the quality of patient care services.
Growing Demand in Emerging Markets
Emerging economies in Asia Pacific, Latin America, Middle East, and Africa present lucrative growth prospects for hospital bed suppliers. Rapid infrastructure development, rising healthcare spending, growing medical tourism, and expanding health insurance penetration are encouraging factors. With economic development and spread of lifestyle diseases, the demand for specialized hospital services and facilities is witnessing a steady rise in developing nations. Penetration of advanced hospital beds tailored for local requirements can unlock major opportunities in high potential emerging healthcare markets.
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Key Development
- In August 2023, the government of England, announced a funding of US$ 266.33 to provide an extra 5,000 NHS hospital beds in England. Funding will be focused on developing or expanding urgent treatment centers and same-day emergency care services, where patients can be seen quickly without the necessity of being admitted to the hospital.
- In June 2023, Oneview Healthcare, a software company, announced that it had signed an agreement with Baxter, a medical device company, for the supply of hospital beds, in addition to the vast array of other medical devices baxter produces for hospitals and hospital rooms.
- In March 2023, Stryker, a medical device company, announced the launch of SmartMedic platform at the 29th Annual Conference of the Indian Society of Critical Care Medicine in Indore, India. SmartMedic is a patient care platform which enhances existing Intensive Care Units (ICU) bed capabilities at hospitals. This solution is intended to manage changes in patient weight, monitor patient turns from nurse stations, and help medical staff to perform X-rays on patients within the ICU, without having to move them.
- In August 2022, Midmark Corporation, the manufacturer of hospital beds, announced that it had launched India’s first intelligent connected bed with embedded contactless Remote Patient Monitoring (RPM) and Early Warning System (EWS)
- In October 2020, Stryker, a medical device company, announced the launch of the first and only completely wireless hospital bed, ProCuity, which was designed to help reduce in-hospital patient falls at all acuity levels, improve nurse workflow efficiencies and safety, as well as help lower hospital costs. It can connect seamlessly to nurse call systems without the use of cables or wires.
Key Players: Stryker, Hill-Rom Holdings, Inc., Getinge AB, Invacare Corporation, Medline Industries, Inc., EarlySense, Max Healthcare, Eqova Healthcare, Stiegelmeyer GmbH & Co. Kg, Antano Group S.R.L, Amico Corporation, Midmark Corporation, Linet SPOL S.R.O., Med-Mizer Inc, Paramount Bed Holdings, and Baxter