The past few decades have witnessed a transformation in the global healthcare environment. Many countries across the globe have experienced unprecedented economic growth. While the global economic crisis in 2008 affected many of these countries, they appear to have recovered and continue to grow, albeit at much slower rates.
Major Growth Drivers:
Factors such as increasing investments in healthcare infrastructural development, technological innovations in ICU beds, increasing number of beds in private hospitals, and increasing volume of chronic care patients are expected to drive the growth of the medical beds market in the coming years. On the other hand, the declining number of beds in public hospitals may limit market growth to a certain extent. The growing trend of home care is expected to provide a wide range of opportunities to players in the market.
Expected Revenue Growth:[135 Pages Report] Medical bed market is expected to reach $3.41 billion by 2022 from $2.59 billion in 2017, at a CAGR of 5.6% during the forecast period.
Accessories to Fuel the Growth of Medical Bed Market :
Healthcare infrastructural development is a key issue in most developed and developing countries. Increased investments in healthcare infrastructure also have a positive impact on the medical beds market. Increased investments lead to increased costs allocated for medical beds, which is an important factor driving market growth.
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Intensive Care beds is a largest segment in medical beds market. Technological innovations have led to specialized ICU beds, which now come with highly advanced features. Features such as continuous lateral rotation therapy, patient repositioning support, weight-based pressure redistribution in any bed position, and electrical bed retraction and extension greatly benefit caregivers while treating patients. These technologically advanced medical beds are also beneficial for patients as they increase comfort and improve compliance.
The medical beds market is segmented on the basis of type, application, end user, usage, and region. On the basis of type, the medical beds market is segmented into— manual beds, semi-electric beds, and electric beds. The electric beds segment is expected to dominate the medical beds market in 2017. The growing obesity rate is the major factor driving the demand for electric beds, as these are essential medical equipment in bariatric care.
Based on usage, the medical beds market is segmented into major four categories— acute care, psychiatric care and bariatric care, long-term care, and other beds (maternity and rehabilitative beds). The long-term care segment is expected to have the fastest-growing market during the forecast period owing to the increasing number of patients requiring long-term care.
Geographically, Europe is expected to account for the largest share of the global medical beds market in 2017, followed by North America. Compared to mature markets, the Asia-Pacific region is expected to grow at the highest CAGR in the forecast period. Growth in this regional segment is propelled by the growing healthcare infrastructure, rising number of contract manufacturing organizations (CMOs), and increasing number of bariatric population requiring care.
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Key Market Players
Major players operating in the medical beds market include Stryker Corporation (U.S.), Hill-Rom Holding, Inc. (U.S.), Getinge Group (Sweden), and Invacare Corporation (U.S.).