Hospital Bed Market

Advancements in hospitals will boost market growth.

Hospital expansion and modernization are anticipated to enhance market growth for hospital beds. As a result, it was announced in October 2019 by the Texas Health and Human Services Department and Dell Medical School at The University of Texas at Austin that a new mental hospital will be built in Texas, United States. 

The Texas Legislature and Governor authorized a budget of around US$ 180.5 million for the design and preliminary construction of a contemporary, cutting-edge mental hospital with 240 beds in May 2019. Increasing trend of home healthcare services. The hospital bed market is expanding due to a rising preference for at-home care and technical developments in ICU beds. Receiving medical care at home is more practical, affordable, and efficient than receiving it in a hospital. 

Nurse care, physical therapy, planned doctor visits, home blood draws, geriatric counseling, occupational therapy, speech therapy, and rehabilitative treatments are among the services offered in the home. m According to the Centers for Disease Control and Prevention, there were 12,200 home health agencies in the United States in 2017. (CDC). Due to a growth in the need for home healthcare services in developed nations, several manufacturers are concentrating on medical beds for home care.

Growing Incidence of Chronic Diseases, There are several illnesses for which there are neither full treatments nor vaccines. These conditions include acquired immunodeficiency syndrome, cancer, hepatitis, chronic obstructive pulmonary disease (COPD), cardiovascular diseases (CVDs), and hepatitis (AIDS).

Noncommunicable diseases (NCDs) are a primary cause of mortality around the globe, expected to be in charge of 41 million deaths annually, or approximately 70% of all deaths globally in 2018, according to data from the World Health Organization (WHO). As a result, in recent years there has been an increase in both the number of therapy choices available and patient knowledge of these alternatives. Therefore, the market for hospital beds is anticipated to expand as chronic illnesses become more commonplace globally.

The Global Hospital Beds Market Industry experiences a notable surge in demand for healthcare services, driven by an aging population and increasing prevalence of chronic diseases. As the global population ages, the need for hospital beds rises, with projections indicating that the market could reach 4.2 USD Billion in 2024. This trend is particularly evident in developed regions, where healthcare systems are adapting to accommodate the growing number of elderly patients requiring hospitalization. Consequently, hospitals are investing in expanding their bed capacity to meet this demand, thereby propelling the growth of the Global Hospital Beds Market Industry.

By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North America Hospital beds market accounted for USD 1.32 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. 

Due to the rising need for smart beds, North America's acute care and long-term care facilities are adopting healthcare smart beds more often. This is linked to the expansion of the market for hospital beds in North America. During the projection period of 2022-2030, the Region is expected to grow at a CAGR of 5.5%.

In hospital beds, using respiration rate monitoring and heart rate monitoring devices, such as bedside monitors and EarlySense's under-the-mattress gadget, can minimize such incidents by 86%, according to a Harvard Medical School research that was just published.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: HOSPITAL BEDS MARKET SHARE BY REGION 2023 (%)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe's market for hospital beds is expected to dominate in 2022. Increased healthcare spending per person, a rising elderly population, a rise in chronic illness prevalence, and technology advancements in the area bring this on. In a recent study, the European Commission noted growth in long-term care beds in Romania between 2010 and 2015 (13 extra beds per 100,000 residents) and Austria during the same years (23 additional beds per 100,000 inhabitants).

The hospital beds market is anticipated to expand at the highest CAGR globally during the projected period in APAC. This is due to a number of factors, such as the expanding medical tourism market, an increase in the frequency of chronic illnesses, an aging population, and ongoing improvements to the healthcare system. In Southeast Asia, 87.6 million individuals, or about 11.3% of the population, were diagnosed with diabetes in 2019. 

Based on information from the IDF, this percentage is anticipated to reach 12.6% by 2045. As a result, these variables likely lead to a rise in the number of hospitalizations in the area, which results in high demand for hospital beds there. Moreover, the China market of Hospital beds held the largest market share, and the India market of Hospital beds was the fastest-growing market in the Asia-Pacific region.

Major market players are investing a lot of money in R&D to expand their product portfolios, which will spur further market growth for the Hospital beds industry. With significant industry changes, including new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. 

To grow and remain in a market that is becoming more and more competitive, Hospital beds industry competitors must provide affordable products.

Manufacturing locally to cut operational costs is one of the main business tactics used by the Hospital beds industry to serve customers and increase the market sector. The Hospital beds industry has recently given medicine some of the most important advantages. The major Hospital beds market players such as Hill-Rom Holdings, Stryker Corporation, and Linet spol. s r.o., Invacare Corporation, Paramount Bed Holdings Co., Gendron Inc., Getinge AB, and others are working on expanding the market demand by investing in research and development activities.

Hillrom is a fully owned subsidiary of Baxter and was once a part of Hill-Rom Holdings, Inc., a branch of Hillenbrand Industries, until that company severed its casket business from its medical equipment division in 2008. In order to track patients' heart and respiration rates, Hillrom upgraded its hospital bed model in 2018 to add vital-sign bed sensors from EarlySense. 

The built-in sensors are not connected to the patient and are placed under the mattress. They do 100 vital sign checks each minute and notify nurses of any potential problems.

American global medical technology company Stryker Corporation is headquartered in Kalamazoo, Michigan. Surgical instruments and navigation systems, endoscopic and communications systems, patient handling and emergency medical equipment, neurosurgical, neurovascular, and spinal devices, as well as other medical device products used in various medical specialties, are just a few of the products produced by Stryker.