The global market for Hospital Beds is projected to exceed US$6.5 billion by 2024, driven by lower bed density per population in countries across the world and the evolution of smart beds with advanced sensing and detection technologies.
Hospital bed types differ by power source and medical institution settings, such as pediatric beds, maternity beds, bariatric beds, general outpatient beds, psychiatry beds, terminal patient beds, ambulatory, and intensive care unit beds. Beds can be fully-electric or semi-electric beds or with manual hydraulic-pneumatic operation. The perennial need for hospital beds in patient care environment against the backdrop of increasing focus of hospitals on mitigating surging healthcare costs, reducing hospital stays, and increasing incidence of chronic diseases represent the primary factor driving steady growth in demand for hospital beds. The hospital beds market globally continues to undergo a noticeable transformation as market participants customize products and services in line with patient and healthcare giver's requirements. With growing demand for user friendly and safety features driven by greater preference for home care and increasing need for hospitals to reduce costs, there is a progressive focus on innovative designs and inclusion of cutting-edge technologies. Latest hospital beds are designed to offer improved mobility, protect patients from falls and injuries, improve patient outcomes and facilitate shorter recovery period.
Future growth in the market will be driven by chronic shortage of beds with few countries meeting the WHO recommendation of 1.9 beds per 1,000 individuals; rising need for new hospital constructions with median age of hospital buildings in most developed countries on the rise; and the evolution of smart beds. Smart beds, equipped with advanced sensing and detection technologies, track the patients' vital parameters including heartbeat, body temperature, blood pressure, and oxygen levels, among others, and transfer them to the central system to be integrated into nurse call systems and EMRs, which automatically notifies the nurses and doctors in case of any emergency. Progressive mobility features are also gaining importance in bed design especially in case of patients who are required to stay immobile in recommended positions for faster healing and recovery. Increased demand for sophisticated bed frames and surfaces with features that aid progressive mobility and patient positioning is also expected to aid market adoption. Rising demand for intensive care units (ICU) beds; opportunities offered by medical tourism in emerging markets; expanding geriatric population demanding greater clinical care, and growing prominence of home care and the resulting demand for beds designed for home represent additional factors benefiting market prospects.
Europe represents the largest market worldwide, followed by the United States. Asia-Pacific with a CAGR of 6.6% over the analysis period ranks as the fastest growing market led by factors such as increasing patient population, improving healthcare spending, developing hospital infrastructure such as rise in hospital constructions and renovations, availability of advanced treatments for chronic diseases, evolving healthcare consumerism in developing economies, the resulting increase in competition and hospital focus on providing high quality patient care services.
Major players in the market include Hill-Rom Holdings, Inc., ArjoHuntleigh AB, Gendron, Inc., Invacare Corporation, Joerns Healthcare LLC, Joh. Stiegelmeyer GmbH & Co. KG, Linet, spol. s r.o., Paramount Bed Co., Ltd., Savion Industries, and Stryker Corporation, among others.