Hospital Beds Market Worth $5.23 Billion by 2027- Exclusive Report by Meticulous Research®

London, April 09, 2020 (GLOBE NEWSWIRE) -- According to a new market research report Medical/Hospital Beds Market by Product (Bed, Accessories), Technology (Power, Manual), Type of Care (Curative, Rehabilitation), Healthcare Facilities (Critical, Bariatric, Long-term, Paediatric, Maternal, Home Care) – Global Forecast to 2027”, published by Meticulous Research®, the hospital beds market is expected to grow at a CAGR of 7.8% from 2020 to reach $5.23 billion by 2027.

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COVID-19 Impact on Medical/Hospital Beds Market

Medica/hospital beds are one of the core parts of the any healthcare facility. The current COVID-19 pandemic has changed the way markets function at both demand and supply side. From demand perspective, nearly 70-80% of the hospitals are struggling with shortage of ventilators, masks, other personal protective equipment, hospital beds, and other supplies. Whereas, with disturbed supply chains and production capacity shortages, manufacturers of hospital beds and supplies are not able to meet the demand. As a result, various countries with high infection rates are currently facing huge shortfall for medical/hospital beds – specially ICU beds. To address this situation, government agencies in every country are focusing on alternative ways to increase the number of facilities and healthcare beds capacity. For instance,

  • In April 2020, The India Railways has converted 20,000 old train carriages into isolation wards for patients suspected with the COVID-19 infection
  • In March 2020, Spain has converted its 240,000 square meter IFEMA conference centre into a hospital of 5,500 beds, including ICU beds to treat COVID-19 infected patients.
  • In the same period, The Spanish Ministry of Health has announced that the government is putting all private hospitals in the country under state control indefinitely; and has converted all the general beds into ICU beds to combat the spread of COVID-19 infections.
  • In March 2020, The U.S. has also turned New York’s 1.8m sqft Javits Convention Center, one of the biggest event spaces in the US, into a 1,000-bed hospital to handle COVID-19 patient flow.
  • In March 2020, Carnival Cruise Lines, the world's largest cruise operator, offered unused ships to convert it into hospitals with up to 1,000 hospital rooms that can treat patients suffering from less critical, non-COVID-19 conditions

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Such initiatives create an opportunity for the local players of each country in this market to gear up their manufacturing capacity and cater the rising demand for the various types of medical/hospital beds.

The medical beds market study by Meticulous Research® presents historical market data in terms of value & volume (2018, and 2019), estimated current data (2020), and forecasts for 2027 - by product, technology, type of care, and healthcare facility. The study also evaluates industry competitors and analyzes the market at regional and country level.

Based on the product type, the medical/hospital beds segment accounted for the largest share of the overall market in 2019, owing to the factors such as rising prevalence of acute and chronic diseases, aging population, increasing number of hospitals, emergence of infectious diseases across the globe, growing demand for long-term care, and government investments and support for improvement of healthcare in emerging countries. On the other hand, the accessories segment is expected to grow at the fastest growth rate due to high demand for customized accessories for the presently installed beds; growing need to meet the gap between hospitalized patients & availability of accessories due to growing number of infectious diseases across the globe; and future demand generated out of installation of new beds.

On the basis of technology, powered beds are expected to hold the largest share during the forecast period, due to their largest adoption in well-established & high economies like the U.S. & European countries. Moreover, the demand for these beds is growing in developing countries due to their features and focus on patient comfort.

Based on type of care, the curative care segment commanded the largest share of the overall medical/healthcare market in 2019. Curative care attend patients with physical injuries and small surgeries; patients suffering from infectious diseases; and patients requiring continuous monitoring throughout recovery period. Greater adoption of medical beds for curative treatment of acute and chronic illnesses in hospitals is supporting the growth of this market segment. However, long term care segment is expected to grow with rapid CAGR during the forecast period. Increasing incidences of chronic diseases associated with aging population is one of the major factors that drive the growth of the hospital beds market for a long-term care as this group of population is more prone to diseases that require care for extended duration. Further, long-term care at home provides an affordable and convenient option for the rapidly aging population.

Based on healthcare facility, the critical care unit segment commanded the largest share of the overall medical/hospital beds market in 2019. Growing number of accidents which lead to high rate of admissions in the ICU as well as increasing aging population and sudden outbreaks of life-threatening infectious diseases such as COVID-19 contributed to the growth of medical/hospital beds market for critical care unit segment. However, the home care facility segment is growing at the fastest growth rate due to escalating healthcare cost at the hospitals, making patients shifting from hospitals to home; and greater preference for home care by the rapidly aging population across the globe.

Geographically, Europe dominated the global medical/hospital beds market in 2019, followed by North America, and Asia Pacific. The factors such as well-established healthcare system in the region, greater adoption of advanced technologies, growing incidences & prevalence of infectious diseases, presence of large number of hospitals, growing aging population, and greater access to healthcare supported the largest share of Europe in the medical/hospital beds market. However, Asia Pacific region is expected to grow at the fastest CAGR during the forecast period. The factors driving the growth of Asia Pacific medical beds market are accelerated economic growth of many countries, growing government focus on healthcare sector, rising prevalence of chronic diseases, investment from government bodies for expansion of healthcare facilities, and favorable regulatory reforms.

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The report also includes extensive assessment of the product portfolio, geographic analysis, and key strategic developments adopted by leading market participants in the industry over the past 5 years (2016–2020). The hospital beds market has witnessed number of new product launches & enhancements; agreements, divestitures, & collaborations; expansions; and acquisitions in recent years. For instance, in December 2018, Hill-Rom Holdings, Inc. (U.S.), integrated its Centrella Smart+ bed platform with continuous contact-free heart rate and respiratory rate sensing and analytics technology. This helped the company to broaden their product portfolio, advance the capabilities of existing products, cater to the changing demands of users, and ensure a competitive edge in the market. In December 2016, Medline Industries, Inc. (U.S.) entered into group purchasing agreement with Premier Inc. (U.S.). The agreement was to maximize cost savings and enhance operating room efficiencies of Premier’s member health care facilities.

The key players operating in the global medical beds market are Stryker Corporation (U.S.), Hill-Rom Holdings, Inc. (U.S.), Getinge AB (Sweden), Invacare Corporation (U.S.), Joh. Stiegelmeyer GmbH & Co. KG (Germany), Paramount Bed Holdings Co., Ltd. (Japan), LINET Group SE (Czech Republic), Medline Industries, Inc. (U.S.), Joerns Healthcare LLC. (U.S.), Gendron, Inc. (U.S.), Span-America Medical Systems, Inc. (U.S.), Savion Industries (Israel), and Malvestio Spa (Italy), among others.

Browse In-depth Summary of This Research Report:

Scope of the Report:

Hospital Beds Market by Product

  • Medical/Hospital Beds
  • Accessories

Hospital Beds Market by Technology

  • Powered Beds
    • Electric Beds
    • Semi-electric Beds
  • Manual Beds

Hospital Beds Market by Type of Care

  • Curative Care
  • Long-term Care
  • Rehabilitative Care

Hospital Beds Market by Healthcare Facility

  • Critical Care Unit
  • Long-term Care Unit
  • Bariatric Care Unit
  • Med-Surg Care Unit
  • Pediatric Care Unit
  • Maternal Care Unit
  • Home Care Facility

Hospital Beds Market by Geography

  • Europe
    • Russia
    • France
    • U.K.
    • Germany
    • Italy
    • Spain
    • Rest of Europe (RoE)
  • North America
    • U.S.
    • Canada
  • Asia-Pacific (APAC)
    • India
    • Japan
    • China
    • Rest of APAC (RoAPAC)
  • Latin America
    • Mexico
    • Brazil
    • Argentina
    • Rest of LATAM (RoLATAM)
  • Middle East & Africa

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