LOS ANGELES, Jan. 22, 2021 (GLOBE NEWSWIRE) -- The Global Electric Bed Market is expected to grow at a CAGR of around 6.9% from 2020 to 2027 and reach the market value of over US$ 4,010.4 Mn by 2027.
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Electric beds are particularly designed for those who have mobility issues and are living alone. These beds help in controlling sleeping positions by allowing adjustment of both upper and lower body positions and the height of the bed itself. The increasing number of patients with mobility issues along with the rapidly increasing geriatric population is further bolstering the market value. The increasing number of patients with chronic diseases are likely to need hospitalization at some point in time, which is further expected to create demand over the forecast period from 2020 to 2027. According to International Diabetes Federation (IDF), 11.3% of the total population in Southeast Asia, i.e. 87.6 million people, was diagnosed with diabetes in 2019 and the number is projected to reach 12.6% by 2045.
The electric bed market is segmented on the basis of product, application, end-use, and geography. Based on product, the market is divided into semi-automatic electric beds and fully automatic electric beds. Electric beds have applications across the general beds, intensive care beds, bariatric beds, birthing beds, and others. Additionally, the end-use segments include hospitals & clinics, reproductive care centers, dentistry, and others.
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By product, the semi-automatic electric bed segment is leading with the electric bed market with a major revenue share and the segment is also projected to maintain its dominance over the forecast period from 2020 to 2027. The high adoption of semi-automatic electric beds in the healthcare sector is supporting the growth due to their cost efficiency and early invention.
Based on the application, the general bed segment accounted for the maximum revenue share in the global market. The increasing installation of electric beds in hospitals in order to provide better patient care to the increasing number of patients in the hospital is supporting the segmental market value.
In 2019, North America held the major share (%) of the global electric bed market, and the region is also projected to maintain its dominance over the forecast period from 2020 to 2027. The presence of major players in the region including Gendron Inc. (US), Stryker (US), Medline Industries, Inc. (US), Hill-Rom Services Inc. (Chicago), and Invacare Corporation (US) among others are supporting the regional market value.
Asia Pacific is likely to exhibit the fastest growth with a major CAGR (%) over the estimated period from 2020 to 2027. The emerging economies of the region including China, India are majorly contributing to the regional market value. The rapidly developing healthcare infrastructure of the region along with the major investment by the public as well as private authorities is bolstering the demand for electric beds in the regional market.
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Some of the leading competitors are Getinge Group (Arjo), Gendron Inc., Hill-Rom Services Inc., Invacare Corporation, LINET, Malvestio Spa, Medline Industries, Inc., Midmark India Pvt. Ltd., Paramount Bed Co., Ltd., and Stryker. Electric Bed companies have announced mergers and acquisitions, partnerships & collaboration, and new product development to uplift their position in the electric bed industry. Major players are also moving into new regions with advanced technologies for gaining a competitive advantage in the regional market.
Some of the key observations regarding the electric bed industry include:
- Xiaomi has launched the 8H Milan Smart Electric Bed Pro under the Youpin crowdfunding platform in October 2020. The new launch is the direct successor to the 8H Milan smart electric bed which was launched under crowdfunding in December 2019. The 8H Milan Smart Electric Bed Pro is priced at 4899 yuan ($735).
- Stryker Corporation, an American multinational medical technologies corporation has announced a completely new wireless hospital bed that sports a number of smart patient monitoring features. The ProCuity, series of beds include Stryker’s Secure Connect technology that provides a wireless way to connect to nurse call systems. The ProCuity bed series even include electric brakes that help to maintain safety.
- Electric bed retailer Revitalife using 'sleep survey' as a sales tool and the company is claiming that its expensive adjustable beds help older Australians sleep better.
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