The new report by Expert Market Research titled, ‘Global Medical Bed Market Prize, Report and Forecast 2023-2028’, gives an in-depth analysis of the global medical bed market, assessing the market based on its segments like type, end use, application, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 2.96 Billion
- Forecast CAGR (2023-2028): 16%
- Forecast Market Size (2026):USD 4.01 Billion
The rising incidence of health-related illnesses such as cancer, pneumonia, and chronic obstructive pulmonary disease, among others, is fuelling the demand for medical beds, which is propelling the market forward. This trend is also being driven by the expanding senior population, which is more susceptible to major ailments that necessitate intensive and hospital treatment. Due to continuous research efforts along with various training and rehabilitation programmes in hospitals, the need for hospital beds is rapidly increasing. Medical beds are also required in public medical institutions such as military and general hospitals on a regular basis to address patients with fatal injuries and significant diseases. Smart beds are being increasingly deployed to enable automation of functions, patient aid, and advanced communication while also delivering enhanced functionality, which is driving the market growth. The expanding trend of home healthcare is expected to boost market growth in the future years, resulting in increased demand for smart beds in the residential sector.
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Industry Definition and Major Segments
A medical bed is a specialised comforter used in hospitals, clinics, and other healthcare facilities to offer patients with comfort and support while they are in the hospital. It is a crucial aspect of the healthcare system, and it is regularly utilised for things like exams, disease diagnosis, treatment, and patient transportation. Manual and electric medical beds are the two most common varieties. Manual beds are moved and adjusted with hand cranks, whereas electric beds are moved and modified with buttons coupled to an electrical outlet.
The major types of medical bed are:
- Electric Beds
- Semi-Electric Beds
- Manual Beds
The market can be broadly categorised on the basis of its end uses into:
- Ambulatory Surgery Centres (ASCs)
- Home Care Facility
Based on application segments, the market is divided into:
- Intensive Care
- Non-Intensive Care
On the basis of region, the industry is divided into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Various product innovations like development of powered hospital beds and improvements in the healthcare infrastructure are acting as other growth-inducing factors. Powered beds aid in convenient transportation of the patients and offer enhanced comfort, position adjustments, mobile monitoring and fall detection features. The rising rural population suffering from chronic conditions in developing economies has augmented the demand for manual hospital beds. In developing economies, increasing funding for healthcare infrastructure will boost the market growth.
The government is also implementing a number of projects in developing regions to fund the construction of new hospitals with a big capacity of medical beds. The development of innovative solutions to streamline the assignment of medical beds for boosting quality care is significantly contributing to the market growth. The adoption of cutting-edge technologies such as artificial intelligence (AI) to optimise medical bed management while predicting the availability of beds to enable efficient bed planning is projected to propel the market growth in the forecast period.
Key Market Players
The major players in the market are Stryker Corporation, Hill-Rom Holdings, Inc., Invacare Corporation, Stiegelmeyer GmbH & Co. KG, and Antano Group srl, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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