Hospital Bed Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)
Innovations, Expansions, and Technological Advancements Drive Growth
The global hospital bed market is poised for remarkable growth, projected to reach a value of US$ 5.8 billion by 2031. This market surge is primarily attributed to an array of factors including the escalating prevalence of chronic diseases, the mounting demand for high-end hospital beds featuring innovative functionalities, and the burgeoning aging populations worldwide.
Factors Fueling Market Growth:
• Expanding Healthcare Infrastructure: The ongoing expansions and advancements in hospital infrastructure, exemplified by initiatives like the construction of a modern psychiatric hospital in Texas, U.S., are propelling the demand for hospital beds.
• Rise in Home Healthcare Services: The increasing inclination towards home healthcare services, coupled with technological advancements in ICU beds, is significantly contributing to market growth. The convenience, cost-effectiveness, and effectiveness of home-based healthcare services are driving this trend.
• Escalating Prevalence of Chronic Diseases: The surge in chronic diseases like cancer, cardiovascular diseases, and diabetes, coupled with the absence of complete cures or vaccinations for certain ailments, is driving the need for hospital beds worldwide.
Challenges in Market Expansion:
Despite the optimistic growth trajectory, challenges such as an increase in product recalls by government agencies pose hurdles for market players. Instances like the voluntary recall of bed rails due to safety concerns highlight the importance of stringent quality control measures in the industry.
Segmentation Insights:
• Dominance of Electric Beds: The electric bed segment is poised to lead the market, offering features such as therapeutic massage functions, remote control operation, and enhanced patient mobility.
• Growth in Long-Term Care Segment: Long-term care beds are anticipated to witness the highest CAGR during the forecast period 2024-2031, driven by the increasing number of patients requiring prolonged hospital stays.
Regional Dynamics:
• North America's Influence: The adoption of healthcare smart beds in acute and long-term care facilities is bolstering market growth in North America, with the United States leading in intensive care bed capacity.
• Europe's Significant Contribution: Europe emerges as a major contributor to the hospital bed market, fueled by increasing healthcare spending, a growing geriatric population, and technological breakthroughs.
• APAC's Lucrative Potential: The Asia Pacific region is expected to exhibit the highest CAGR during the forecast period 2024-2031, driven by factors such as medical tourism, rising chronic disease prevalence, and improvements in healthcare infrastructure.
Key Players and Competitive Strategies:
Leading companies such as Hill-Rom Holdings Inc. and Stryker Corporation are leveraging strategic measures like product launches and facility expansions to gain a competitive edge in the highly concentrated hospital bed market. Additionally, investments in developing economies underscore their commitment to global market penetration.
Key Companies Profiled
• Invacare Corporation
• Paramount Beds Holdings
• Hill-Rom Holdings
• Stryker Corporation
• Joh. Stiegelmeyer GmBH & Co. KG
• Gendron Inc.
• Medline Industries, Inc.
• Getinge AB
• Joerns Healthcare LLC
• ArjoHuntleigh
• Span-America Medical Systems, Inc.
• Malvestio S.P.A.
• Merivaara Corp.
• Savaria Corporation
• Antano Group S.R.L.
• Savion Industries Ltd.
Key Segments Covered in the Hospital Bed Industry Report
Hospital Bed Market by Type
• Semi-Electric Beds
• Electric Beds
• Manual Beds
Hospital Bed Market by Usage
• Acute Care Beds
• Long-Term Care Beds
• Psychiatric Care Beds
• Others
Hospital Bed by Application
• Non-Intensive Care Beds
• Intensive Care Beds
Hospital Bed Market by End User
• Hospitals & Clinics
• Elderly Care Facilities
• Ambulatory Surgical Centers
• Home Care Settings
Hospital Bed Market by Region
• North America Hospital Bed Market
• Europe Hospital Bed Market
• Asia-Pacific Hospital Bed Market
• Middle East & Africa Hospital Bed Market
• South America Hospital Bed Market
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