Medical equipment such as hospital beds are predominantly in demand in healthcare facilities, regardless of the region or country. In the critical time when patients are hospitalized, beds need to be designed in a manner that give them utmost comfort and secure them from external damage. Hospital beds are expected to be packed with additional facilities that supplement the patient’s relief while the operation as well as during recovery period. The global market for hospital beds will expand at 4.2% CAGR, with the market value rising to US$ 6,731.8 million by 2020 from US$ 5,254.2 million recorded in 2014.
Key Market Dynamics
The pervasive use for comforting patients in hospitals emphasizes the significance of growing hospital beds market in the world. Preference to highly-equipped and facilitated hospital beds is a crucial driver for growth of global hospital beds market. Additionally, beds designed in accordance to a specific group of patients being treated is also fuelling the expansion of hospital beds market in the world. Healthcare facilitation at home for vegetative patients induces the consumption of hospital beds among common consumers. Electronic devices and other medical devices attached to the beds are also influencing the purchasing trends of hospitals around the world. Nonetheless, the costs at which such beds need to produced and sold are hampering the growth of the global hospital beds market, rendering marginal profits for the key participants of the market. And, implications caused due to improper mobility, bed sores and mechanical abrasion of hospital beds is also demoting its acceptance over relatively “friendly” or homecare beds.
The global market for hospital beds can be classified into the power used for facilitating bed movements, the usage of the beds and the treatment incorporated with such beds. By usage, pressure relief beds, general purpose beds, birthing beds, bariatric beds and pediatric beds are the prominent uses of hospital beds. Among these, general purpose beds segment is likely to be the largest and fastest0growing segment in terms of usage. With respect to the power, hospital beds are either manual (no power), electric or semi-electric; with manual beds being the predominant largest segment. In terms of treatments associated with specific beds, the global hospital beds market is also segmented into long-term care, acute care and critical care treatments. Acute care treatments are projected to account for largest share as a treatment-based segment in the global market for hospital beds.
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Among the key regions such as North America, Asia, Europe and the Rest of the World (RoW), Europe is slated to dominate the global hospitals bed market throughout the forecast period. Increasing healthcare expenditure in Europe’s medical industry has fomented consumers and healthcare organizations towards buying advanced and relatively expensive hospital beds. By 2020, Europe’s hospital beds market value will rise to US$ 2,010.2 million from US$ 1,643.2 million, which was recorded in 2014, exhibiting a steady CAGR of 3.4%. Asia is also emerging, but at a rampant pace compared to Europe, primarily due to the vast expanse of its aging and geriatric patient demographics. Increasing amount of long-term healthcare facilities availed in North America are, thus, promoting its presence in the global hospital beds market.
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Key Market Players
Leading healthcare companies in the world are likely to have sub-divisional production of hospital beds. Healthcare and medical establishments replace their outdated or existing hospital beds by demanding advanced ones from the manufacturers. Getinge Group, Paramount Bed Co. Ltd., LINET spol. s r.o., Stryker, ArjoHuntleigh, Hill-Rom Holdings, Inc., Medline Industries, Inc., and Invacare Corporation, among others, are recognized as some of the prominent players shaping up the competitive landscape of global hospital beds market.