|02-14-2019 11:39 AM CET - Health & Medicine||
Hospital Bed Market Report, Size, Share, Annual Estimates and Forecast to 2024
Press release from: VynZ Research
The global hospital bed market is expected to grow at a CAGR of 4.9% during the forecast period with its market size predicted to reach USD 3.7 billion by 2024. Increasing prevalence of chronic diseases, technological advancement in hospital beds, rise in cases of lifestyle diseases, growing geriatric population, the increasing capacity of beds in private hospitals are the major factors leading to the high demand of hospital beds in the global market.
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The increasing demand for hospital beds in elderly care facilities and home care settings is the latest trend observed in the market, while the rate of reduction or saturation in the demand for a hospital bed in the public hospitals of developed economies is constraining the growth of the industry, globally.
The electric hospital bed, by type, is estimated to contribute to the largest share to the global market. The high demand for electric beds is primarily due to the increasing geriatric population, increase number of patients requiring bariatric care, and patients suffering from multiple diagnoses. The other types of hospital beds include semi-electric and manual beds.
Based on the area of use, the hospital bed market is segmented into acute care, psychiatric and bariatric care, long-term care, and others. The demand for hospital beds in long-term care is high and is expected to witness the fastest CAGR during the forecast period.
The hospitals held the largest share for hospital bed market by end user, in 2017. The factors leading to the large share of hospitals are the increasing number of private hospitals with a large capacity for hospital beds.
Asia-Pacific hospital bed industry is expected to witness the fastest growth during the forecast period. The growth is driven by the rising number of geriatric population, increasing obesity as a result of lifestyle diseases, and the rise in healthcare expenditure in the regional market.
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The key players of the hospital bed industry include Stiegelmeyer GmbH & Co. Kg, Stryker Corporation, Medline Industries, Inc., Invacare Corporation, Paramount Bed Holdings Co., Ltd., Hill-Rom Holdings, Inc., Merivaara Corp., Getinge AB, Midmark Corporation, Linet Spol. S.R.O and Antano Group S.R.L.
The hospital bed players are investing to launch technologically advanced hospital beds, for instance in January 2017, Genting Group announced the expansion of its product portfolio of patient mobility product in the U.S.by the launch of Total Lift Bed from VitalGo Systems. The group’s ArjoHuntleigh brand is the exclusive U.S. distributor of the Total Lift Bed in the acute and long-term acute care settings.
Source: VynZ Research
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