Covid-19 Impact on Hospital Bed Market to See Huge Growth in Future by 2018-2023| P&S Intelligence

The market is witnessing growth due to the rising aging population, rising prevalence of chronic diseases, increasing healthcare expenditure, technological advancements, and increasing prevalence of chronic diseases. Hospital beds are equipped with features which allow the patients to adjust the height and the head and foot sections of the bed.

When type is taken into consideration, the hospital bed market is divided into pressure relief, general, bariatric, pediatric, birthing, and others (which include perinatal beds for babies, VIP, and psychiatric beds). Out of these, the general division accounted for the major share of the market during the historical period (2013-2017) and is projected to contribute the largest revenue share to the market during the forecast period as well. The reason for this is that these beds are cheaper as compared to other specialty hospital beds, including pediatric and bariatric beds.

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In terms of end user, the hospital bed market is categorized into elderly care facilities, hospitals, and home care settings. Among these, the hospitals category held the largest share of the market during the historical period and is further expected to dominate the market during the forecast period. This is attributed to the growing prevalence of chronic diseases, rising healthcare expenditure, and surging patient population. The home care settings category is predicted to register the highest CAGR of 6.3% during the forecast period, which is ascribed to the rising geriatric population.

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The increasing geriatric population is a major driving factor of the hospital bed market. As per the United Nations Department of Economic and Social Affairs report, the number of people aged 60 years and above rose from 382 million in 1980 to 962 million in 2017 and is predicted to reach 2.1 billion by 2050. Since elderly people are susceptible to illness, they need extensive care. Due to this, there has been a rise in the number of installations of VIP, long term care, and intensive care unit beds for elderly patients.

Hence, the market is being driven by the rising geriatric population and technological advancements.

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This release was published on openPR.