Hospital Beds Market to be Worth $6.66 Billion by 2030

According to a new market research report titled, 'Hospital/Medical Beds Market by Product (Bed, Accessories), Technology (Manual, Powered), Type of Care (Rehabilitative, Curative, Long Term), Healthcare Facility (Pediatric, Maternal, Bariatric, Critical, Homecare, Med Surg) - Global Forecast to 2030,' published by Meticulous Research®, the hospital/medical beds market is projected to reach $6.66 billion by 2030, at a CAGR of 6.4% from 2023 to 2030.

Hospital/medical beds are indispensable components required at healthcare facilities. These beds are used for most patients, who are not in a mobile condition to receive treatment, and rest is of utmost importance to them. Traditionally used beds are mostly manual and do not have any additional features. Electric smart beds can easily track and monitor patients.

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The demand for hospital/medical beds is increasing owing to the increasing elderly population coupled with the growing prevalence of chronic diseases, the growing number of hospitals, and the launch of technologically advanced beds. In addition, growing demand for beds in homecare settings, untapped opportunities in emerging economies, and growing medical tourism provide significant opportunities for vendors across the globe.

The global hospital/medical beds market is segmented by Product (Beds, Accessories), Technology (Powered Beds [Electric Beds, Semi-electric Beds], Manual Beds, Smart Beds), Type of Care (Curative Care, Long-term Care, Rehabilitative Care), Healthcare Facility (Critical Care Unit, Long-term Care Unit, Bariatric Care Unit, Med-surg Care Unit, Pediatric Care Unit, Maternal Care Unit, Home Care Settings), and Geography. The study also evaluates industry competitors and analyzes their market share at country and regional levels.

Based on product, in 2023, the beds segment is expected to account for the largest share of the market. The rise in the number of hospitals, the increasing geriatric population, the high burden of chronic diseases, and government investments to improve healthcare in emerging countries contribute to the large market share of this segment.

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Based on technology, in 2023, the powered beds segment is expected to account for the largest share of the market. This segment is also projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the rising adoption by healthcare facilities due to various advantages, such as easy transportation of patients, patient comfort and position adjustments, and fall detection feature.

Based on type of care, in 2023, the curative care segment is expected to account for the largest share of the market. The large market share of this segment is attributed to a large number of hospital admissions for the treatment of chronic diseases, injuries, or infectious diseases. Furthermore, the number of hospitals and other healthcare facilities increased after the COVID-19 pandemic, which supported the growth of this segment. However, the long-term care segment is slated to register the highest CAGR during the forecast period.

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Based on healthcare facility, in 2023, the critical care units segment is expected to account for the largest share of the market. Critical care includes services provided to patients facing an immediate life-threatening health condition who need support systems to maintain the functioning of vital organs. These beds are specially designed to provide the utmost comfort to patients and ease to the caregiver to help them deliver quality care in demanding situations. There are approximately 6 million ICU admissions annually in the U.S. alone (Source: Association of Medical Colleges, August 2022). This has led to an increased demand for critical care supplies, including critical care beds. However, the home care settings segment is projected to record the fastest growth rate over the forecast period. Hospital beds for long-term care are designed to meet a person's health or personal care needs in the long run. The increasing aging population is one of the major factors driving the growth of the hospital beds market for long-term care, as this population is more prone to diseases that require care for an extended duration. Furthermore, long-term care at home provides an affordable and convenient option for the rapidly aging population.

Based on geography, in 2023, Europe is expected to account for the largest share of the hospital/medical beds market, followed by North America. An increase in the number of maternity hospitals, high spending on healthcare, high preference for long-term care, and government initiatives for promoting advanced infrastructure in the healthcare sector are the factors attributed to the large share of this regional market. However, Asia-Pacific is slated to register the highest CAGR during the forecast period. The primary factors for the market growth are the rising geriatric population, rapid rise in the prevalence of chronic diseases, growth in per capita income, increasing investments in the healthcare sector, and the growing number of hospitals.

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The report also includes an extensive assessment of the key strategic developments of leading market participants in the industry over the past three years. In the last couple of years, the global hospital/medical beds have witnessed product launches, collaborations, agreements, and expansions.

Some of the key players operating in the global medical/hospital beds market are Stryker Corporation (U.S.), Hill-Rom Holding, Inc. (Part of Baxter International Inc.) (U.S.), Invacare Corporation (U.S.), Getinge AB (Sweden), Paramount Bed Holdings Co., Ltd. (Japan), Medline Industries, LP (U.S.), Stiegelmeyer GmbH & Co. KG (Germany), LINET Group SE (Czech Republic), Joerns Healthcare LLC. (U.S.), Drive DeVilbiss Healthcare (U.S.), Savaria Corporation (Canada), Midmark Corporation (U.S.), Amico Corporation (U.S.), Famed Zywiec Sp. z o.o. (Poland) and Malvestio Spa (A Subsidiary of Malvestio Group) (Italy).

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This release was published on openPR.