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Global Hospital Beds Market Overview 2033 : Forecasted Market Size And Growth Rate
Hospital Beds Global Market Report 2024
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According to The Business Research Company's, The hospital beds market size has grown strongly in recent years. It will grow from $4.14 billion in 2023 to $4.46 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to increased global aging population, increased prevalence of chronic diseases, advancements in healthcare infrastructure, growing surgical procedures and hospital admissions, government investments in healthcare.
The hospital beds market size is expected to see strong growth in the next few years. It will grow to $6 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to increasing focus on patient comfort and care, rising healthcare expenditure worldwide, emergence of home healthcare services, demand for bariatric hospital beds, integration of smart technologies in hospital beds. Major trends in the forecast period include telehealth integration, focus on patient safety, global aging population impact, modular and convertible bed solutions, sustainable and environmentally friendly designs.
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Market Drivers and Trends:
The rising hospitalization rate is expected to propel the growth of the hospital bed market. Hospitalization refers to admitting a patient into a hospital or other healthcare facility for medical treatment, observation, or care. Upon hospitalization, patients use hospital beds to stay in the hospital while undergoing treatment, recovering, and resting. For instance, in March 2023, according to the Ontario Agency for Health Protection and Promotion, a Canada-based governmental health agency, the COVID-19 hospitalizations in 2022 stood at 29,524, increasing from 22,559 in 2021. Further, hospitalizations per 100,000 people were also higher in 2022 than in 2021. Therefore, the increasing hospitalization rates are driving the growth of the hospital bed market.
Major companies operating in the hospital bed market are introducing technologically advanced products such ICU bed upgrade platform to sustain their position in the market. An ICU bed upgrade platform denotes a system or technology facilitating enhancements or improvements to intensive care unit (ICU) beds, potentially involving upgrades in features, functionality, or capabilities. For instance, in March 2023, Stryker, a US-based medical device company, launched SmartMedic, India's first ICU bed upgrade platform to enhance patient care and caregiver safety, SmartMedic is a patient care platform which enhances existing ICU bed capabilities at hospitals. This solution is intended to manage changes in patient weight, monitor patient turns from nurse stations and help medical staff to perform X-rays on patients within the ICU, without having to move them. SmartMedic is aimed at reducing a patient's discomfort and providing enhanced care.
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Major Key Players of the Market:
Apex Medical Corp, Sunrise Medical LLC, Invacare Corporation, Paramount Bed Co. Ltd., Midmark Corporation, Drive Medical, Joerns Healthcare LLC, Span-America Medical Systems, ArjoHuntleigh, Stiegelmeyer GmbH & Co. KG, Joh. Stiegelmeyer & Co. GmbH, Linet spol s.r.o, Amico Corporation, Nitrocare, Kanghui Medical Technology, Savion Industries, Guldmann AS, Haelvoet NV, Proma Reha Inc., Medline Industries LP, Stryker Corporation, Merivaara Corporation, Malvestio SpA, Hopefull Medical Equipment, StarMed Healthcare, Novak M d.o.o., Besco Medical Co. Ltd, Gendron Inc. , Royax SRO., Getinge AB.
Hospital Beds Market 2024 Key Insights:
• The hospital beds market size is expected to see strong growth in the next few years. It will grow to $6 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%.
• Surging Hospitalization Rates Propel Demand For Hospital Bed Market
• Revolutionizing Patient Care With Icu Bed Upgrade Platform
• Europe was the largest region in the hospital beds market in 2023
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