By Region, Asia Pacific Is Expected To Be A Lucrative Region For Medical Bed Suppliers Driven By Developing Healthcare Infrastructure In Various Emerging Economies
By Region, Asia Pacific Is Expected To Be A Lucrative Region For Medical Bed Suppliers Driven By Developing Healthcare Infrastructure In Various Emerging Economies
Fact.MR – A Market Research and Competitive Intelligence Provider: The global medical beds market witnessed a revenue worth US $ 3.8 Billion in 2020. Market is expected to witness a CAGR of 3.7% and is expected to be valued at US $ 5.5 Billion by 2031.
Currently, medical beds account for less than 1% of the overall medical devices market. Demand for healthcare beds is expected to grow as healthcare infrastructure is changing across the globe and this is attributed to increased technological advancements in medical sector.
Moreover, with rise in geriatric population across the globe, medical beds in elderly care facilities are expected to witness a steady growth during the forecast period. In addition to this, rehabilitative beds and specialized ICU beds are expected to see a constant growth due to more rehabilitation centers being built and prevalence of chronic diseases. Besides this, chronic and complex diseases have also driven the demand for surgical equipment and surgical procedures for treatment.
Also, technologically advanced beds are developed by all the largest hospital bed manufacturers in order to incorporate the smart technologies. Also, medical devices are gaining traction in the recent times and this trend is highly adopted in the medical beds industry.
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Besides this, countries such as Canada are expected to witness a demand for medical beds due to rise in population as the country accepts more people through its lucrative citizenship program. Moreover, high demand in Canada is also due to surge in number of medical emergencies and high prevalence of chronic diseases.
Besides this, chronic and complex diseases have also driven the demand for surgical equipment and surgical procedures for treatment.
Key Takeaways:
- Europe is expected to dominate the market in terms of overall market share. This is due to rising incidence of chronic diseases in the region, resulting in more hospitalization.
- Moreover, North America is expected to hold a significant market share for medical beds. Rising geriatric population and increasing healthcare spending are expected to be major growth drivers in the region.
- Asia pacific region is expected to witness noteworthy growth and is anticipated to be a very lucrative region for medical bed suppliers. This is driven by better healthcare infrastructure in emerging economies, increasing demand for healthcare facilities
- By bed type, sales for semi-electric bed is expected to witness rapid pace due to its cost-effectiveness and advanced functionalities.
Growth Drivers:
- Surge in number of rehabilitation centers in various developed economies such as US due to increasing usage of drugs and opioid. Moreover, top hospital bed manufacturers are focusing on this trend to establish their foothold in the market.
- Due to covid-19 pandemic, demand for critical care beds has exponentially increased. Moreover, the coronavirus outbreak of 2020 has made critical care a matter of concern. Moreover, demand for ICU beds peaked during the pandemic and key manufacturers started focusing on various shortcomings in healthcare infrastructure.
- Increase in birth rate in many nations across the globe has pushed the sales for maternity beds. This factor also drives the sale of birthing beds.
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Competitive Landscape:
Key players in the medical beds market are focusing on research and development of new beds that suit the upcoming needs of the healthcare industry.
- In February 2021, Stryker, a key manufacturer of medical devices, announced the launch of its new hospital bed. Moreover, its new ProCuity bed series is a bed that is low-height and is well suited for diverse range of environments.
- In February 2021, Hillrom had announced its initiative to acquire a continuous monitoring technology from EarlySense. This technology would be combined with its Centrella Smart+ med-surg bed and make it more advanced.
Key Companies Profiled by Fact.MR
- Stryker Corporation
- Hill-Rom Holdings Inc.
- Getinge AB
- Invacare Corporation
- Amico Corporation
- Medline Industries Inc.
- LINET spol. s r.o.
- Stiegelmeyer GmbH & Co. KG
- Span-America Medical Systems Inc.
- Merivaara Corp
More Valuable Insights on Medical Beds Market
- By Product Type:
- Electric Medical Beds
- Semi-Electric Medical Beds
- Manual Medical Beds
- By End User:
- Hospitals
- ASCs
- Other Facilities
- By Application:
- Intensive Care Beds
- Non-intensive Care Beds
- By Usage:
- Acute Care Beds
- Psychiatric Care Beds
- Long-term Care Beds
- Bariatric Beds
- Others
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