The global market for hospital beds and other specialty beds used in healthcare facilities such long-term care homes, rehabilitation centres, and home healthcare settings is referred to as the “Medical Bed Market.” These beds are made to support medical personnel in their caregiving duties while also offering patients comfort, safety, and convenience.
Due to a number of factors, such as the rising incidence of chronic diseases, the ageing population, and the rising demand for cutting-edge healthcare infrastructure, the medical bed industry has seen substantial expansion in recent years. The beds are necessary for patient care and are crucial in enhancing patient outcomes and creating a comfortable setting for medical procedures.
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It is predicted that the market for hospital beds will increase from US$3.4 billion in 2022 to US$ 5.5 billion by 2032 as a result of increased investments in medical infrastructure. Between 2022 and 2032, the medical bed market is projected to grow at a 4.9% CAGR.
During the projected period, growing player alliances will also likely lead to a rise in market size. In March 2020, AT&T struck a partnership with LifeMedID and Elo Self-Service Solutions to coordinate patient registrations and check-ins, further consolidating the company’s position in the market.
On the other side, it is anticipated that the price of medical beds and the prevalence of counterfeit goods in online channels of distribution will impede market growth. However, increasing product innovation may balance out the issues that are harming the industry and increase market size. In October 2020, Stryker Corporation unveiled its “ProCuity” smart bed. Stryker’s Secure Connect Technology, which enables wireless connection of nurse call systems and sophisticated patient monitoring, is one of the most recent sensors and features of the smart bed.
Key Takeaways from the Market Study:
- By application, intensive care medical beds to dominate market, rising at a CAGR of 4.3% by 2032
- The medical bed market in the U.S is estimated to procure US$ 2 Billion by 2032
- Chinese medical bed market is expected to exhibit a CAGR of 4.4% during the forecast period
- Medical bed market in Japan is projected to secure US$ 325.4 Million during the forecast period.
- By type, the electric beds segment is anticipated to dominate the medical bed market at a CAGR of 4.5%
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“Growing initiatives by the government of various developing countries, rising number of hospitals, and increasing product launch are anticipated to play a significant role in developing the market during the forecast period,” says an FMI analyst.
Competition Analysis:
Players in the global medical bed market are implementing various strategies to enhance their market revenue and strengthen their position in the market. Mergers & acquisitions, partnerships, and agreements are some of the methods adopted.
Key players in the market include Hill-Rom Holding, Inc., Stryker Corporation, Getinge Group, Medline Industries, Inc., and Invacare Corporation. Recent developments in the industry are:
- In April 2022, Getinge, a Swedish medical technology company, announced an agreement to acquire 100% of the shares in FLUOPTICS SAS, a French leader in fluorescence imaging. The acquisition would enhance Getinge’s customer offering clinical decision support by offering safe and enhanced operating services.
- In February 2022, Stryker, a leading medical technology provider, announced that it had completed the acquisition of Vocera Communications, a renowned entity in digital care coordination and communication.
- In December 2021, Baxter International Inc., a renowned MedTech leader, announced that it had completed the acquisition of Hillrom. Reportedly, Baxter paid US$ 156 in cash for each outstanding share of Hillrom common stock for a purchase price of US$ 10.5 Billion. The acquisition aims to transform healthcare and improve patient care worldwide.
Key Segments Profiled in the Medical Bed Market Report
Medical Bed Market by Usage:
- Acute Care Medical Beds
- Psychiatric Care Medical Beds
- Long-Term Medical Beds
- Other Medical Beds
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Medical Bed Market by Application:
- Intensive Care Medical Beds
- Non-Intensive Care Medical Beds
Medical Bed Market by Type:
- Electric Medical Beds
- Semi-Electric Medical Beds
- Manual Medical Beds
Medical Bed Market by End-User:
- Medical Bed in Hospitals
- Medical Bed in Home Care Settings
- Medical Bed in Elderly Care Facilities
Medical Bed Market by Region:
- North America Medical Bed Market
- Latin America Medical Bed Market
- Europe Medical Bed Market
- Asia Pacific Medical Bed Market
- Middle East and Africa Medical Bed Market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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