Asia Pacific/New York: Around the world, cases of cardiovascular diseases (CVDs), cancer, diabetes, and an array of other chronic and acute diseases are increasing. This is expected to drive the global hospital bed market from $3,712.1 million in 2019 to $8,276.7 million by 2030, at a 7.5% CAGR between 2020 and 2030, according to P&S Intelligence. All these diseases and a lot of other health issues result in hospitalization, with the number of hospitalized patients increasing rapidly.
This is the primary reason behind the hospital bed market advance, as even a more basic requirement in such medical settings than the expensive medical devices are beds! Many diseases, even a simple rhinovirus infection (common cold), make people weak enough to not be able to stand or sit, which makes laying them down necessary.
The COVID-19 pandemic is having a positive effect on the hospital bed market, by leading to a consistently sharp increase in the number of cases. This has put a strain on healthcare resources, especially beds, of which there is a constant acute shortage. Therefore, countries around the world are pouring all their attention to accommodating as many infected people in medical settings as possible, which are driving the demand for hospital beds. As a result, even companies that were not engaged in manufacturing these products have started doing so.
The hospital bed market is projected to witness the highest CAGR, of 11.2%, in the electric division, based on power. Driven by technological advancements, bed manufacturers are introducing enhanced products, with their numerous adjustments, including height and head and foot rests, powered by electricity.
The home care settings category, under the end user segment, would experience the fastest growth in the hospital bed market in the coming years. On account of the increasing geriatric population and number of chronic disease patients, who majorly require long-term palliative treatment and monitoring, the demand for hospital beds for home use is surging.
Presently, the most-productive region in the hospital bed market is Europe. The increasing disposable income, population of the elderly, incidence of chronic diseases, and technological advancements in the healthcare industry are pushing up the sales of hospital beds. As per the European Commission, the number of long-term-care beds in use in Romania, Austria, the Netherlands, and Malta witnessed a significant increase from 2010 to 2015.
Asia-Pacific (APAC) would witness advance in the hospital bed market at the highest pace in the immediate future. In the region, the medical tourism sector, incidence of chronic diseases, and geriatric population are rising, while the healthcare infrastructure is also undergoing constant improvements. For instance, the International Diabetes Federation (IDF) says that from 11.3% in 2019, the percentage of the Southeast Asian population with diabetes will surge to 12.6% by 2045.
In order to augment their revenue, players in the hospital bed market are launching new products, which are designed to: