Future Growth of Hospital Beds Market in Healthcare Industry by 2023

MRFR Provides Appropriate Analysis of Global Hospital Beds Market Geographical Analysis, Scope, Applications, Products, Prominent Audience, End Users, and Market Players for Global, and Country Level Market Segments, etc

Hospital Beds Market - Synopsis

Global Hospital Beds Market is expected to expand at a CAGR of 5.5% during the forecast period 2017 to 2023. Its valuation is likely to reach USD 4,824.2 Mn by the end of 2023 from USD 2,515.1 Mn in 2016. The growth of the healthcare sector is prognosticated to reflect on the expansion of the global market over the next couple of years.

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A major fraction of the global population is affected by chronic diseases such as diabetes, cardiovascular disorders, etc. The count of patients is expected to skyrocket in the forthcoming years owing to an exponential aging population. The global population for older adults is estimated to get doubled between 2015 and 2050. It is presumed to motivate the growth of the global hospital beds market across the review period.

The limited access to medical facilities in developing and underdeveloped nations has unleashed myriad opportunities for the hospital beds market. The governments are endeavoring to provide access to standard medical facilities in rural areas, which is expected to motivate the growth trajectory of the hospital beds market. Furthermore, the initiatives undertaken by international organizations such as the World Health Organization (WHO), is poised to expedite the expansion of the market.

Fast-developing and developed countries have emerged as the hotspots for healthcare facilities. The burgeoning medical tourism industry has encouraged the healthcare providers to expand their bases in these countries owing to the high demand for treatments. This, in turn, has catapulted the hospital beds market on an upward trajectory.

The tech-driven changes in the hospital beds have led to rapid developments in the market. The accelerated adoption of smart hospital beds is likely to have a favorable impact on the market. Nevertheless, the expensiveness of advanced hospitals beds such as electric and semi-electric beds is anticipated to restrict the expansion of the market over 2023.

Competitive Dashboard:

Some of the prominent players profiled in this MRFR report are Hill-Rom Holdings, Linet spol. s r.o., Invacare Corporation, Gendron Inc., Paramount Bed Holdings Co., Ltd., Stryker Corporation, and Getinge AB.

Industry News:

In October 2018, Bradford Teaching Hospitals NHS Foundation has partnered with GE Healthcare, an American multinational conglomerate, for Europe’s first AI-powered command center. The NASA-inspired or air traffic control-style center will have 800-bed capacity.

In October 2018, India-based MGM Healthcare Group, a leader in tertiary healthcare and medical education in South India has announced its plan of launching its first 400 bed hospital.

In December 2018, The National Health Service, a publicly funded national healthcare system for the U.K., has announced the need for 10,000 additional beds for this winter to keep patients safe.

In January 2019, Iranian deputy health minister announced the plan of establishing a nuclear emergency medical center that would have 101 beds.

Segmentation:

On the basis of type, the global hospital beds market has been segmented into long-term care, psychiatric & bariatric care, acute care, and others (maternity and rehabilitation beds).

On the basis of power, the hospital beds market has been segmented into electric bed, semi-electric bed, and manual bed.

On the basis of end-users, the global hospital beds market has been segmented into hospital, clinics, ambulatory, and others.

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Regional Analysis:

The regional analysis of the global hospital beds market spans across Asia Pacific, Europe, Americas, and the Middle East & Africa. Europe was valued at USD 916.6 Mn in 2016 and is poised to thrive at a CAGR of 5.5% during the forecast period. The region accounts for a significant share of the global healthcare expenditure and signifies tremendous potential for market growth. Key players are emphasizing on expanding their customer bases in this region, thus, augmenting the hospital beds market.

Asia Pacific is the fastest growing regional market for hospital beds. The fast-developing nations such as India, China, South Korea, Singapore, etc. attract massive patient population every year from all across the world. It is one of the crucial drivers of the growth of the hospital beds market in Asia Pacific over the assessment period.

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