Hospital beds are an essential part of patient care in healthcare facilities. They provide a comfortable surface for examination, treatment and recovery of patients. Hospital beds help in adjusting height, raising and lowering back rests and movable rails for safety. The growing geriatric population suffering from chronic diseases is leading to higher hospitalization rates. As per estimates, over 15% of the global population will be aged over 65 by the year 2030. The increased risk of illnesses amongst the elderly is propelling the demand for beds in hospitals and long-term care units. The global Hospital Beds Market is estimated to be valued at US$ 4,151.09 Mn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: The burgeoning geriatric population base across major regions continues to drive the hospital beds market. As per estimates, between 2015 and 2050, the proportion of the world’s population over 60 years will nearly double from 12% to 22%. Additionally, one in six people in the world will be over age 65 by the year 2050. The proportion of population aged 80 years or over is projected to increase threefold between 2015 and 2050. The increased hospitalization rates and higher risk of disabilities amongst the elderly are expected to propel the demand for advanced hospital beds over the forecast period.
Strength: The hospital beds market has widespread demand from hospitals and healthcare facilities. It is a standardized medical equipment needed across regions.
Weakness: Higher costs associated with technologically advanced hospital beds poses affordability challenges in some markets.
Opportunity: Rising healthcare expenditure along with growing geriatric population especially in developing nations create new opportunities. Development of multi-functional beds also offers scope.
Threats: Price volatility of raw materials can impact production costs. Intense competition from local and regional bed manufacturers acts as a threat.
The global hospital beds market is expected to witness high growth.
Regional analysis: North America currently dominates the global market led by the U.S. due to advanced healthcare infrastructure and spending. Asia Pacific is expected to grow at the fastest pace due to rising medical tourism, increasing income levels, growing health awareness and expansion of healthcare systems in China, India and other developing nations.
Key players operating in the hospital beds market are Stryker, Hill-Rom Holdings, Inc., Getinge AB, Invacare Corporation, Medline Industries, Inc., LINET., EarlySense, Max Healthcare, Eqova Healthcare, Compass Health Brands, Stiegelmeyer GmbH & Co. Kg, Antano Group S.R.L, Amico Corporation, and Midmark Corporation. Technological innovations along with mergers and acquisitions remain key strategies of major brands to strengthen their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it