Acumen Research and Consulting recently published report titled “Electric Bed Market Share, Analysis Report and Region Forecast, 2022 - 2030”
LOS ANGELES, Aug. 29, 2022 (GLOBE NEWSWIRE) -- The Electric Bed Market is expected to grow at a CAGR of around 6.9% from 2022 to 2030 and expected to reach the market value of around USD 4,987 Million by 2030.
Electric Bed Market Report Key Highlights
Global electric bed market size was USD 2,751 million in 2021 and expected to grow at CAGR of 6.9% from 2022 to 2030
North America electric bed market is expected to lead with more than 45% market share
Asia-Pacific electric bed market is expected to grow with more than 7% CAGR during the forecast period from 2022 to 2030
Among products, semi-automatic electric bed occupied more than 55% of total market share
Increased cases of COVID-19 (coronavirus 2019) outbreak fuels the worldwide electric bed industry
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Electric Bed Market Forecast 2030
Electric Bed Market CAGR During 2022 - 2030
Electric Bed Market Analysis Period
Electric Bed Market Base Year
Electric Bed Market Forecast Data
By Product, By Application, By End-use and By Geography
Electric Bed Market Regional Scope
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Getinge Group (Arjo), Gendron Inc., Hill-Rom Services Inc., Invacare Corporation, LINET, Malvestio Spa, Medline Industries, Inc., Midmark India Pvt. Ltd., paramount bed co., ltd., and Stryker.
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis
The recent surge of COVID-19 cases is a major electric bed market trend that is strengthening the industry's growth. Electric beds are particularly designed for those who have mobility issues and are living alone. These beds help in controlling sleeping positions by allowing adjustment of both upper and lower body positions and the height of the bed itself. The increasing number of patients with mobility issues along with the rapidly increasing geriatric population is further bolstering the market value.
The increasing number of patients with chronic diseases is likely to need hospitalization at some point in time, which is further expected to create demand over the forecast period from 2022 to 2030. According to International Diabetes Federation (IDF), 11.3% of the total population in Southeast Asia, i.e. 87.6 million people, was diagnosed with diabetes in 2019 and the number is projected to reach 12.6% by 2045. The growing elderly population is a key factor that is fueling the electric bed market share. According to our electric bed industry analysis, the rising number of chronic disorders in the world is supporting the electric bed market revenue.
COVID-19 Impact on the Global Electric Bed Market Revenue
The recent global outbreak of COVID-19 has raised the frequency of patient admissions to hospitals and clinics. Due to the COVID-19 public health emergency, the FDA indicated that there may be an increased need for hospital beds, stretchers, and mattresses to enhance health care capacity in local hospitals and healthcare systems via temporary expansion sites. On March 23, 2020, there were over 354,000 recorded cases of coronavirus infection (COVID-19) in over 180 nations, the World Health Organization declared COVID-19 a pandemic, and the United States (US) declared a national state of emergency. The demand for intensive care (IC) beds was greater than the supply in areas of China and Italy. As a result, rising patient admissions due to the global COVID-19 outbreak are moving the electric beds market value forward.
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The electric bed market is segmented on the basis of product, application, end-user, and geography. Based on the product, the market is divided into semi-automatic electric beds and fully automatic electric beds. Electric beds have applications across the general beds, intensive care beds, bariatric beds, birthing beds, and others. Additionally, the end-use segments include hospitals & clinics, reproductive care centers, dentistry, and others.
By product, the semi-automatic electric bed segment is leading the electric bed market with a major revenue share and the segment is also projected to maintain its dominance over the forecast period from 2022 to 2030. The high adoption of semi-automatic electric beds in the healthcare sector is supporting the growth due to their cost efficiency and early invention.
Based on the application, the general bed segment accounted for the maximum revenue share in the global market. The increasing installation of electric beds in hospitals in order to provide better patient care to the increasing number of patients in the hospital is supporting the segmental market value.
Electric Bed Market Regional Outlook
North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa are the regional categorizations of the electric bed industry.
In 2021, North America held the major share (%) of the global electric bed market, and the region is also projected to maintain its dominance over the forecast period from 2022 to 2030. The presence of major players in the region including Gendron Inc. (US), Stryker (US), Medline Industries, Inc. (US), Hill-Rom Services Inc. (Chicago), and Invacare Corporation (US) among others are supporting the regional market value.
Asia Pacific is likely to exhibit the fastest growth with a major CAGR (%) over the estimated period from 2022 to 2030. The emerging economies of the region including China, and India are majorly contributing to the regional market value. The rapidly developing healthcare infrastructure of the region along with the major investment by the public as well as private authorities is bolstering the demand for electric beds in the regional market.
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Some prominent electric bed companies covered in the industry are Getinge Group (Arjo), Gendron Inc., Hill-Rom Services Inc., Invacare Corporation, LINET, Malvestio Spa, Medline Industries, Inc., Midmark India Pvt. Ltd., Paramount Bed Co., Ltd., and Stryker. Electric Bed companies have announced mergers and acquisitions, partnerships & collaboration, and new product development to uplift their position in the electric bed industry. Major players are also moving into new regions with advanced technologies for gaining a competitive advantage in the regional market.
Some of the Key Observations Regarding The Electric Bed Industry Include
• Xiaomi launched the 8H Milan Smart Electric Bed Pro under the Youpin crowd funding platform in October 2020. The new launch is the direct successor to the 8H Milan smart electric bed which was launched under crowd funding in December 2019. The 8H Milan Smart Electric Bed Pro is priced at 4899 Yuan ($735).
• Stryker Corporation, an American multinational medical technologies corporation has announced a completely new wireless hospital bed that sports a number of smart patient monitoring features. The ProCuity, series of beds includes Stryker’s Secure Connect technology which provides a wireless way to connect to nurse call systems. The ProCuity bed series even include electric brakes that help to maintain safety.
• Electric bed retailer Revitalife uses a 'sleep survey' as a sales tool and the company is claiming that its expensive adjustable beds help older Australians sleep better.
Questions Answered By This Report
What was the market size of Electric Bed Market in 2021?
What will be the CAGR of Electric Bed Market during the forecast period from 2022 to 2030?
Who are the major players in Global Electric Bed Market?
Which region held the largest share in Electric Bed Market in 2021?
What are the key market drivers of Electric Bed Market?
Who is the largest end user Electric Bed Market?
What will be the Electric Bed Market value in 2030?
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