Hospital Bed Market Size Worth $4,688.96 Million by 2028 at

2022-09-03 01:17:22 By : Mr. Allen Seng

September 01, 2022 05:48 ET | Source: The Insight Partners The Insight Partners

New York, Sept. 01, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Hospital Bed Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Semi-Electric Beds, Electric Beds, and Manual Beds), Usage (Acute Care Beds, Long-Term Care Beds, Psychiatric Care Beds, and Others), Application (Non-Intensive Care Beds and Intensive Care Beds), and End User (Hospitals & Clinics, Elderly Care Facilities, Ambulatory Surgical Centers, and Home Care Settings)”, the global hospital bed market size is expected to grow from USD 3,214.96 million in 2021 to USD 4,688.96 million by 2028; it is estimated to grow at a CAGR of 5.7% from 2022 to 2028.

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Hospital Bed Market Report Scope & Strategic Insights:

Hospital Bed Market: Competitive Landscape and Key Developments Hill-Rom Holdings, Inc. (Baxter); Arjo; GF Health Products, Inc.; Invacare Corporation; Malvestio SpA; Stryker Corporation; Paramount Bed Holdings Co., Ltd.; Span America (Savaria Corporation); STIEGELMEYER GMBH AND CO. KG; and Savion Industries are among the key companies operating in the hospital bed market. Leading players focus on expanding and diversifying their market presence and clientele, tapping prevailing business opportunities.

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Hill-Rom Holdings, Inc., an American medical technology-providing subsidiary of Baxter International, offers a wide range of products, including smart beds and patient lifts, for a patient support system.

Stryker Corporation, founded in 1941, is an American medical technology multinational corporation based in Kalamazoo, Michigan. In August 2018, Stryker announced a partnership with Ascom to integrate Ascom Unite Software with Stryker's iBed Wireless Smarthed system. The partnership delivers Stryker iBed wireless notification to clinicians or doctors about patient safety status, which also include alarms about patient falls.

North America dominates the global hospital bed market. The US holds the largest market share in the region. According to the Society of Critical Care Medicine report, more than 5 million patients are admitted annually to the US Intensive Care Unit (ICU) for intensive or invasive monitoring; airway, breathing, or circulation support; acute or life-threatening medical problem stabilization, and comprehensive injury and illness management. Moreover, beds help caregivers maximize comfort for dying patients.

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Per the Organization for Economic Cooperation and Development (OECD) report, hospital bed occupancy rates offer complementary information for hospital capacity assessments. in 2019, the bed occupancy rate was ~85% in OECD countries, including Canada, Israel, Ireland, and Costa Rica. However, occupancy rates were comparatively lower in the US, accounting for less than 65%. High occupancy rates of curative (acute) care beds indicate healthcare systems are under pressure. A PETERSON-KFF Health System Tracker report states that the US has fewer acute care hospital beds per capita than Canada and Sweden. For example, the number of hospital beds per 1,000 population in the US decreased from 3.0 in 2000 to 2.5 in 2017. Moreover, the average of comparable countries (Canada and Sweden) declined from 5.4 to 4.2 beds per 1,000 population. This is mainly due to the few hospitals and higher rates of hospital consolidation associated with elevated prices, which are not accompanied by improvements in care quality. In September 2021, Baxter's deal with Hill-Rom intended for smart hospital beds swells to US$ 10.5 billion. The resulting company had a combined pro forma revenue of US$ 14.6 billion in 2020, drawn from Hill Rom's medical devices and equipment ranging from smart hospital beds to vital signs monitors, as well as Baxter's offerings in renal care, medication delivery, and advanced surgery. Thus, such strategic developments by companies support the hospital bed market growth.

Rising Prevalence of Chronic Diseases Positively Influence Overall Market: According to the National Health Council report, ~40 million Americans face constraints in their routine activities as they suffer from one or more chronic health conditions. Incurable chronic diseases affect ~133 million Americans, representing more than 40% of the total population as per the published report in 2019. Many live with one or more chronic illnesses, such as diabetes, heart disease, or depression, but with two or more conditions. Such a high prevalence of chronic diseases may result in a more significant requirement for hospitalization, which drives the demand for hospital beds. According to the estimates presented in a Department of Health & Children report, ~80% of the general practitioners' (GP) consultations and 60% of hospital bed requirements are related to chronic disease cases with associated complications. As per a report by the Data and Digital Health Unit, acute care hospital beds are available for curative care, accounting for 100,000 beds per population in Europe. Patients are accommodated on these beds for managing labor (obstetrics), curing nonmental illness or providing definitive treatments to injuries, performing surgeries, and relieving symptoms of nonmental illnesses, among others. ~75% of the US healthcare expenditure is allocated to managing chronic diseases annually. According to estimates provided in the Department of Health & Children report, ~8 of the top 11 causes of hospitalizations in the UK are associated with chronic diseases, and 5% of the inpatients are aligned with long-term conditions, occupying ~42% of hospital beds.

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Diabetes and heart diseases, among other chronic conditions, are the leading causes of death and disability in the US. For example, in 2019, obesity and high blood pressure were the most common chronic conditions in California, which affected more than one in four adults in the state. Moreover, hospital admission rates were high among people suffering from chronic conditions, accounting for 700 hospitalizations per 100,000 people in California. Thus, the growing prevalence of chronic conditions favors the overall growth of the hospital bed market.

Hospital Bed Market: Segmental Overview Based on type, the hospital bed market is segmented into semi-electric, electric, and manual beds. In 2021, the semi-electric segment held the largest share of the global market; however, the electric beds segment is anticipated to register the highest CAGR during the forecast period.

Based on usage, the hospital bed market is segmented into acute care beds, long-term care beds, psychiatric care beds, and others. In 2021, the acute care beds segment held the largest market share; however, the long-term care beds segment is expected to record the highest CAGR during the forecast period.

Based on application, the hospital bed market is segmented into non-intensive and intensive care beds. In 2021, the non-intensive segment held a larger share of the market, and it is also expected to register a higher CAGR during the forecast period.

Based on end user, the hospital bed market is segmented into hospitals & clinics, elderly care facilities, ambulatory surgical centers, and home care settings. In 2021, the hospitals & clinics segment held the largest market share, and the same segment is further expected to register the highest CAGR during the forecast period.

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The COVID-19 pandemic has favored the growth of the hospital bed markets. The pandemic had profound humanitarian, economic, and political consequences. With an increase in the incidence of COVID-19, local public healthcare systems redirected their focus on the expansion of their capacities to serve the population. Under these circumstances, the Board of Directors of American Friends of Jewish Hospitals and Education Centers of Brazil launched a fundraising campaign to support the donation program of Sociedade Beneficente Israelita Brasileira Albert Einstein (SBIBAE), with efforts focused on the fight against COVID-19 on several fronts. The funds raised in this program are used to create new ICU beds in public healthcare system (SUS) hospitals. Further, researchers at the University of São Paulo Faculty of Medicine Clinics Hospital (USPFMCH) developed the Elipse E3 platform based on Elipse Software, in which emergency beds were monitored remotely. To communicate between the software and the monitored devices, the technology companies involved in the project developed international drivers for the equipment in a hospital bed with proprietary protocols. In addition, the construction of several new hospitals triggered the development of new hospital beds. In 2020, the new Hospital Solidario COVID Austral, located on the Universidad Austral campus, was inaugurated for treating critically ill COVID-19 patients. Its 20 intensive care beds and 40 beds for intermediate care reinforced the 185-bed capacity of the Pilar public health system.

Browse Adjoining Reports: Medical Beds Market to 2027 - Global Analysis and Forecasts by Usage (Acute Care, Long-Term Care, Psychiatric & Bariatric Care, and Others), Type (Manual Beds, Semi-Electric Beds, and Electric Beds), Application (Intensive Care and Non- Intensive Care), and End User (Hospitals, Elderly Care Facilities, Nursing Homes, and Home Care Settings)

Electric Bed Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Product (Semi-automatic Electric Bed, and Fully Automatic Electric Bed), Application (General Bed, Intensive Care Bed, Bariatric Bed, and Birthing Bed),and EndUser (Hospitals and Clinics, Dentistry, and Others) and Geography

Medical Intensive Care Beds Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Manual Intensive Care Bed, Electric Intensive Care Bed, Hydraulic Intensive Care Bed); Application (General ICU, Specialized ICU, Paediatric, Neonatal ICU); End User (Hospitals, Clinics, Nursing Home, Other) and Geography

Homecare Beds Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Manual Homecare Bed, Electric Homecare Bed); Usage (Acute Care, Long term Care, Psychiatric and Bariatric care, Others)

Automated Hospital Beds Market Forecast to 2028 - Covid-19 Impact and Global Analysis - By Type (Semi-Automatic, Fully Automatic, General beds, Pediatric beds, Pressure relief beds, Bariatric beds, Birthing beds); Technology (Basic, Smart); Usage (General purpose, Intensive care, Delivery/birthing, Pediatric, Bariatric, Pressure relief, Psychiatric care, Others); End User (Hospitals and Clinics, Reproductive care centers, Dentistry, Home users, Others)

Smart Hospital Beds Market Forecast to 2028 - COVID-19 Impact and Global Analysis by : Product Type (psychiatric care beds, long-term care beds, acute care beds, bariatric beds, others); Bed Type (electric beds, manual beds, semi-electric beds); Application (intensive care, non-intensive care, others); End User (hospitals, nursing homes, home care settings, elderly care facilities)

Medical Bed Head Unit Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Horizontal, Vertical, Others); Application (Normal Care Areas, Critical Care Areas),Impact of covid-19 pandemic.

Multi-Functions Medical Beds Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (4-section Type, 3-section Type, 2-section Type, Other); Application (Hospital, Nursing Home, Homecare, Other) and Geography

Homecare Medical Beds Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Electric Medical Beds, Manual Medical Beds); Application (Nursing Home, Homecare, Other) and Geography

Bariatric Beds Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Weight Capacity (500-700 Lbs, 700-1000 Lbs, More Than 1000); End User (Hospital, Clinics, Long-Term Care Centers, Home Healthcare, Others) and Geography

Birthing Beds Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Powered Beds, Handle Beds); End-users (Hospital, Nursing Home, Home Use) and Geography

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