Hospital beds are referred as medical equipments that are used by patients during stay at hospitals, nursing homes, and even homes. Hospital beds have characteristic features such as wheels that enable easy transfer and also side rails that prevent chances of fatal accidents. In addition, hospital beds have other features such as adjustable height for side rails and the bed, electronic buttons, and interconnected electronic devices that make the equipment extremely convenient for caregivers and patients.
Globally, the hospital beds market was valued at US$5254.2 million in 2014 and is expected to be valued at US$6731.8 million by 2020 expanding at a CAGR of 4.2% in the period.
High Occurrence of Chronic Diseases to Propel the Hospital Beds Market
The increasing prevalence of chronic diseases, growing geriatric population, and rising healthcare expenditure are driving the global hospital beds market. Additionally, technological advancement in the sector will also foster market growth. However, parameters such as cost of advanced featured hospital beds, and declining demand for general featured beds in developing countries will restraint the growth of the market to an extent.
The hospital beds market is segmented in four categories namely power, treatment, usage, and geography. The usage segment of the hospital beds market is further sub-segmented as bariatric, general purpose, pediatric, birthing, and pressure relief beds. The power segment of hospital beds comprises manual, electric, and semi-electric.
The treatment segment of the global hospital beds market is further sub-segmented into acute care beds, critical care beds, and long-term care beds. Of these, acute care beds held the largest market share. However, in coming years, critical care beds will emerge as the fastest growing sub-segment within treatment segment in the global hospital beds market.
Hospital Beds Market Driven by Technology Substantially
The advent of new technology has helped hospital beds market to exhibit resilient growth. The new technologies incorporated in hospital beds include features such as patient data that enables healthcare provider to monitor aspects such as response to treatment, heart rate, and dietary restrictions. Moreover, as healthcare institutions have been struggling with patient overcrowding, the use of technology has further proliferated computer-based decision making, which in turn is driving the hospital beds market globally.
Hospital Beds Market to Grow at CAGR of 3.4% in Europe by 2020
In terms of geography, the hospital beds market is segmented as North America, Asia, Europe, and Rest of the World (RoW). The regional market of North America is further segmented as U.S. and Rest of North America. On the basis of geographical segmentation, Europe dominated the global hospital beds market. In Europe countries like Germany, Russia, U.K, and France, with Russia are the largest markets for hospital beds. This is attributed to high prevalence of chronic diseases and increasing healthcare cost in the region. The hospital beds market in Europe was valued at US$1643.2 million in 2014 and it is anticipated to be US$2010.2 million by 2020 growing at CAGR of 3.4%.
The Asian region of the global hospital beds market is segmented as India, China, and Japan. The regional segment of Asia is expected to grow fastest in the coming years owing to large population base, advancing healthcare infrastructure, high prevalence of chronic diseases, and favorable reimbursement scenario in this region.
On the competitive scenario, the hospital beds market is characterized by concentration of market share to a high degree. The market is continually moving towards duopoly, due to large revenue for the market generated mainly by two companies, Stryker and Hill-Rom Holdings Inc. The other major players operating in the hospital beds market are Paramount Bed Company Ltd, Invacare Corporation, Medline Industries Inc., and Linet spol s r o.
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