From the manually operated beds to the fully electric beds, medical beds ensure the patients comfort along with the advanced features. Moreover, the increased investments in hospital infrastructure by the healthcare providers coupled with the affordability of the patients around the world is anticipated to boost the market growth. The factors such as growing geriatric population and chronic diseases around the world are expected to fuel the market growth. Global medical beds market is anticipated to grow at CAGR about 5.8% over the forecast period.
Moreover, technological advantages, adoption of medical beds coupled with the growing number of hospitals is expected to boost the market growth over the forecast period. However, the high cost of medical beds and a decreasing number of beds in public hospitals anticipated to hamper the market growth.
Key Market Trends
Manual Beds Are Expected to Witness a Healthy Growth
Manual medical beds are the patient beds that use the manual cranks to adjust the bed for the patient comfort. Due to lack of risk of motor failure, lower cost and easy to use mechanisms manual medical beds are anticipated to boost the segment growth over the forecast period. The electric beds segment has anticipated to have a significant growth rate owing to the increased investments on hospital infrastructure and a growing number of organized hospitals around the world.
World Health Organization (WHO) estimates that percentage of geriatric population across the globe may increase to 17% of world population by 2050 which was around 8.7% in 2015. Moreover, growing geriatric population and lifestyle diseases that need the medical beds for the improved care and comfort is anticipated to boost the market growth over the forecast period.
Based on the end-user, homecare segment is anticipated to have significant market growth owing to the adoption of medical beds homecare settings, growing prevalence of diabetic patients around the globe.
North America Expected to have Significant Market Share
North America is expected to have significant market share over the forecast period. The market growth is attributed to well-established healthcare infrastructure, growing prevalence of diabetes and the presence of key market players. Furthermore, the growing prevalence of cancer and other chronic diseases in the region are anticipated to fuel the market growth. According to the National Institute for Health, there were 1,762,450 new cancer cases in the United States during 2019. The Asia-Pacific is anticipated to have notable market growth owing to developing healthcare infrastructure coupled with an increasing number of hospitals with advanced hospital supplies in the region. Moreover, the growing burden of the diseases in developing countries and the growing number of hospitalizations are anticipated to boost the market growth furthermore.
Global medical beds market is fragmented and highly competitive. Market players are focusing on new product launches, product innovations and geographical expansion. The key market players operating in the market include Hill-Rom Services Inc., Stryker Corporation, Invacare Corporation, PARAMOUNT BED CO., LTD. and Medline Industries, Inc. among others.
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