Global Medical Beds Market is valued at USD 3501.2 Million in 2022 and it is expected to reach USD 5748.4 Million by 2029 with a CAGR of 7.34% over the forecast period.
Global Medical Beds Market: Global Size, Trends, Competitive, and Historical & Forecast Analysis, 2023-2029- The market will expand due to the increasing geriatric population, technological advancements, and increasing demand for bariatric beds.
Medical beds are specialized beds designed for use in healthcare settings such as hospitals, clinics, and nursing homes. These are an essential part of patient care and provide a comfortable and safe environment for patients while they receive treatment. The history of medical beds can be traced back to the early 1800s when the first hospital beds were developed. However, it was not until the early 20th century that medical beds became widely used in hospitals. Since then, medical beds have undergone significant technological advancements and are now available in a variety of models to suit different patient needs.
Medical beds are used for a variety of purposes, including patient recovery, surgery, intensive care, and long-term care. These are designed to provide comfort, support, and safety for patients while allowing healthcare professionals to perform their duties with ease. The end-users of medical beds include hospitals, clinics, nursing homes, and home healthcare providers.
The revenue generation model of the medical beds market is based on the sale of medical beds and associated accessories. The market is driven by the increasing demand for medical beds due to the growing elderly population, the rise in chronic diseases, and the need for better healthcare facilities.
The supply chain model of the medical beds market involves the manufacture of medical beds and accessories by manufacturers, followed by distribution through dealers and distributors to end-users.
The value chain model of the medical beds market involves the development, manufacture, marketing, and sale of medical beds and accessories, with the ultimate aim of providing better patient care.
The Covid-19 pandemic has had a significant impact on the global medical beds market. The sudden surge in the number of Covid-19 cases resulted in an increased demand for hospital beds, especially in intensive care units (ICUs) and isolation wards. This led to a shortage of medical beds in many countries, creating a pressing need for manufacturers to increase production to meet the growing demand.
Additionally, the pandemic also highlighted the importance of advanced medical beds with features such as remote monitoring and telemedicine capabilities, which has led to increased investments in the development of technologically advanced medical beds. The impact of Covid-19 is expected to continue to shape the medical beds market for the foreseeable future, with a greater focus on ensuring adequate supply and incorporating advanced features to meet the evolving healthcare needs.
Increasing geriatric population: The increasing geriatric population is one of the major factors driving the growth of the global medical beds market as the elderly are more prone to chronic diseases and require long-term care, leading to a higher demand for medical beds. The rise in life expectancy and the aging baby boomer population are contributing to the growth of the geriatric population. As the geriatric population continues to grow, the demand for medical beds is expected to increase, especially for specialized beds designed for elderly patients with specific medical conditions. For example, in Japan, the country with the highest proportion of elderly people in the world, the population aged 65 and overreached a record high of 28.7% in 2020.
Technological advancements: The introduction of smart beds, adjustable beds, and pressure-relieving mattresses has improved patient comfort, reduced the risk of pressure ulcers, and enhanced the overall quality of care. According to a study published in the Journal of Wound, Ostomy, and Continence Nursing, the use of pressure-relieving mattresses reduced the incidence of pressure ulcers by up to 50%.
Additionally, the integration of advanced technologies such as sensors, alarms, and remote monitoring systems has improved patient safety and enabled healthcare providers to monitor patients more effectively. The study found that the use of bed exit alarms, which alert healthcare providers when a patient is attempting to get out of bed, reduced the incidence of falls by 25%.
High cost of medical beds: The high cost of medical beds is a significant restraining factor for the market as it limits access to these products, particularly for low- and middle-income countries. The high cost can also impact the profitability of hospitals and healthcare facilities, as they need to invest a significant amount of money to purchase medical beds. This can result in higher healthcare costs for patients and limit the growth of the medical beds market.
Additionally, the high cost can lead to a preference for cheaper alternatives, such as home healthcare and telemedicine, further limiting the demand for medical beds. For example; smart beds with more advanced features such as built-in scales, automatic patient repositioning, and pressure mapping can cost between $10,000 to $20,000. And specialised hospital beds such as ICU beds and critical care beds can range from $10,000 to $50,000.
Rising demand for home healthcare: The growing trend of home healthcare provides a significant opportunity for the medical beds market, as patients are increasingly opting for at-home medical care instead of hospitalization.
Increasing demand for bariatric beds: The rise in obesity rates globally has led to an increase in demand for bariatric beds, providing an opportunity for manufacturers to develop new products and expand their customer base.
Expansion in emerging markets: The expansion of the medical beds market in emerging markets such as Asia-Pacific and Latin America provides a significant opportunity for manufacturers to tap into new markets and increase their revenue.
Smart beds: The development of smart beds with advanced features such as remote monitoring, pressure mapping, and automatic repositioning is a major trend in the medical beds market.
Adjustable beds: The development of adjustable beds that can be customized to the patient's needs and provide optimal comfort and support is another trend in the market.
Preference for home healthcare: The growing trend of home healthcare is leading to an increased demand for home medical beds that are portable, easy to use, and cost-effective.
Patient safety: Patients are increasingly concerned about safety and infection control measures, leading to a demand for medical beds with features such as anti-microbial surfaces and built-in infection control systems.
Product differentiation: Companies can differentiate their products by offering unique features, functionalities, or designs that meet the specific needs of their target customers. For example; Stryker Corporation, offers the InTouch Critical Care bed, which features a low height and a chair position that allows patients to sit upright, reducing the risk of falls and enhancing patient comfort.
Cost leadership: Companies can gain a competitive advantage by offering products at a lower cost than their competitors. For example; Hill-Rom Holdings, Inc., a global medical beds manufacturer, has a broad product portfolio that caters to different customer segments and price points.
Embrace digitalization: Companies can embrace digitalization to improve operational efficiency, enhance patient outcomes, and offer innovative solutions.
Customer-centric approach: Companies can focus on meeting the specific needs of their customers to gain a competitive edge. For example; Hill-Rom Holdings, Inc. has developed a range of medical beds that cater to different patient needs, including bariatric patients, pediatric patients, and patients with pressure ulcers. The company's customer-centric approach has helped it build a strong reputation for quality and reliability.
The North American medical beds market is primarily driven by the increasing number of hospitals and healthcare facilities, the rising geriatric population, and the prevalence of chronic diseases such as cancer, diabetes, and cardiovascular diseases. The high healthcare expenditure and favorable reimbursement policies are also driving the growth of the market in this region. According to data from the American Hospital Association (AHA), as of 2021, there are a total of 6,090 registered hospitals in the United States. This includes 2,958 non-profit hospitals, 1,330 for-profit hospitals, and 1,802 government-owned hospitals.
In Canada, there are 1,005 hospitals and healthcare facilities, according to data from the Canadian Institute for Health Information (CIHI).
Europe is one of the largest markets for medical beds due to the presence of a large number of hospitals and healthcare facilities in the region. The market is driven by factors such as the increasing prevalence of chronic diseases, the growing geriatric population, and rising healthcare spending. In 2020, the share of the population aged 65 years and over in the European Union was 20.5%, which is expected to increase to 29.1% by 2050.
Additionally, the presence of well-established healthcare infrastructure and favorable government initiatives to promote healthcare are also contributing to the growth of the market.
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