The global hospital beds market was valued at $5,239.1 million in 2014, and it is expected to grow with a CAGR of 4.5% during the period 2015 – 2020. As per P&S Market Research, the global market is increasing, due to growing geriatric population and increasing healthcare expenditure. In addition, the lifestyle changes are leading to chronic illness, due to the increased usage of caffeine, tobacco and alcohol. This has generated the demand for hospitalization thus, encouraging the growth of the global market.
Based on types, the general beds market segment is expected to witness fastest growth during the forecast period. Among the hospital beds by treatment segment, acute care beds had the largest market size in the global market during 2014; however the critical care beds segment is expected to witness fastest growth, with 5.0% CAGR during the period 2015 – 2020.
Healthcare expenditure is increasing worldwide, according to World Health Organisation (WHO); the total healthcare expenditure is increasing globally, leading to the improvements in the healthcare infrastructure. This increase in healthcare expenditure leads to construction and renovation of old hospitals with installation of new medical equipment and hospital beds.
Aging population acts as a major driver for the market as this pool is more prone to falling ill due to low immunity levels and longer recovery period. Aged people require more care as they are more susceptible to accidents, trauma, injuries due to burns, fractures, and falls that lead to an increase in the number of hospitalisation cases; this fuels the demand for hospital beds.
However, high price of hospital beds, such as fully electrical beds, critical care ICU beds, surgical beds, birthing beds, and bariatric beds acts as major restraints for the growth of the market. In developing countries, such as China, India and Brazil, manual and semi-electrical beds are preferred compared to fully electrical beds owing to their low price. The Asian market is expected to witness fastest growth, with a CAGR of 5.1% during the period 2015 – 2020.
The key companies operating in the global hospital beds market include HILL-ROM HOLINGS, INC, ArjoHuntleigh, Stryker Corporation, Invacare Corporation, PARAMOUNT BED CO., LTD, Gendron, Inc., Medline Industries, Inc., Span-America Medical Systems, Inc., Savion Industries, Ltd, and Linet spol. s r.o.
News Courtesy: P&S Market Research