Medical Beds Market By Application (Acute Care, Psychiatric Care, Maternity, and Long-term Care) Type (Electric, Semi-electric, and Manual) End-use (Hospitals, Home Care, Elderly Care, and Outpatient Nursing Care), and Region - Market Perspective, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast for 2023-2032
Market Perspective
The global Medical Beds Market is expected to grow from USD 3.1 billion in 2022 to USD 5.71 billion by 2032, with a projected compound annual growth rate of 6.3% during 2023-2032.
Medical beds are crucial in patient care, with demand driven by factors such as the growing geriatric population, the rising prevalence of chronic and acute illnesses, and changing disease trends. To meet these demands, the healthcare sector is under pressure to innovate, resulting in more efficient and ergonomic medical beds.
In the US, the total number of hospital beds across hospitals, care, and nursing facilities was 920,531 in 2022, with an upward trend in recent years. In India, the total number of hospital beds in 2020 was 691,627, with a gradual increase since then. The Indian market is expected to contribute to the growth of the medical beds market. Governments worldwide are investing in ambulatory facilities to support the healthcare sector.
Key Insights
- Based on the application, the long-term care segment held the largest market share
- Based on type, the semi-electric segment dominated the market
- Based on end-use, the home care segment generated the highest revenue
- On the basis of region, Asia Pacific accounted for the largest market share
Increasing Number of Elderly and Nursing Facilities to Provide Lucrative Opportunities for Growth
In recent years, there has been a notable increase in the number of nursing facilities being established worldwide. These facilities primarily offer acute and basic healthcare services, such as long-term patient care, which reduces the burden on hospitals. This trend has created new opportunities for growth and expansion, particularly in geriatric care facilities. These care units are usually set up outside of hospitals and provide specialized care to the elderly population, which is growing rapidly.
As the demand for geriatric care services continues to rise, there is an increasing need for modern and innovative medical beds and equipment that meet the unique needs of these patients. Furthermore, the availability of technology-driven medical beds, such as smart beds and bariatric beds, can significantly improve the quality of care offered in nursing facilities and geriatric care units.
High Costs of Specialty Beds Will Impede the Growth in Developing Economies
Specialty beds, including electric, semi-electric, and smart medical beds, require complex manufacturing processes and technologies, resulting in higher costs. As a result, countries in the developing phase, or those where the healthcare sector is not yet fully developed, may not be able to afford these beds, hindering the medical beds market growth.
These countries often prioritize providing basic healthcare facilities, with infrastructural development being a luxury. The phase of development can vary significantly between regions, countries, and even within states of a country. Although this trend may vary, it will likely limit growth opportunities in the specialty beds market globally.
Recent Development
In September 2021: Baxter acquired Hill-Rom Holdings, a medtech company offering various services and equipment.
Segmentation Analysis
The medical beds market is segmented by application into acute care, psychiatric care, maternity, and long-term care applications. Long-term care beds held the largest application share, accounting for over 29% of total revenue. This dominance is primarily due to the uncertainty of utility resulting from various chronic diseases, as well as the growing geriatric population and other casualties. The global number of long-term patients has significantly increased, and this trend is expected to continue, ensuring the continued dominance of long-term care beds throughout the forecast period.
The medical beds market is segmented by type into electric, semi-electric, and manual beds. Electric beds held the largest segment, accounting for more than 34% of total revenues. This dominance is primarily due to the technological shift towards electronic appliances that promote comfort and convenience for consumers. While electric medical beds are typically more expensive than manual beds, the convenience they offer is far greater. In addition, infrastructural developments in the healthcare industry have accelerated demand for electric beds, which are more commonly available in countries with developed or rapidly developing healthcare sectors.
However, in underdeveloped countries or in the early stages of development, manual beds are generally preferred due to their cost-effectiveness. It is anticipated that electric medical beds will continue to dominate the market throughout the forecast period.
The medical beds market is further segmented by end-use into hospitals, home care, elderly care, and outpatient nursing care. The hospital segment holds the largest share, accounting for over 63% of total revenues, driven by an increase in the number of chronic disease incidences worldwide. As the number of patients with various illnesses continues to rise, the demand for healthcare facilities and medical beds also increases. In 2021, there were more than 10 million cancer patients worldwide, and this number has continued to rise. The outpatient nursing care segment is expected to register the fastest growth throughout the forecast period as these clinics are becoming primary points for care, particularly for acute illnesses such as fever, flu, and bronchitis.
North America dominated the regional market owing to the well-established healthcare sector
North America held the largest share of the global medical beds market in 2022, accounting for more than 51% of the market. The region's well-organized healthcare sector, along with the presence of key players, is a key reason for its dominance. Medical beds are extensively utilized in hospitals, elderly care homes, and home care in the region, with the U.S. being the prominent country contributing maximum revenues for the market. High capital funding by the government and the presence of high competition compels manufacturers in upgrading their products regularly. The presence of developed economies and increased demand for high-end products are major drivers of the market's growth. Canada has shown potential growth prospects in recent years and is estimated to continue its growth through the forecast period. The market size for medical beds in North America was valued at USD 1.6 billion.
Europe is anticipated to be the fastest-growing region owing to developments in healthcare facilities
Europe's medical beds market is expected to grow at a CAGR of over 7% during the forecast period. The region has witnessed a significant increase in the demand for healthcare facilities, which has led to government investments in the healthcare sector. Despite the presence of several restraining factors, including uncertain economic conditions, the region has made significant progress. A major trend in the market is the increasing demand for and supply of technological advancements. The healthcare department has received significant capital from the governments to develop the market. The United Kingdom and Germany have been the most promising countries contributing to the region's growth, driven by the increasing elderly population and rising incidence of chronic diseases.
Asia Pacific to observe steady progress
Growing urbanization and infrastructure development in the region are driving the steady growth of the medical beds market. Developing countries in the region, such as India, China, and other Southeast Asian countries, primarily use manual beds due to their cost-effectiveness. However, there has been significant growth in other product types such as electric and semi-electric beds due to advancements in the healthcare industry.
Competitive Landscape
- BAXTER
- Invacare Corporation
- JOERNS HEALTHCARE LLC.
- MEDICAL DEPOT, INC.
- MedMart
- Midmark Corporation
- Novum Medical Products
- PARAMOUNT BED CO., LTD
- Stiegelmeyer GMBH & Co. KG
- Stryker
The global medical beds market is segmented as follows:
By Application
- Acute Care
- Psychiatric Care
- Maternity
- Long-term Care
By Type
- Electric
- Semi-electric
- Manual
By End-use
- Hospitals
- Home Care
- Elderly Care
- Outpatient Nursing Care
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Reunion
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Medical Beds Market By Application
- February-2023
- 148
- Global
- healthcare-medical-devices-biotechnology
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