February 21, 2024

Growing geriatric population to boost the growth of Powered And Manual Hospital Beds Market

The global Powered And Manual Hospital Beds Market is estimated to be valued at US$ 3.58 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Powered and manual hospital beds are used by patients, doctors and nursing staff in healthcare settings. Hospital beds come equipped with different features to help patients in recovery and make them comfortable. Powered beds have adjustable heights, adjustable bed positions and can be operated by remote controls or buttons. Manual beds have fixed positions and need to be adjusted manually. They offer basic functionality at lower costs. Hospital beds are helpful for patients undergoing treatment, post-surgery recovery or acute conditions. Their features help patients in easy mobility, feeding, changing positions and overall comfort during treatment and recovery in hospitals or home care settings.

Market key trends:

One of the key trends in the powered and manual hospital beds market is growing demand for feature-rich beds. With increasing healthcare expenditure and focus on patient comfort and convenience, hospitals are opting for beds equipped with advanced technologies. Powered beds now come with features like pressure relief mattresses, integrated scale, bed exit monitoring, lateral transfer ability and fall prevention alarms. They help patients in independent mobility and lessen nursing workload. Their self-moving functions according to individual needs help in faster recovery. Their remote operated positions also reduce physical strain on patients and caregivers. The availability of such state-of-the-art and feature-rich beds is expected to drive their demand over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate due to the high capital requirements to establish manufacturing facilities and obtain regulatory approvals. However, evolving technologies is lowering the entry barriers.

Bargaining power of buyers: The bargaining power of buyers is high as there are numerous established players operating in the market providing a wide range of products at varying price points.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw materials are commoditized and available from numerous suppliers globally.

Threat of new substitutes: The threat of new substitutes is low as there are limited product alternatives for hospital beds.

Competitive rivalry: High due to presence of numerous global and regional players competing on the basis of product quality, reliability, pricing and innovation.

Key Takeaways

The global Powered And Manual Hospital Beds Market is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing prevalence of chronic diseases and rising geriatric population globally.

The North America region dominated the global market in 2023, owing to rising healthcare expenditure, presence of advanced healthcare facilities and availability of reimbursements. However, Asia Pacific is expected to exhibit highest growth during the forecast period owing to improving healthcare infrastructure, growing medical tourism industry and increasing healthcare expenditure in emerging economies such as China and India.

Key players operating in the Powered And Manual Hospital Beds Market are Hill-Rom Holdings, Inc., Carevel Medical Systems Private Limited, Getinge AB, Invacare Corporation, Stryker Corporation Linet spol S.r.o, Paramount Bed Co. Ltd., Meditech (India) pvt ltd, Linet Group SE. These players are focusing on new product launches, mergers & acquisitions and geographical expansions to increase their market share.

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  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it