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Hospital beds are specialized beds used in medical settings to provide comfort and safety to patients undergoing treatment or recuperation. The growing prevalence of chronic diseases such as cancer, cardiovascular disease, and diabetes is resulting in increased demand for hospital services globally. Hospital beds come equipped with features such as adjustable heights, safety rails, trapeze poles, and nurse-call buttons that aid patient monitoring and care. The global hospital beds market offers a wide variety of beds suited for various clinical applications including emergency, pediatric, bariatric, pressure ulcer, and intensive care units. The availability of specialized beds helps facilitate effective treatment protocols and improves clinical outcomes.
The global Hospital Beds Market is estimated to be valued at US$ 4,151.9 Mn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends shaping the hospital beds market is the increasing demand for multi-functional beds. Leading manufacturers are focusing on integrating beds with new technologies to support healthcare delivery. For instance, beds are being integrated with sensors and connectivity capabilities to remotely monitor patients’ vital signs and enable digital record keeping. This facilitates remote patient monitoring and early diagnosis of clinical deterioration. There is also a growing demand for specialized beds such as bariatric beds, pediatric beds, and pressure ulcer beds to address the unique needs of patient groups such as obese individuals, children, and those at high risk of bed sores respectively. The availability of customized bed options supports effective treatment management across different clinical specialties.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the hospital beds market is moderate. Considering the capital requirement and strong established brands, new companies will find it challenging to enter this market.
Bargaining power of buyers: The bargaining power of buyers in the hospital beds market is high. Hospitals have strong purchasing power and can negotiate on price and quality with manufacturers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many raw material suppliers for hospital beds and manufacturing companies can switch suppliers.
Threat of new substitutes: The threat of substitutes is low as there are limited substitutes for specialized hospital beds available.
Competitive rivalry: The competitive rivalry in the hospital beds market is high due to presence of many global and regional players offering similar products.
Key Takeaways
The global Hospital Beds Market is expected to witness high growth.Regional analysis: Asia Pacific is expected to be the fastest growing market for hospital beds during the forecast period. Rising healthcare infrastructure, increasing incomes, and growth in medical tourism are driving the demand for hospital beds in Asia Pacific countries like China and India.
Key players: Key players operating in the Hospital Beds Market are Stryker, Hill-Rom Holdings, Inc., Getinge AB, Invacare Corporation, Medline Industries, Inc., LINET., EarlySense, Max Healthcare, Eqova Healthcare, Compass Health Brands, Stiegelmeyer GmbH & Co. Kg, Antano Group S.R.L, Amico Corporation, and Midmark Corporation. Companies are focusing on new product launches and business expansion strategies to gain larger market share.
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Source: Coherent Market Insights, Public sources, Desk research
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Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.
