Hospital Bed Market Analysis, Share, Growth & Forecast [2032]

Report Description

Hospital Beds Market Outlook

The Global hospital beds market was estimated at USD 3,896.4 Million in 2022 and is anticipated to reach USD 6,357.2 Million by 2031, expanding at a CAGR of 5.7% during the forecast period.

Hospital beds consist of a wide range of specialized beds, such as ICU beds, pediatric beds, and maternity beds. Hospital beds include accessories and components, such as mattresses, side rails, and bed monitoring systems. These beds play a significant role in delivering proper healthcare services and addressing the health concerns of the population.

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Hospital beds ensure patient comfort during the treatment. Various functions of hospital beds such as height adjustability, and patient health tracking make them a suitable choice for patient care. The hospital beds market is influenced by various factors such as demographic trends, advancements in healthcare technology, healthcare infrastructure development, and regulatory standards.

Macro-economic Factors

Rising R&D Activities

Research & development (R&D) plays a significant role in determining the growth and future advancements of a country or region. R&D activities are an approach to scientific innovation that ultimately makes a meaningful difference in the lives of people. A majority of the key players in the market invest some part of their total sales in R&D activities aiming to discover and innovate new product portfolios. R&D investments, in terms of new products & services, improved processes, and new ways to interact with customers resulting in high profits and low costs. R&D plays an enormous role from drug discovery to final approval and marketing, where regulatory bodies act as checkpoints. R&D has a major impact on the overall market.

Rising GDPs

The GDP growth rate of a country, the overall economic growth, and the stability of countries in the Middle East & Africa (MEA) significantly impact the hospital bed market in the region. High GDP growth rates lead to increased healthcare spending, including investments in hospital infrastructure and equipment. Emerging economies such as the UAE and Turkey are key destinations for the healthcare industry. Israel is the second-largest economy in the Global with a GDP of USD 488 billion in 2022, after the geographically large Saudi Arabia with USD 1,108.1 billion GDP in 2022. Countries with high GDP growth rates tend to have high healthcare expenditures, which increases the demand for hospital beds in the region. Egypt represents the largest economy in North Africa as well as the fourth-largest economy in the MENA with a GDP of 475.2 billion in 2022. Thus, rising GDPs of the MEA countries play a crucial role in fuelling the market.

Hospital Beds Market Dynamics

Market Driver- Rising Prevalence of Chronic Diseases

Chronic diseases/non-communicable diseases (NCDs) are presently the major cause of death among adults in the Middle East. Rising incidence of chronic diseases, such as cardiovascular disease, respiratory disease, diabetes, kidney disease, and others, in the Middle East and North Africa, is driving the hospital beds market. According to the World Health Organization (WHO), NCDs account for approximately 70% of deaths in the region. Urbanization, sedentary lifestyles, unhealthy diets, tobacco use, and obesity contribute to the high prevalence of these diseases.

Market Driver- Increasing expansions and advancement of hospitals

Increasing expansions and advancement of hospitals are expected to boost the growth of the hospital bed market. For instance, in October 2019, the Texas Health and Human Services and Dell Medical School at The University of Texas at Austin initiated the construction of a new hospital, to replace the old psychiatric hospital in Texas, U.S. A funding of around US$ 180.5 million was approved by the Texas Legislature and the Governor for design in May 2019, and initial construction of a modern, state-of-the-art psychiatric hospital with a capacity of 240 beds.

Market Restraint- Emergence of Home Care Services

Home care, also referred to as domiciliary care, or in-home care, is medical treatment provided at home by licensed healthcare professionals. It has been in the spotlight in the UAE for the past few years, due to the prevalence of COVID-19. The aging population in the UAE and Saudi Arabia requires geriatric care, rehabilitation, and home care services. According to healthcare professionals, home care benefits include cost-effectiveness and increased patient access to high-quality care. In Saudi Arabia, home care for patients costs less than USD 80 a day, as compared with USD 533 per day for a hospital bed. In the UAE, free home healthcare services are available for eligible citizens, including medical care, rehabilitation, dental, optical, dermatological, and diabetes treatments, and preventive care. Thus, the emergence of home care services is expected to restrain the market in the coming years.

Market Opportunity- Introduction of technologically advanced hospital beds with high-efficiency

The introduction of technologically advanced hospital beds with high efficiency to meet the evolving needs of hospitals and medical centers is creating opportunities in the market. Continuous advancements in hospital beds, such as advanced monitoring and analytics, novel environment-aware sensors to continuously track patient vital signs, position changes, and bed escape alerts have improved the safety of patients. Hospital beds are undergoing a major transformation, driven by factors such as an aging population and an increase in the number of obese patients. Smart beds provide responsive environments for patients. These technological advancements attract both patients and healthcare providers, which boosts the market. Thus, advancement in hospital beds is expected to create growth opportunities for the market players during the forecast period. The growth potential of the market makes it a prime target for investors.

Scope of Hospital Beds Market Report         

The report on the Global Hospital Beds Market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
 

Hospital Beds Market Segmental Outlook

Based on Function, the global hospital beds market is segmented into connected and non-connected. The connected segment is projected to expand at a significant CAGR of XX% during the forecast period, as it enhances hospital operations through various digital and Internet of Things (loT) capabilities.

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On the basis of price range, the global hospital beds market is segmented into mid-range and premium. The mid-range segment is expected to hold a significant share of 58.2% in the market in the year 2022, due to the increasing demand for cost-effective hospital beds in various countries of the globe.

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In terms of care settings, the global hospital beds market is segmented into patient recovery, critical care, post-surgery care, home care, long term care centers, psychiatric care, maternity care, and pediatric and bariatric care. The patient recovery segment is projected to expand at a considerable CAGR of XX% during the forecast period, as beds support patients in treating illness, injury, and other medical conditions.

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Based on end-users, the global hospital beds market is segmented into hospitals, clinics, rehabilitation centers, nursing home, home care settings, and ambulatory surgical centers. The hospital (private & public) segment is projected to expand at a significant CAGR of XX% during the forecast period, as hospitals are the major users of beds.

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On the basis of sales channel, the global hospital beds market is segmented into direct sales and indirect sales. The direct sales segment is expected to hold a significant share of XX% of the market, as it is convenient to sell hospital beds directly to hospitals, clinics, or other facilities.

Regional Outlook

On the basis of region, the global hospital beds market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

The market in Asia Pacific is projected to expand at a CAGR of 6.6% during the forecast period, owing to the rising burden of chronic disease, growing geriatric population, increasing demand for hospital beds, and rapid expansion of the pharmaceutical industry in the region. Europe holds a significant share of the market in 2022, due to the growing trend of Hospital Beds.

North America accounted for 32.4% share of the market in 2022 and the market in the region is expected to expand at a rapid pace in the coming years. Increasing prevalence of chronic disease, growing demand for hospital beds, growing deployment of Industry 4.0, and increasing adoption of technologically advanced hospital beds in the region are expected to boost the market during the forecast period. For instance, according to the US Centers for Disease Control and Prevention (CDC), chronic diseases such as heart disease, cancer, and diabetes are the key causes of death and disability in the US. Thus, the demand for hospital beds that are used to diagnose and treat such conditions is increasing rapidly with the rising burden of chronic diseases.

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Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global Hospital Beds market

• Historical, Current, and Projected Market Size in terms of Value

• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered

• Industry Drivers, Restraints, and Opportunities Covered in the Study

• Recent Industry Trends and Developments

• Competitive Landscape & Strategies of Key Players

• Neutral Perspective on Global Hospital Beds Market Performance