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Hospital beds play a vital role in providing medical care in hospitals, clinics, and long-term care facilities. They are crucial equipment required in patient rooms for examination, monitoring, and recovery. Hospital beds are manufactured with specifications that enable features such as adjustable height, surfaces that are slip-resistant, and side rails for safety. They are often equipped with mattresses and support systems tailored for clinical procedures and patient comfort. The growing dominance of chronic diseases worldwide has prompted substantial investments in healthcare infrastructure development. This, along with the increasing preference for specialized medical equipment to enhance patient outcomes, is driving the demand for technologically advanced hospital beds.
The global Hospital Beds market is estimated to be valued at US$ 4,151.09 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:
There is rise in demand for multifunctional hospital beds owing to technological advancements. Multifunctional beds have adjustable positions, scale functions, integrated mattresses, and side rails that can move up and down electronically. They provide additional safety, comfort, and health benefits to patients. For instance, beds with scale integration help medical staff to track patient weight and aid early disease diagnosis. Growing preference for such high-tech beds from healthcare facilities is a major trend. Furthermore, increasing demand for long-term care is also pushing the uptake of speciality hospital beds such as bariatric, pediatric, pressure relief, birthing, and other beds designed for various clinical applications. Manufacturers are developing specialty beds embedded with monitoring sensors, controllers and other patient support technologies to improve outcomes. This shift towards smart and specialty beds tailored to specific healthcare needs of users defines important trends in the hospital beds market.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established brand names make entry difficult for new players in the hospital beds market.
Bargaining power of buyers: Large healthcare providers and government organizations have significant bargaining power due to the large volume of purchases.
Bargaining power of suppliers: A few major players dominate the supply of hospital beds, giving them significant bargaining power over buyers.
Threat of new substitutes: Limited substitute products for hospital beds exist due to specialized requirements in healthcare facilities.
Competitive rivalry: The global hospital beds market is highly fragmented with the presence of several international and regional vendors.
Key Takeaways
The global Hospital Beds market is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: North America accounts for the largest share of the global hospital beds market majorly driven by the US and Canada. This can be attributed to factors such as rising geriatric population, increasing prevalence of chronic diseases, growing hospital infrastructure, andrising healthcare expenditure in the region.
Key players: Key players operating in the Hospital Beds market include 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. Stryker is one of the leading providers of hospital beds with a wide product portfolio and global footprint.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
