The global medical bed market is estimated to garner revenue worth US$ 5.5 Billion while exhibiting a CAGR of 4.9% from 2022-to 2032, according to a recently published Future Market Insights report. Increasing funding on healthcare infrastructure is expected to benefit the market during the forecast period. Initiatives taken by the government of emerging nations are projected to be a potential factor in boosting the market.
In February 2022, the Government of New Delhi announced the establishment of 7 new hospitals, which would lead to the induction of nearly 7,000 new medical beds. In another instance, in 2020, China built an emergency hospital with 1,000 beds, 30 ICUs, and various isolation wards in only 10 days.
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Integration of smart technologies in medical beds is anticipated to offer significant opportunities to the market in the assessment period. As per a commercial software maintained by the Environmental Systems Research Institute, ArcGIS, there were about 816,554 staffed bed demands with smart features across the hospitals in the U.S till September 2020. Furthermore, rising partnerships among players are likely to augment the market size in the forecast period. In March 2020, AT&T announced its partnership with LifeMedID and Elo Self-Service Solutions to plan patient registrations and check-ins, strengthening the company’s position in the market.
On the contrary, expenses associated with medical beds and infiltration of counterfeit goods through online channel distribution are anticipated to hamper the market growth. However, increasing innovation of products can counter the hampering causes and boost the market. In October 2020, Stryker Corporation rolled out a smart bed called “ProCuity”. The smart bed comprises modern sensors and features, including Stryker’s Secure Connect Technology for smart patient monitoring and to connect nurse call systems wirelessly.
Key Takeaways from the Market Study
· By application, intensive care medical beds to dominate market, rising at a CAGR of 4.3% by 2032
· The medical bed market in the U.S is estimated to procure US$ 2 Billion by 2032
· Chinese medical bed market is expected to exhibit a CAGR of 4.4% during the forecast period
· Medical bed market in Japan is projected to secure US$ 325.4 Million during the forecast period.
· By type, the electric beds segment is anticipated to dominate the medical bed market at a CAGR of 4.5%
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“Growing initiatives by the government of various developing countries, rising number of hospitals, and increasing product launch are anticipated to play a significant role in developing the market during the forecast period,” says an FMI analyst.
Competition Analysis
Players in the global medical bed market are implementing various strategies to enhance their market revenue and strengthen their position in the market. Mergers & acquisitions, partnerships, and agreements are some of the methods adopted.
Key players in the market include Hill-Rom Holding, Inc., Stryker Corporation, Getinge Group, Medline Industries, Inc., and Invacare Corporation. Recent developments in the industry are:
· In April 2022, Getinge, a Swedish medical technology company, announced an agreement to acquire 100% of the shares in FLUOPTICS SAS, a French leader in fluorescence imaging. The acquisition would enhance Getinge’s customer offering clinical decision support by offering safe and enhanced operating services.
· In February 2022, Stryker, a leading medical technology provider, announced that it had completed the acquisition of Vocera Communications, a renowned entity in digital care coordination and communication.
· In December 2021, Baxter International Inc., a renowned MedTech leader, announced that it had completed the acquisition of Hillrom. Reportedly, Baxter paid US$ 156 in cash for each outstanding share of Hillrom common stock for a purchase price of US$ 10.5 Billion. The acquisition aims to transform healthcare and improve patient care worldwide.
Key Segments Profiled in the Medical Bed Market Report
Medical Bed Market by Usage:
- Acute Care Medical Beds
- Psychiatric Care Medical Beds
- Long-Term Medical Beds
- Other Medical Beds
Medical Bed Market by Application:
- Intensive Care Medical Beds
- Non-Intensive Care Medical Beds
Medical Bed Market by Type:
- Electric Medical Beds
- Semi-Electric Medical Beds
- Manual Medical Beds
Medical Bed Market by End-User:
- Medical Bed in Hospitals
- Medical Bed in Home Care Settings
- Medical Bed in Elderly Care Facilities
Medical Bed Market by Region:
- North America Medical Bed Market
- Latin America Medical Bed Market
- Europe Medical Bed Market
- Asia Pacific Medical Bed Market
- Middle East and Africa Medical Bed Market
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