Hospital Beds Market - Global Outlook & Forecast 2024-2029

MARKET OUTLOOK

The global hospital beds market was valued at USD 3.66 billion in 2023 and is expected to reach USD 4.83 billion by 2029, growing at a CAGR of 4.71% during the forecast period. The market is growing due to the increasing prevalence of chronic diseases, leading to rising hospital admissions worldwide. This increasing hospital admissions is boosting the demand for hospital beds globally. Furthermore, in 2023, North America held a significant share of the global hospital beds market. The region's growth can be attributed to the increasing old age population, a moderate increase in ICU admissions, and the availability of advanced technology for remote patient monitoring and home care technology. Also, the rising number of smart homes has increased the demand for smart hospital beds to monitor vital end-user parameters effectively. In addition to the increasing patient population, major vendors such as Invacare, Paramount Bed Holdings, Gendron, Medline Industries, Baxter (Hill-Rom Holdings), Stryker, and few other vendors have paced their production capacity to meet this high demand for hospital beds within the region to boost the hospital beds market.

MARKET TRENDS & DRIVERS

Increasing Demand for Hospital Beds in Home Care Settings

Home healthcare offers a wide range of healthcare services that can be provided at home for an illness or injury. These home healthcare settings provide the exact care and services to the hospital patient population. Since caregivers prescribe this care, their adoption is safe and increasing, eventually increasing the demand for hospital beds in these settings. Further, the growing elderly population and the prevalence of chronic diseases are raising the adoption of home care services for effective treatment, thereby accelerating the demand for hospital beds in these settings to provide long-term comfort and quality care to the patient population. There is an increasing demand for home care settings among the emerging patient population due to the different types of care they provide.

Technological Advancements in Hospital Beds

Hospital beds are vital in healthcare as caregivers use them during patient treatment. These beds provide comfort to patients and assist caregivers with various technologically advanced features. Over the past decade, hospital beds have undergone a paradigm transformation driven by factors such as an elderly population, the need to reduce pressure sores, and an increase in obese patients. Many vendors are increasingly focusing on improving the design, efficiency, and safety, as well as incorporating additional features to provide quality patient care while providing healthcare services in any healthcare setting. In recent years, hospital beds market vendors have significantly changed conceptual frameworks regarding product design, manufacturing processes, and patient accessibility. Hospital beds have many built-in features, like the bed's movement capability on all axes, a pre-loaded setting for CPR on a patient, and an emergency bed light.

High Demand for ICU Compatible Hospital Beds

Hospital beds are available in different types for use in various departments, such as emergency departments, critical care departments (ICU), and other general wards, as required. These beds used in general wards differ from those used in ICU and other wards. ICU beds are well equipped with accessors such as X-ray cassette holders, section mattress bases, and stepless pneumatic adjustment designed to support and assist healthcare staff for effective workflow. Moreover, with the increasing chronic disease prevalence, there is rising hospital admission, especially in critical care centers, which is driving the demand for ICU-compatible hospital beds. Further, the number of road accident cases and factory accidents is growing in developed and developing countries, contributing to ICU admissions, boosting the demand for hospital beds in ICU departments, and supporting the hospital beds market growth.

SEGMENTATION INSIGHTS

INSIGHTS BY PRODUCT

The global hospital beds market by product is segmented as full-electric, semi-electric, and manual hospital beds. The full-electric hospital beds segment dominated the global market share in 2023. Full-electric hospital beds enable patients with reduced mobility to move freely. In recent years, there has been a rising prevalence of patients suffering from chronic and other acute disease conditions such as spinal injuries, paralysis, and others. The patient population demands full-electric hospital beds for better assistance and quality care. Also, quick assistance with smart features such as continuous monitoring and bed alarms, among others, increase the demand for full-electric beds in medical emergency rooms. Furthermore, governments in multiple countries are revamping their healthcare sector, increasing the growth of the full-electrical hospital beds market.

INSIGHTS BY APPLICATION

The non-intensive care beds application segment dominated the global hospital beds market share in 2023. Non-intensive care hospital beds are used in curative care, long-term care, rehabilitation centers, home healthcare settings, and general wards of hospitals and ambulatory care settings. Also, the non-intensive care application includes hospital beds made of hydraulics, manual, semi-electric, full-electric, and other fixed-position beds. Non-intensive care hospital beds are gaining popularity with increasing demand for home healthcare services, geriatric care services, and long-term care services in home healthcare settings, nursing homes, and other ambulatory settings. The increasing hospital admission for treatment and increasing patient population drives the demand for non-intensive care beds in general wards, thereby boosting the demand for hospital beds across the globe.

INSIGHTS BY CARE

The global hospital beds market by care is segmented as curative beds, long-term care beds, rehabilitative beds, and others. In 2023, the curative bed segment accounted for the most significant global market share. For curative care, curative beds are available in hospitals, which refers to health care practices that treat patients to cure them, not just reduce their pain or stress. For instance, common curative care is chemotherapy, which seeks to cure cancer patients. The growing cancer prevalence is increasing the adoption of chemotherapy among patients, which eventually increases hospital admission and demand for curative care beds. In addition, curative care includes treatments such as antibiotics for bacterial infections, chemotherapy or radiation therapy for cancer, cast for a broken limb, dialysis treatment for kidney failure, and surgery for appendicitis. These procedures are expected to surge the curative care beds market during the forecast period.

INSIGHTS BY END-USERS

The global hospital beds market by end-users is segmented as hospitals, home care settings, and nursing homes. The hospital market segment dominates the global hospital beds market as most patients prefer undergoing treatment in hospitals rather than any other healthcare setting. Also, the growing aging population, changes in lifestyle patterns, and the increasing prevalence of abnormal cardiac disorders, along with chronic diseases, are significant factors contributing to the increase in hospital admissions and rising demand for hospital beds. Further, it is observed that a significant number of patients prefer to undergo surgeries in hospitals due to better reimbursement policies than in other healthcare settings. The availability of reimbursement for hospital treatment is increasing hospital admission and the demand for hospital beds.

GEOGRAPHICAL ANALYSIS

Europe held the most significant share of the global hospital beds market, accounting for over 30% in 2023. The market dominance of Europe is due to the rising incidence of chronic diseases and improvements in healthcare infrastructure. For instance, over 50 million people in Europe have more than one chronic disease. The region is also witnessing an increase in the average life expectancy rate, fueling the prevalence of various diseases and contributing to the increase in hospital admissions. Further, Germany accounted for a significant revenue share of the European hospital beds market. The presence of a large patient pool, high investments in healthcare infrastructure leading to an increased number of well-equipped hospitals, and a rising geriatric population needing quality care have increased hospital admissions, eventually raising the demand for hospital beds. Hence, it contributes to Germany’s large market share. The market is growing primarily due to the high prevalence of chronic disease and the rising elderly patient population.

APAC is projected to be the fastest-growing global hospital beds market region during the forecast period. The growth of the hospital beds market in APAC is driven by factors such as the rise in the economy of countries in this region, the living standards of people that are increasing due to an increase in per capita income and spending capability, and the increasing prevalence of chronic diseases and cardiovascular disease in countries such as India and China. Further, China is the major revenue contributor in this region due to a large pool of patients using technologically advanced hospital beds.

VENDOR LANDSCAPE

The global hospital beds market is highly fragmented. Large corporations dominate the market; however, new entrants have significant growth opportunities. Though the market is dominated by major players, many investigational and small med-tech companies are coming into existence with innovative products and technologies. Stryker, Invacare, Paramount Bed Holdings, Gendron, and Baxter (Hill-Rom Holdings) are identified as the leading vendors in the global hospital beds market. These companies have a wide geographical reach, diversified product portfolio, and a strong focus on innovation and research activities.

Invacare is one of the global leaders in the home and long-term care medical products market. The company is one of the leading manufacturers and distributors of inventive home and long-term care medical products that promote recovery and active lifestyles. Its major product offerings are manual and electric hospital beds for bariatric and other patient populations. Invacare offers medical beds exclusively for home care and long-term care settings. The company also offers a full line of innerspring and foam mattresses, covers, and overlays for enhancing patients’ comfort.