Factors such as increasing investments in healthcare infrastructural development, technological innovations in ICU beds, increasing number of beds in private hospitals, and increasing volume of chronic care patients are expected to drive the growth of the medical beds market in the coming years. On the other hand, the declining number of beds in public hospitals may limit market growth to a certain extent. The growing trend of home care is expected to provide a wide range of opportunities to players in the Medical Beds Market.
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Market Dynamics
Drivers
- Increasing investments in healthcare infrastructural development
- Technological innovations in ICU beds
- Increasing number of beds in private hospitals
- Increasing volume of chronic care patients
Restraints
- Declining number of beds in public hospitals
Opportunities
- Growing trend of home care
Based on usage, the medical beds market is segmented into major four categories— acute care, psychiatric care and bariatric care, long-term care, and other beds (maternity and rehabilitative beds). The long-term care segment is expected to have the fastest-growing market during the forecast period owing to the increasing number of patients requiring long-term care.
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On the basis of type, the medical beds market is segmented into— manual beds, semi-electric beds, and electric beds. The electric beds segment is expected to dominate the medical beds market in 2017. The growing obesity rate is the major factor driving the demand for electric beds, as these are essential medical equipment in bariatric care. Moreover, the presence of favorable reimbursement policies in major markets such as the U.S. is also expected to support the growth of the electric beds market. For instance, Medicare provides a reimbursement of 7.5% on the purchase of new electric beds which can be used in home care settings. Such factors have increased the adoption rate of electric beds in home care and elderly care settings in developed regions such as the U.S.
Geographically, Europe is expected to account for the largest share of the global medical beds market in 2017, followed by North America. Compared to mature markets, the Asia-Pacific region is expected to grow at the highest CAGR in the forecast period. Growth in this regional segment is propelled by the growing healthcare infrastructure, rising number of contract manufacturing organizations (CMOs), and increasing number of bariatric population requiring care.
Major players operating in the medical beds market include Stryker Corporation (U.S.), Hill-Rom Holding, Inc. (U.S.), Getinge Group (Sweden), and Invacare Corporation (U.S.).
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