The Powered And Manual Hospital Beds Market is estimated to be valued at US$ 3.58 Bn in 2023 and is expected to exhibit a CAGR Of 7.5% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Powered and manual hospital beds are an essential part of health care infrastructure. They are used in hospitals, clinics, long term care facilities and home care settings to provide comfort to patients and support medical staff during treatment and care routines. Powered hospital beds offer enhanced mobility, ergonomic positioning and adjustable heights whereas manual beds are affordable and require minimum maintenance.
Market Dynamics:
Rapid growth in health care infrastructure such as hospitals, clinics and long term care facilities across the globe is projected to drive the demand for powered and manual hospital beds over the forecast period. According to World Bank, global health expenditure is estimated to witness a CAGR of 5.4% during 2023 to 2030 period owing to increasing expenditure on healthcare by both developed and developing nations. Additionally, increasing elderly population who are more prone to chronic diseases and require longer hospital stays is another factor expected to support the market growth of both powered and manual hospital beds during the forecast period. However, availability of alternative beds such as ambulatory chairs may hinder the market growth to some extent.
SWOT Analysis
Strength: Powered and manual hospital beds are widely used across medical facilities to provide comfortable treatment and monitoring of patients. Hospital beds offer adjustable positions to improve patient care and allow movement limitation or mobilization based on medical needs. They also help reduce workload for healthcare staff. Hospital beds are durable and can be easily cleaned and disinfected.
Weakness: Higher costs of technologically advanced powered beds compared to manual beds can be a barrier for some medical facilities. Maintenance of moving parts in powered beds also increases long-term costs. Manual beds have limited positioning capabilities.
Opportunity: Rapid growth in geriatric population suffering from chronic diseases is driving demand for long-term and post-acute care. This increases need for hospital beds. Development of beds with more advanced features like integrated monitors for remote patient monitoring presents new revenue opportunities.
Threats: Threat of substitute products like recliners and stretchers poses competition to hospital beds. Stringent regulatory approvals and quality standards increase compliance costs for manufacturers.
Key Takeaways
The global Powered And Manual Hospital Beds Market is expected to witness high growth, exhibiting a CAGR of 7.5% over the forecast period, due to increasing demand for long-term care beds from rapidly expanding geriatric population suffering from chronic illnesses.
Regional analysis
North America dominates the global market accounting for over 35% market share, led by the US due to strong healthcare infrastructure and higher healthcare spending. Asia Pacific is poised to be the fastest growing market due to large patient pools, growing medical tourism, and increasing investments by key players in developing countries like India and China.
Key players
Key players operating in the powered and manual hospital beds market are Hill-Rom Holdings, Inc., Carevel Medical Systems Private Limited, Getinge AB, Invacare Corporation, Stryker Corporation Linet spol S.r.o, Paramount Bed Co. Ltd., Meditech (India) pvt ltd, Linet Group SE. The prominent players are focusing on new product launches and partnerships to strengthen their market presence.
