Hospital beds are an essential component used in healthcare settings like hospitals, clinics, long-term care centers, etc. They aid medical staff in the examination, diagnosis and treatment of patients. Hospital beds are equipped with features like adjustable heights, rails, mattresses and other accessories to ensure safety, comfort and efficient nursing care of patients. The growing prevalence of chronic diseases and increasing geriatric population has fueled the demand for long-term hospitalization and post-surgery care, driving the need for 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 Opportunity:
The growing prevalence of chronic diseases presents a major market opportunity for hospital beds. Chronic diseases require long-term hospitalization and specialized beds that offer comfort and safety to patients. According to WHO data, chronic diseases accounted for over 70% of all deaths worldwide in 2019. Other major diseases include cardiovascular diseases, cancer, diabetes and respiratory diseases. This is expected to significantly drive the demand for high-end technologically advanced hospital beds that aid long-term care. Features like adjustable heights, integrated safety rails, pressure ulcer prevention mattresses and linked monitoring systems can help improve care quality for chronic disease patients and reduce healthcare costs in the long run.
Porter's Analysis
Threat of new entrants: The hospital beds market is concentrated making it difficult for new players to enter due to large setup costs for R&D and manufacturing facilities. However, the growing demand provides opportunities.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes and supplier differentiation. However, stringent regulations ensure quality and safety standards.
Bargaining power of suppliers: The market has few major suppliers who have significant bargaining power over buyers because of their scale and IP. Suppliers differentiate with new technologies to maintain power.
Threat of new substitutes: Substitutes like medical stretchers and chairs provide alternatives but lack certain functionalities of hospital beds. New technologies may pose threats.
Competitive rivalry: The market has few large players who compete on innovation, customized solutions and geographical expansion. Competition is expected to intensify with growing demand.
SWOT Analysis
Strengths: Growing elderly population and demand for effective medical devices. Established brands with widespread distribution and service networks.
Weaknesses: High R&D and manufacturing costs impact margins. Stringent regulations delay product approvals.
Opportunities: Untapped growth regions like Asia Pacific and Latin America. Remote monitoring and smart hospital beds present new opportunities.
Threats: Price wars and quality issues can impact brand value. Economic slowdowns may delay hospital investments and purchases.
Key Takeaways
The global hospital beds market is expected to witness high growth supported by the aging population, growing disease prevalence and demand for advanced healthcare facilities.
Regional Analysis: The largest and fastest growing regional market is North America attributed to established healthcare infrastructure and high healthcare spending. Asia Pacific is also emerging as a lucrative region driven by improving access and investments in healthcare facilities across countries.
Key players operating in the hospital beds market are 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. Major players focus on new product launches, geographic expansion and mergers & acquisitions to gain market share and access new customer segments. Focus on innovative technologies, customized solutions and service quality will be crucial for long term success in this consolidating market landscape.
