Hospital Beds Market Analysis, Size, Share, Growth and Forecast to 2022
The global hospital beds market was valued at $5,459.1 million in 2015, and it is expected to grow at a CAGR of 4.6% during the period 2016 – 2022. The global market is increasing, due to growing geriatric population and increasing healthcare expenditure. In addition, the lifestyle changes are leading to chronic illness, due to the increased usage of caffeine, tobacco and alcohol. This has generated the demand for hospitalization, thus encouraging the growth of the global market.
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Based on type, the general bed segment is expected to witness the fastest growth during the forecast period. Among the treatment types, the acute care bed segment had the largest market size in the global market during 2015; however the critical care bed segment is expected to witness the fastest growth, wit at 5.1% CAGR during the period 2016 – 2022.
According to World Health Organisation (WHO); the total healthcare expenditure is increasing globally, thus leading to the improvements in the healthcare infrastructure. This increase in healthcare expenditure leads to construction and renovation of old hospitals with installation of new medical equipment and hospital beds.
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Aging population acts as a major growth driver for the market, as this pool is more prone to falling ill due to low immunity levels and longer recovery period. Aged people require more care, as they are more susceptible to accidents, trauma, injuries due to burns, fractures, and falls that lead to an increase in the number of hospitalisation cases; which fuels the demand for hospital beds.
The key companies operating in the global hospital beds market include Hill-Rom Holdings Inc., Getinge AB, Stryker Corporation, Invacare Corporation, PARAMOUNT BED CO. LTD., Gendron Inc., Medline Industries Inc., Span-America Medical Systems, Inc., Savion Industries Ltd., and Linet spol. s r.o.