Hospital Beds Market Expected to Reach $7.15 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Hospital Beds Market," The hospital beds market was valued at $3.39 billion in 2021, and is estimated to reach $7.15 billion by 2031, growing at a CAGR of 7.4% from 2022 to 2031.

Hospital beds are specially designed in order to provide comfort for patients and convenience for healthcare workers. The advanced hospital beds have features such as height adjustments, adjustable side rails, and electronic buttons to operate the bed.

The increase in prevalence of chronic diseases such as hypertension, heart diseases, and cancer drive the growth of Hospital Beds Market Size. For instance, according to report of global rheumatoid arthritis (RA) network, more than 350 million people have arthritis globally in 2021. Patients with chronic diseases recommended hospitalization and bed rest. Furthermore, rise in number of geriatric populations drives the growth of hospital beds market. The old age peoples are more prone to chronic diseases and orthopedic diseases. Thus, geriatric population signifies increase in patients of chronic diseases. For instance, according to world health organization (WHO), by 2050, the world’s population of people aged 60 years and older can reach to 2.1 billion.

The special designed beds have features that provide comfort to patient and convenience for healthcare workers & surgeons. The growth in incidences of road accidents, traumatic brain injuries (TBIs) and sport related injuries contributes in the growth of Hospital Beds Market Size. For instance, according to centers for disease control and prevention (CDC), in 2021, the traumatic brain injuries (TBIs) are responsible for 64,362 deaths in 2020. The accidents and chronic diseases may require surgical procedures which contributes in the increase in demand for surgical beds.

In addition, increase in birth rate and rise in children population further drives the growth of Hospital Beds Industry. For birthing, specially designed birthing beds are used for children, pediatric beds are recommended.

Furthermore, Hospital Beds Market Trends that drive the growth of the Hospital Beds Industry include increase in healthcare expenditure, rise in number of surgical operations, and advancement in hospital beds. In addition, COVID-19 pandemic boosted the demand for hospital beds. COVID-19 patients are isolated and require hospitalization, which increases demand for hospital beds. Moreover, for COVID-19 pandemic many colleges, schools, and company premises were converted into COVID-19 hospitals, which augmented the growth of market. For instance, in May 2020, Wipro Ltd., an Indian multinational information technology, consulting and outsourcing company, converted its Pune, India based campus into 450-bed intermediary care COVID-19 hospital. Furthermore, the rise in healthcare expenditure and improvements in healthcare facilities in developing nations contribute toward growth of the hospital beds market.

The Hospital Beds Market Analysis is segmented into by technology, application, end user, and region.

On the basis of technology, the market is divided into powered beds and manual beds. The powered beds segment dominated the market in 2021, and this trend is expected to continue during the Hospital Beds Market Forecast period, owing to advancements in hospital beds, high cost of powered beds, and convenient for healthcare workers.

By application, the market is categorized into acute care, long-term care, and others. The long-term care segment dominated the market in 2021, and this trend is expected to continue during the forecast period, owing to increase in number of surgical operations and rise in prevalence of road accidents.

By end user, the market is classified into hospitals, ambulatory surgical centers, and others. The hospitals segment dominated the market in 2021, and this trend is expected to continue during the forecast period, owing to increase in number of hospitals and rise in prevalence of chronic diseases.

Asia-Pacific accounted for a majority of the global hospital beds market share in 2021, and is anticipated to remain dominant during the forecast period. This is attributed to rise in prevalence of chronic diseases, high population base, and presence of key players in the region. Europe is anticipated to witness lucrative growth, owing to increase in prevalence of chronic diseases, well established healthcare infrastructure, and surge in healthcare expenditure.

1. Key findings of the study

• On the basis of technology, the powered beds segment was the highest contributor to the market in 2021.
• By application, the long-term care segment was the highest contributor to the market in 2021.
• Depending on end user, the hospitals segment was the highest contributor to the market in 2021.
• Region wise, Asia-Pacific garnered the largest revenue share in 2021, whereas Europe is anticipated to grow at the significant CAGR during the forecast period.