Hospital beds are in great demand in healthcare facilities irrespective of the place or country. They have to be designed to withstand external damage and give great comfort to the patients. The demand for hospital beds is expected to increase due to the change in demographic shift and the pressure on healthcare services due to advancements in disease patterns. Let us analyse the market drivers, ongoing trends, and opportunities for hospital beds. This will be beneficial for hospital bed manufacturers to plan their market strategies in coherence with the present and future market dynamics.
Due to the COVID-19 crisis, the global market for hospital beds which is US$3.9 billion in 2022, is expected to reach US$5 billion by 2026, increasing at a CAGR of 3.8%. The healthcare infrastructure in developing nations is planning to work in favour of the market growth of hospital beds.
The hospital beds market is growing because of the rising need to provide proper patient care. Additionally, the market for hospital beds in private healthcare sectors equipped with the latest technology and customisations per patients’ needs is expected to grow further during the forecast period. The outbreak of the coronavirus pandemic has increased the demand for hospital beds drastically. There is a great opportunity for hospital bed market players who target patients with special needs for the next few years. Furthermore, the growing medical tourism is expected to propel market growth.
The hospital beds in India are categorised based on the product type, application, technology, sector, treatment, company, end-user and region. The various kinds of hospital beds under the product types are paediatric beds, respiratory beds, general beds, ICU beds, birthing beds, bariatric beds, etc. However, the general beds will dominate the market for the next five years. The hospital beds are segregated into manual, semi-electric, and fully electric depending on the technology. The manual beds are expected to overshadow the other bed types during the forecast period. Following the manual beds, the next opted bed will be semi-electric and then the fully-electric ones.
In recent times, several healthcare organisations are using hospital beds with additional features and supreme quality. Though this factor encourages the market players to invest in hospital beds with innovative features, the prices restrict them from doing so. The cost of special beds is a major aspect causing a dent in the growth of the hospital beds market. A few of the key drivers of the hospital beds market are discussed here.
The older population is always at a risk of developing health issues like arthritis, respiratory problems, osteoporosis, Alzheimer’s disease, diabetes, heart issues, etc. There will be a need for hospital beds when the older population get hospitalised for such health problems. Thus, the older population contribute a lot to the demand for hospital beds.
Increase in the Number of Private Hospitals
More private hospitals are being established, even in poor and emerging countries. This is because there are a lot of disease outbreaks and people prefer hospitals with excellent medical furnishing. Eventually, this scenario will boost the hospital beds market and propel the business forward.
A Rise in Hospital Admissions
Our lifestyle changes increase the illness patterns and chronic diseases, leading to therapeutic interventions. An increase in chronic illness is directly proportional to the number of hospital admissions. The more the number of patients, the more the requirement for trolleys, stretchers, and hospital beds will be, thereby making a dramatic development in the medical furniture sector.
Home Healthcare Service Preference
Home healthcare service is more convenient, effective, and less expensive than the hospital setting. Huge demand for home healthcare services is making the manufacturers shift their focus to creating a greater number of medical beds for a home setting. Thus, a major trend in the hospital bed market is the increased preference for home healthcare services.
The technological advancements in hospital beds are:
Both automatic and IoT beds support the growth of the hospital bed industry. Market players are developing new innovative features like beds with power mattresses, graphical interface, actuation solutions and environmental sensors. The beds with power mattresses improve the blood circulation in bedridden patients by redistributing the pressure. All the advanced technological beds contribute significantly to the growth of the hospital bed market.
India as Medical Tourism Hub
India is emerging as a medical tourism hub with the help of the Indian government. Patients from all over the world are welcomed for high-quality medical treatment with world-class facilities and service. Private healthcare providers upgrade their infrastructure to become a part of medical tourism. Therefore, the demand for hospital beds is increasing exponentially with the evolution of the medical tourism hub in India.
Initially, COVID-19 did not create much havoc in India. It had fewer deaths and a lower number of cases compared to many developed countries. But when the cases spiked up in 2020, India became the third most affected nation worldwide. Then came a shortage in ventilators and hospital beds in the public health sector. In December 2021, India had 7.2 lakh hospital beds and was prepared to supply medical oxygen. But then arose a need for 4.94 lakh oxygen-supported beds, 1.39 lakh ICU beds, 24,000 paediatric ICU beds and 64,000 paediatric beds. Eventually, hospitals supplemented 9,500 paediatric beds, 20,000 ICU beds and 96,000 oxygen beds. Technological advances along with public-private partnerships against COVID boosted the increase in hospital beds. This is how the hospital bed industry bloomed post-COVID in India.
You would have understood how the hospital bed industry has seen significant growth within the past few years. This proves the importance of health care sectors and how they have to balance a sudden demand for medical services. Inspace Hospital Furniture is the best hospital bed manufacturer in Chennai that provide exemplary hospital furniture solutions with ergonomic designs, finest finish and superior quality. We analyse the requirements of patients and meet their changing needs by focusing more on durability, convenience and safety in our products.