Hospital Beds Market is Projected to Grow at A CAGR of 7.4% During 2020-2026

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OVERVIEW

Hospital Beds Market is valued at USD 4,265.2 million in 2019 and is expected to reach USD XX million by the end of 2026.

Bizlytik analysts forecast the global Hospital Beds market to grow at a CAGR of 7.4% during the forecast period, according to their latest market research report.

Hospital beds are durable medical equipment. It is designed to provide services such as safety, comfort, relief, and flexibility while the doctor and nurse are treating a patient in the recovery period or operation period. It can be adjusted at the head and foot of the bed. Hospital bed are used for patients in the hospital and can be rented or bought for home use.

The treatment of patients includes hospitalization and long-term care, facilitating the demand for Durable Medical Equipment (DME), including hospital beds. According to the World Health Organization, chronic disease is expected to rise by 57% by 2020. According to the National Health Council, chronic diseases affect approximately 133 million Americans, representing more than 40% of the total population in 2018, and it is to grow to by 157 million, with 81 million having multiple conditions in 2020. The rising incidence of Coronavirus has increased the demand for hospital beds in the current situation. Coronavirus COVID-19 has affected 195 countries and territories around the world. According to the World Health Organization (WHO), there are more than 380,000 confirmed cases of coronavirus disease around the world, with more than 16,000 deaths. As of March 2020, China has the highest number of Coronavirus cases 81,171 and Italy has the highest number of coronavirus deaths 6,077.

Regular Beds, ICU Beds, Pediatric Beds, Birthing Beds, Bariatric Beds, Pressure Relief Beds, and Others in the Type segment of the market scope, the treatment segment is categorized into Critical Care Beds, Acute Care Beds, and Long-term Care Beds, and the power type segment is divided into Manual, Semi-electric, and Electric. The report covers value of the global market by Type, Treatment, and Power type.

The market value of ICU Beds was USD XX million in 2019, and it is expected to reach USD XX million by 2026, growing at a CAGR of 6.9% during 2020-2026. The rising demand for ICU beds, commercialization of new ICU bed and technological advancement of hospital beds are some of the factors that would propel the growth of the segment.

North America, Europe, Asia Pacific, South America, and Middle East & Africa are taken into consideration at the global Hospital Beds Value figures. While North America is further categorized into enhancing United States, Canada, and Mexico, Europe is split into the United Kingdom, Germany, France, Italy, and Rest of Europe. Asia-Pacific covers India, China, Japan, South Korea, and Rest of Asia Pacific in its scope. South America is bifurcated into Brazil, Argentina, and Rest of South America, with Middle East & Africa involving GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.
North America Hospital Beds market was USD XX million in 2019, and it is predicted to reach USD XX million by 2026, growing at a CAGR of 7.2% during the forecast period. The increasing partnership between companies to develop advanced hospital beds, commercialization of new products, and government initiative to provide support for hospital beds are some of the factors that would improve the growth prospects of the market.

Major players operating in the Hospital Beds industry include Savion Industries Ltd, Invacare Corporation, Span-America Medical Systems, Inc., Stiegelmeyer GmbH & Co. KG, Gendron Inc., Hill Rom, Inc., ArjoHuntleigh AB, Stryker Corporation, Paramount Beds Co., Ltd., LINET spol. s r.o.

The increasing partnership between companies to develop advanced hospital beds, commercialization of new products, competitive advancement between companies to expand their business, strategic collaboration, and expanding the geographical presence by the companies are some of the strategies adopted by the companies.