Hospital Bed Market is expected to reach US$ 4,688.96 Million by 2028

Semi-Electric Beds Segment to Account for Largest Share in Hospital Bed Market During 2022–2028

According to our latest study on "Hospital Bed Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Usage, Application, and End User," the market is expected to grow from US$ 3,214.96 million in 2021 to US$ 4,688.96 million by 2028; it is expected to grow at a CAGR of 5.7% from 2022 to 2028. The report highlights the key factors driving the market growth and prominent players with their developments in the.

Based on type, the global hospital bed market is segmented into semi-electric, electric, and manual beds. In 2021, the semi-electric segment held the largest share of the market. The introduction of smart technologies in medical beds is anticipated to offer significant opportunities to the market in the projected period. Based on usage, the global hospital bed market is segmented into acute care beds, long-term care beds, psychiatric care beds, and others. The long-term care beds segment is expected to have high market share in the market. Based on end user, the global hospital bed market is segmented into hospitals & clinics, elderly care facilities, ambulatory surgical centers, and home care settings. The hospitals & clinics segment accounted for the largest share of the market in 2021. Based on application, the global hospital bed market is bifurcated into non-intensive and intensive. In 2021, the non-intensive segment held a larger share of the market, and it is further expected to register the fastest CAGR during the forecast period.

The global hospital bed market growth is mainly attributed to the increased prevalence of chronic diseases. According to the National Health Council report, ~40 million Americans face constraints in their routine activities as they suffer from one or more chronic health conditions. Incurable chronic diseases affect ~133 million Americans, representing more than 40% of the total population as per the published report in 2019. Many live with one or more chronic illnesses, such as diabetes, heart disease, or depression, but with two or more conditions. Such a high prevalence of chronic diseases may result in a more significant requirement for hospitalization, which drives the demand for hospital beds. According to the estimates presented in a Department of Health & Children report, ~80% of the general practitioners' (GP) consultations and 60% of hospital bed requirements are related to chronic disease cases with associated complications. As per a report by the Data and Digital Health Unit, acute care hospital beds are available for curative care, accounting for 100,000 beds per population in Europe.

The COVID-19 pandemic has boosted the global hospital bed market growth. A surge in the prevalence of COVID-19 patients across the world has led to the increased demand for advanced healthcare services and infrastructure to manage the health crisis. Further, healthcare companies have launched new products to cope with the high demand for hospital beds during the pandemic. For instance, in 2020, Stryker Corporation launched emergency relief beds to meet the need for beds in hospitals.

Hill-Rom Holdings (Baxter); Stryker Corporation; Arjo; Invacare Corporation; GF Health Products; Span America (Sarvaria Corporation); Malvestio SpA; STIEGELMEYER GMBH AND CO. KG; Savion Industries; and Paramount Bed Holdings are among the leading companies operating in the hospital bed market.    

Global Hospital Bed Market, by Region, 2021 (%)

Companies in the global hospital bed market have adopted various organic and inorganic strategies to expand their presence in the market. Organic strategies mainly include product launches and product approvals. Further, acquisitions, collaborations, and partnerships are among the inorganic growth strategies implemented by them. These growth strategies allow the market players to expand their businesses and enhance their geographic presence. Further, acquisition and partnership strategies help them in strengthening their customer base and expanding their product portfolios. A few of the significant developments by key players in the hospital beds market are listed below.

• In 2022, Stryker, one of the world's leading medical technology companies, announced the opening of its new research and development facility at the International Tech Park in Gurugram, India. Stryker's Global Technology Center (SGTC), a 150,000-square-foot facility, will help accelerate innovation in India and globally, ultimately supporting the company's mission to improve healthcare.
• In 2021, Baxter International Inc. announced the acquisition of Hill-Rom. This acquisition unlocks the next phase of transformation, which will expand Hill-Rom’s portfolio globally.