Medical Beds Market to 2027 - Global Analysis and Forecasts by Usage (Acute Care, Long-Term Care, Psychiatric & Bariatric Care, and Others), Type (Manual Beds, Semi-Electric Beds, and Electric Beds), Application (Intensive Care and Non- Intensive Care), End User (Hospitals, Elderly Care Facilities, Nursing Homes and Home Care Settings) and Geography
The global medical beds market is expected to reach US$ 5,710.7 Mn in 2027 from US$ 3,431.2 in 2017. The market is estimated to grow with a CAGR of 5.4% from 2019-2027.
The growth of the medical beds market is primarily attributed to the factors such as rising geriatric population, increasing prevalence of chronic diseases, increasing number of hospitals, increased government investments and technological advancements in medical devices are major factors driving the growth of medical beds market. However, high cost associated with specialty beds such as bariatric, and critical care beds and clinical improvements in healthcare. On the other hand, growth opportunities in emerging regions is likely to have a positive impact on the growth of the global medical beds market in the coming years. With a rise in cases of chronic illnesses such as cancer, diabetes, cardiovascular diseases and hypertension, there has been a rise number of hospital admissions. Also, in recent days, there has been a significant rise in the number of hospitals in developing countries. The demand for medical beds for accommodating patients has increased significantly in the recent years. Also, there has been a rising medical tourism and rise in number of specialty clinics and multi-specialty hospitals in countries such as, Mexico, India, and Japan. Asia Pacific is anticipated to offer significant growth opportunity during the forecast period, due to an increase in the government healthcare expenditure as well as the growing medical tourism in the leading economies such as Japan, China and India.
Chronic diseases, including diabetes, cancer, heart disease, and obesity, are the leading causes of death in the world and account for most of the nation’s health care costs. According to the International Diabetes Federation (IDF), in 2017, number of people with diabetes in North America was approximately 46 million which is expected to grow at 62 million in 2045. The increase in the disease prevalence is around 35% during the forecast period. According to report of CDC, in 2018, approximately more than 9% of the population has diabetes, which is the leading cause of kidney failure, lower-limb amputations in US. Moreover, the data also suggests that 1.5 million Americans are diagnosed with diabetes every year in the US. Similar trends for high presence of diabetes are prevalent around other geographies of the globe that include Asia Pacific, Europe, Middle East and Africa. For instance, according to IDF Diabetes Atlas published by the International Diabetes Federation in 2017, south-east Asia is home to approximately one-fifth (19%) of the total diabetes population worldwide.
In 2018, the acute care segment held the largest share of the market, by usage. This segment is also expected to dominate the market in 2027 owing to rising prevalence of chronic diseases, growing geriatric population.
Some of the major primary and secondary sources for market included in the report are Centers for Disease Control and Prevention (CDC), USFDA, International Hospital Equipment (IHE), European Health Information Gateway, Journal of Patient Care, China Food & Drug Administration, contract research organizations, and among others.