Hospital Beds Market size is continually mounting and is expected to achieve USD 4,824.2 Million at a 5.5% CAGR throughout the forecasted period by 2023. Hospital beds allow body positioning that is not feasible in a regular home bed. Hospital beds are a crucial inventory in a hospitals' ability to take in patients and treat them in the best possible manner. The rise in acute diseases is projected to transform the need to maintain a sufficient reserve of beds for patients in a mass calamity such as a natural disaster or a pandemic. Hospital beds are particularly designed for hospitalized patients who are in want of some form of health care facilities.
A high number of individuals who become diagnosed with COVID-19 may show symptoms that necessitate emergency care and receive medication at a hospital, thus creating the need for hospital beds. At the same time, other patients with COVID-19 are being admitted to hospitals for unrelated reasons but still require deterrents because of their infectious grade. Thus, the overwhelming of Intensive Care Unit (ICU) beds reserved for the most critical patients demand the highest standard level of care available, and their need has been extremely high this year. The non-ICU beds are also varying significantly on a day-to-day basis as they are only accurate when hospitals report the data. In the course of this pandemic, the US has reported a considerable shortage of beds; for instance, California reported a record number of COVID-19 as the virus continues to surge in the state, and health officials are forecasting dwindling hospital beds in the coming months. As COVID-19 cases are not demonstration any signs of peaking, hospitals throughout the world are being strained. More than half of the world's intensive care unit capacity is occupied with patients who have COVID-19, and restricted hospital capacity is estimated to represent consequences for both COVID-19 and non-COVID-19 patients, thus prompting the hospital beds market share.
Increasing Prevalence Of Chronic Diseases
The surge in chronic diseases such as cancer and other life-threatening ailments is predicted to spur the hospital beds market growth in the coming period.
Increasing Number Of Hospital And Ambulatory Services
The enhancement in ambulatory systems and hospitals is predicted to create an optimistic outlook for the hospital beds market size in the forthcoming period.
Increasing Geriatric Population
The rise in hospitalization of the elderly who suffer from serious ailments are projected to add to the development of the overall market.
Increasing Number Of Medical Emergencies
The surge in emergency hospital visits due to better insurance coverage and higher disposable income less than before will impel the hospital bed markets.
High Cost Of The Advanced Beds
The high procurement costs related to advanced beds are projected to hold back the market size's electrical hospital beds in the approaching period.
Advancement In Technology
The speedy development in healthcare technology, intensifying healthcare spending, and mounting resources for research & development are fueling the hospital beds market growth.
The Acute care bed segment is credited for a significant portion of 58.7% in the worldwide hospital beds market in the duration of the forecast period.
The advantages of Electric Beds are anticipated to lead them to become the leading segment based on type in the forecast period.
The hospital segment is estimated to emerge at the top of the segment in the forecast period.
European Region To Exhibit Robust Control On Global Market
The European regional market controls the global market owing to elevated healthcare expenditure, promising reimbursement strategies, a sophisticated healthcare sector, and intensifying government backing. The European regional market is anticipated to flourish at a CAGR of 5.5% throughout the forecast period, with the hospital bed manufacturers UK playing a critical role.
Geriatric Population To Spur Americas Regional Market
The Americas influences the subsequent regional market share, which is shadowed by the regional market in the Asia Pacific. The sophisticated healthcare structure, enormous geriatric inhabitants, and growing financing in research & development in healthcare have cemented way to develop the Americas hospital beds market.
Asia Pacific Region To Bank On Improved Facilities
The Asia Pacific is the fastest developing hospital bed market growing at a CAGR of 5.9% throughout the forecast period. The augmenting government backing for research & development, incidence of an enormous population base with the collective geriatric population, speedily intensifying number of hospitals, and have motivated the hospital beds market development. Furthermore, constantly improving hospitals' setup will fuel market development over the forecasted period.
The notable hospital bed companies are
Dec 2020 St Petersburg has reported recently running hazardously low on hospital beds for COVID-19 patients, city authorities declared, as distributions of Russia's Sputnik V vaccine began recently across the country. The Kremlin has refrained from imposing a nationwide lockdown, saying pointed measures to control the Coronavirus were sufficient, though it was recently stated that St Petersburg, Russia's next largest city, and President Vladimir Putin's home base, was near to crossing a "red line."
Dec 2020 South Korea recently stated 1,062 new cases of COVID-19 recently its third consecutive day of more than 1,000 new cases as sources in Seoul warned that hospital beds in the capital and throughout the nation are in limited supply. As per officials, only 49 intensive care beds were remaining for COVID-19 patients countrywide, with only four of them in the capital area. In Seoul, the health authorities are scheduling to secure approximately 170 more ICU beds by early January by labeling more hospitals for COVID-19 medication. The health establishments are also increasing an enormous testing program to find and separate virus carriers more rapidly.
Dec 2020 South Korea authorities are trying to develop hospital beds in shipping containers to lessen strains on medical amenities stretched by the newest coronavirus wave, which displays little sign of lessening with 682 novel cases being detected this month. The reappearance of infections has renewed concerns about a severe shortage of hospital beds, stimulating Seoul city to begin fitting container beds for the first time ever since the onset of the pandemic.
Dec 2020 The Civic body in Pune, India, is using an active bed management system that was the necessity of the hour and enlisted a private agency by recompensing them for six months. Pune Municipal Corporation (PMC) will be reserving an agency's paid services to guarantee proper bed management for COVID patients in hospitals. The PMC has a devoted cell for hospitals' bed management for those ridden by the Coronavirus.
Frequently Asked Questions (FAQ) :
The valuation was USD 2515.1 million.
The valuation would be USD 4824.2 million by 2023.
The projected CAGR is 5.5% for the forecast period (2017-2023).
The high cost of electric and semi-electric beds can deter Hospital Bed Market growth.
The acute care segment would lead to the Hospital Beds Market.