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 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.

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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.

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.

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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.

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The elderly population is defined as a group of people aged 65 and over. The aging population is poised to become one of the most significant social transformations of the twenty-first century. According to the United Nations report, in 2017, globally, there were more than 962 million people aged 60 or over, that consists of 13% of the world population. The geriatric population aged 60 or above is growing at a rate of about 3 percent per year. Across the globe, the number of persons aged 80 or above is projected to triple by 2050. The approximate diabetes population is more than137 million in 2017, which is expected to grow up to 425 million in 2050. The number is expected to grow to 909 million in the year 2100, around seven times its value in 2017.

The elderly people are more likely to have chronic diseases such as osteoporosis, diabetes than younger people, and the effect of the disease on quality of life is particularly deep in this population. With an increase in the number of geriatric population, the prevalence of chronic diseases has increased. Therefore, the demand for medical beds are expected to increase in the forecast period.

Strategic Insights

Strategic acquisition and product launches were observed as the most adopted strategy in global medical beds industry. Few of the recent product launch, product approval and acquisitions are listed below:

 August 2018: Stryker, partnered with Ascom to integrate Ascom Unite software with Stryker’s iBed Wireless Smartbed system. It will enable to deliver Stryker iBed wireless notification to clinicians or doctors about patient safety risk condition such as patiet fall.

 June 2018: Medline acquired Dufort et Lavigne Ltée, a Montreal-based medical supplies distributor. To extend its presence in North America and Canada.

 September 2017: Paramount Beds have opened new factory in Querétaro, México. They have planned to manufacture medical beds and other accessories at the new facility.

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This post was originally published on The Picayune Current