Market Trends of Hospital Beds Industry
Manual Beds are Expected to Witness a Healthy Growth in the Market During the Forecast Period
Manual medical beds with manual cranks allow adjustments for optimal patient comfort. These beds, favored for their resistance to motor failures, cost-effectiveness, and user-friendly mechanisms, are projected to drive segment growth in the coming years.
Moreover, the escalating prevalence of chronic diseases, coupled with an expanding elderly demographic, is poised to propel market growth. For context, the United Nations DESA's World Population Prospects 2022 highlighted that in 2022, 771 million individuals globally were aged 65 and above. Projections indicate a rise to 994 million by 2030 and a staggering 1.6 billion by 2050. Given that the elderly are more susceptible to chronic ailments, this demographic trend signals a heightened demand for medical services, bolstering market growth.
In a notable move, Krishna Institute, led by its CMD, announced plans in February 2024 to augment its capacity by introducing 3,000 additional hospital beds over the next three years, with an investment ranging between INR 25 and 30 billion. Such significant investments from leading institutions underscore the market's growth trajectory.
In conclusion, driven by the surging elderly population and proactive measures from industry leaders, like substantial investments in hospital beds, the market is set for robust growth in the foreseeable future.
North America is Expected to have Significant Market Share During the Forecast Period
North America is poised to command a substantial market share during the forecast period. This growth can be attributed to the region's robust healthcare infrastructure and the presence of prominent market players. Additionally, the escalating burden of cancer and other chronic diseases in North America is set to drive this market expansion further. For example, the American Cancer Society's "Cancer Facts & Figures 2023" reports an estimated 1.96 million new cancer cases in the US. Of these, 1.01 million are projected to be male and 0.95 million female. Such statistics underscore the region's significant cancer burden, heightening hospitalization risks and propelling market growth.
Also, new contracts and partnerships in North America aimed at the widespread distribution of medical beds are anticipated to bolster market growth during the forecast period. For instance, the November 2022 agreement between SFI Medical Equipment Solutions (SFI Medical), Drive Medical, and Shannex. This contract involves providing and installing over 700 hospital beds in active, long-term care (LTC) facilities spanning Atlantic Canada and Ontario. Such enhancements in healthcare services, particularly with the addition of hospital beds, are projected to invigorate the market during the forecast period.
