Market Research Future predicted that the Global Electric Hospital Beds Market would attain a CAGR of 7.25% during the forecast period, 2018-2023.
Electric hospital beds are essential equipment that makes patients with chronic illness or serious injury comfortable. Factors influencing market growth include rising obesity, increased health spending in countries and the development of new ergonomic bed designs to provide patients with a comfortable experience. An increasing number of accidents, wars, and natural disasters have led hospitals to allocate more room for first aid, increasing the demand for electric hospital beds. In addition, the government of several countries is reorganizing its healthcare sector, which stimulates the growth of the electric hospital bed market. Technological advances have made it possible to improvise electric hospital beds and thus increase sales of electric hospital beds. On the other side, the advancement of the electric hospital bed market may be slowed by high costs and high maintenance costs.
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Competitive Analysis
The disequilibrium noticed in the forces that are backing the growth of the market is expected to lead to a relatively slow pace of the growth. The enhancement of the distribution channels is projected to motivate market growth relatively. The conducive nature of the monetary and fiscal policies is likely to lead to solid growth in the market. Moreover, the rise in International transactions is anticipated to bolster the expansion of the market considerably. The positive effect exerted by governments in the development of the market is expected to guide the market towards sound progress in the coming years. The global economies are reacting to the market forces by implementing favorable policies and cutbacks so as prevent a slowdown in the progress of the market. The changes in the income levels globally are contributing to the growth of the market. The rise in individual discretionary spending is anticipated to lead to the progress of the market.
The global electrical hospital beds market is supported and driven by leading giants around the globe. These major players include Amico Group of Companies, Midmark Corporation, Hill Room Holding, Span America Medical System, Medline Industries, Inc., Famed Zywiec Sp.zo.o., Stryker Corporation, Midmark Corporation, ArjoHuntleigh, Gendron, Inc., Merivaara Corporation, Linet spol.s.r.o., Getinge AB, Getinge AB, and Invacare Corporation.
The American Legion of Iowa Foundation wrote a check for $1,400 for New Hope to retort to their attempts to raise funds for procuring electric hospital beds. Over the past year, New Hope has been beseeching financial help to bring in new beds that are to be used by some of their on-campus people.
Segments – Electrical Hospital Beds Market
The electric hospital beds market for electric hospital beds is strongly divided into bed type, treatment type, application, and end-user.
The global Electrical Hospital Beds Market is divided into fully automatic beds and semi-automatic beds. The fully automatic bed segment is valued at $1,029 million and is expected to reach the $1,570.9 million by 2023, achieve the highest CAGR of 8.83% during the forecast period. The segment of semi-automatic beds should grow at a CAGR of 5.07% during the evaluation period.
Based on treatment, the global electric hospital beds market is classified as long-term care and intensive care. The intensive care segment that has the largest share is a growing segment and is expected to develop at a CAGR of 8.03% to $ 1,020.6 million. The acute healthcare segment is expected to be the second-largest and reach $865.4 million by 2023.
By application, the global market for electric hospital beds is segmented into general services, delivery, intensive care, pressure relief, bariatric, pediatric, psychiatric care, and others and forecasted to attain a valuation of 836.4 million, with a CAGR of 7.29%. The ICU segment is expected to grow fastest, with a CAGR of 7.82% over the forecast period.
The end-user has segmented the global market for electric hospital beds in hospitals and clinics, reproductive health centers, dentistry, home care, and others. The hospital and clinic segments dominate the market, and a 7.25% CAGR with an increase is expected over the forecast period. However, the home care segment is likely to flourish at the fastest and to report a CAGR of 8.81% over the forecast period.
Regional Analysis – Electrical Hospital Beds Market
Europe is the largest market for electric hospital beds and represented 34% of the global market in 2017. The presence of advanced healthcare infrastructure and the emphasis on health and patient comfort in the region is the driving force of the market. The United Kingdom, France, and Germany make the largest contribution to the European market, which could reach $ 906.4 million by the end of 2023.
The Americas positioned at second in the global market is supported by high healthcare-based spending in developed economies such as the US and Canada.
The Asia Pacific region is projected to show a swift growth trend during the forecast period. Growing investments to create sophisticated healthcare infrastructure, booming medical tourism, and presence of huge pool of patient population is favoring the growth of the global electrical hospital beds market in the region.
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