Growing healthcare expenditure, increasing prevalence of chronic diseases, surging aging population, and technological advancements are the key factors driving the hospital bed market growth. On a global ground, the market generated $3.4 billion in 2017 and is expected to witness a CAGR of 5.4% during the forecast period (2018–2023). Hospital beds have fewer chances of patients falling over due to the presence of railings and also offer settings to adjust their leg and head sections of the bed as well as the height.
Now, to calculate the overall growth of the hospital bed market, it has been segmented by type, treatment, power, and end user. On the basis of end user, the domain is further divided into hospitals, home care settings, and elderly care facilities. Since elderly people are more prone to chronic diseases and need intensive care at their home, the need for home care settings is increasing, leading to a rising demand for hospital beds as these can be easily operated by patients.
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The requirement for hospital beds in home care settings is anticipated to witness a CAGR of 6.3% in the market during the forecast period because of their use by the elderly in order to avoid long-term hospitalization. The rapid adoption of home healthcare services is already a trend in the hospital bed market. Increase life expectancy and fall in birth rates are the major factors behind the growing of the aging population.
Thus, we see that the hospital bed market is progressing not only because of a rise in the number of healthcare centers, but also because of increased demand for beds in home care settings.
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