The geriatric population is increasing in most countries.
This is expected to increase the number of deaths due to chronic
non-communicable diseases, such as high cholesterol, diabetes, arthritis,
dementia, cancer, and congestive heart failure. Stroke, cancer, and heart
disease are expected to continue to have the greatest impact on the aging
population, mainly in developed countries. Additionally, the intensity of
obesity and injuries adds to market growth.
For instance, according to the United Nations 2022 report,
the population aged 65 and above is expected to rise by 16% in 2050 from 10% in
2022. In 2022, there were nearly 771 million individuals aged 65 years or above
globally. The older population is expected to reach 994 million in 2030 and
about 1.6 billion in 2050. By 2050, the number of individuals aged 65 and above
will be more than twice that of children under age 5. It is also projected that
the number of people aged 80 or above will triple to 426 million in 2050 from
143 million in 2019. Thus, the rising number of aged populations is expected to
increase the burden of chronic diseases, thereby increasing the hospitalization
rate. For instance, as per CDC, in September 2022, cardiovascular diseases in
the U.S. caused $216 billion in healthcare system costs and resulted in a loss
of $147 billion in productivity due to premature death.
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Additionally, the increasing number of hospitals is fuelling
the growth of this market. The health status of a country has a significant
impact not only on the people and quality of life but also on the nation's
economic status. With the rising burden of various diseases, many countries are
focusing on increasing the number of healthcare facilities to enhance the
quality of healthcare and reduce the treatment burden. As per the data from
WHO, it is estimated that a global shortfall of 12.9 million healthcare workers
will be witnessed by 2035. Various countries worldwide have taken measures to
counter rising diseases and advance medical infrastructure in the country. For
instance, the government of India has taken various steps to increase the
number of hospitals, including 100% FDI investment in sectors such as hospital
construction, insurance, and medical devices, among others. (Source:
Reimagining Healthcare in India Through Blended Finance, February 2022 report.
Additionally, in November 2022, Ship Healthcare Holdings, Inc. (Japan)
partnered with Aichi Medical Group (Bangladesh) to build a 1,000-bed hospital
in Dhaka by 2026.
Medical beds provide patients with comfort during hospital
treatment and enhance treatment outcomes. Awkward posture and improper sleep
during the treatment may cause a lot of other medical disorders, such as
osteochondritis, radiculitis, arthritis, blood supply disturbance, insomnia,
allergy, asthma, and sleep apnea. Decubitus ulcer is a common and serious
problem for bed-bound patients. Additionally, painful bed sores, respiratory
and circulation issues, contractures, and depression are among the major concerns
for bedridden patients. Thus, ergonomic factors such as the design of hospital
beds and the environment are duly taken into consideration in the treatment.
Thus, the above factors are expected to increase the demand for
hospital/medical beds.
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Thus, the growing geriatric population, coupled with the
rising prevalence of chronic diseases, and the supportive initiatives for the
expansion of hospitals are the factors driving the market. According to
Meticulous Research®, the global hospital/medical beds market is expected to
grow at a CAGR of 6.4% to reach $6.66 billion by 2030.
Key Players
The report includes a competitive landscape based on an
extensive assessment of the key strategic developments that led market
participants to adopt over the past three years. The key players profiled in
the global hospital/medical beds market are Stryker Corporation (U.S.),
Hill-Rom Holding, Inc. (Part of Baxter International Inc.) (U.S.), Invacare
Corporation (U.S.), Getinge AB (Sweden), Paramount Bed Holdings Co., Ltd.
(Japan), Medline Industries, LP (U.S.), Stiegelmeyer GmbH & Co. KG
(Germany), LINET Group SE (Czech Republic), Joerns Healthcare LLC. (U.S.),
Drive DeVilbiss Healthcare (U.S.), Savaria Corporation (Canada), Midmark
Corporation (U.S.), Amico Corporation (U.S.), Famed Zywiec Sp. z o.o. (Poland),
and Malvestio Spa (A Subsidiary of Malvestio Group) (Italy).
TOP 10 COMPANIES IN
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