Currently, companies operating in the hospital beds market finding themselves doing a tightrope walk. In keeping with market forces, players find themselves faced with the urgency to introduce advanced specifications so they can trounce the competition. In developed countries, especially, the demand for ‘general’ or regular hospital beds is on the decline. But even as they introduce these changes, hospital bed manufacturers have to make sure that prices do not gush upward. Consumers in the hospital beds market are sensitive to price changes, and this remains a challenge that companies need to find ways to overcome. That largely explains why the global hospital beds market will grow at a rather staid CAGR of 4.2% from 2014-2020, as per a study by Persistence Market Research.
Globally, hospital beds will be a US$ 6,731.8 million market by 2020. Hospital beds are now required to carry features such as wheels for better mobility and portability of patient, automated side rails that add to patients’ safety, and automated height adjustment features. In addition to this, the sweeping wave of IoT and integrated healthcare makes it imperative that hospital beds are connected to electronic patient monitoring systems to make hospital beds safe, efficient and easy to maintain.
Hospital beds will continue to see a steady rise in demand as the graying population swells
There are several drivers that promise growth in the hospital beds market. This push, however, is countered by the backward pull of a few serious growth inhibitors.
Drivers for the global hospital beds market: A number of developed countries still face a shortage of hospital beds. This creates a rather remunerative unmet need. In a news report in 2011, the leading Indian daily, The Times of India, reported that India has less than 1 hospital bed per 1,000 persons. In China, the same number stands at about 4 hospital beds per thousand persons. In the UAE, one of the largest markets within the MENA region, there are less than 2 hospital beds per 1000 persons. In the EU, the UK’s hospital network is in need of thousands of more beds. These numbers testify to the fact that there is indeed, a need for more beds in hospitals globally.
Inhibitors for the global hospital beds market: While factors such as a high number of aged individuals and an uptick in the number of people diagnosed with chronic illnesses push the market ahead, there are a few others that will restrain the global hospital beds market. For instance, in developed countries, there is now a lower demand for general hospital beds. What healthcare facilities now need are beds equipped with state-of-the-art features that we have discussed earlier in this blog. But, the high cost of these advanced hospital beds will likely decelerate their adoption rate.
PMR projects that until 2020, though the demand for automated hospital beds will see an increase, they will still continue to trail behind the manual beds segment.