Market Trends of Medical Beds Industry
Manual Beds are Expected to Witness a Healthy Growth in the Market Over the Forecast Period
Manual medical beds are patient beds that use manual cranks to adjust the bed for the patient's comfort. Due to the lack of risk of motor failure, lower cost, and easy-to-use mechanisms manual medical beds are anticipated to boost the segment growth over the forecast period. In addition, the increasing burden of chronic diseases and the growing geriatric population are expected to boost the market growth over the study period.
According to the World Population Prospects 2022 by the United Nations DESA, 771 million people worldwide are estimated to be 65 or older in 2022. Furthermore, according to the same source, by 2030, there will be 994 million older people in the world, and by 2050, there will be around 1.6 billion elderly population. The growing geriatric population who are more prone to chronic diseases increases the risk for hospitalizations and is expected to boost the market to grow over the forecast period.
Furthermore, new collaborations and acquisitions among the market players increase the widespread distribution of products which is expected to drive the market to grow. For instance, in December 2021, Baxter International Inc completed the acquisition of smart hospital bed maker Hillrom. Thus, the collaborations and acquisitions of medtech organizations will share vision for transforming healthcare and advancing patient care worldwide which is expected to boost the market growth over the forecast period.
North America is Expected to have Significant Market Share Over the Forecast Period
North America is expected to have a significant market share over the forecast period. The market growth is attributed to a well-established healthcare infrastructure, and the presence of key market players. Furthermore, the growing or high burden of cancer and other chronic diseases in the region is anticipated to fuel market growth. For instance, according to the American Cancer Society Cancer Facts & Figures 2023, the number of new cancer cases in the United States is estimated to be 1.96 million of which 1.01 million patients are predicted to be male and 0.95 million are female patients. This shows the high burden of cancers which increases the risk of hospitalizations and likely propel the market over the forecast period.
Moreover, the new contracts and partnerships in the region for the widespread distribution of medical beds are expected to boost the growth of the market over the study period. For instance, in November 2022, SFI Medical Equipment Solutions (SFI Medical) and Drive Medical entered a new contract with Shannex to provide and install over 700 hospital beds in active long-term care (LTC) facilities across Atlantic Canada and Ontario. This increases the healthcare services with hospital beds which are expected to boost the market over the forecast period.
