Hospital beds are specialized beds used for medical purposes by patients who require medical supervision and ongoing nursing support for their daily activities. Hospital beds have adjustable positions and side rails for safety and easy access to patients. They offer modern features like height adjustment, battery backup, weight sensing, and bed exit monitoring.

The global hospital beds market is estimated to be valued at US$ 4,151.9 Mn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

The growing prevalence of chronic illnesses and rise in aging population globally have increased demand for medical beds offering comfort and assistance. Moreover, technological advancements have added monitoring systems, alerts, and adjustable positions in modern hospital beds fulfilling specialized medical requirements. This has increased acceptance of automated and telehealth-equipped beds.

Market Opportunity:

The growing need for comfortable medical care is driving high demand for advanced hospital beds. Features like adjustable positions, integrated monitoring systems and alert mechanisms in powered beds provide independence to patients and comfort during recovery or illness. They enable quick recovery in hospitals while reducing workload of medical staff. The market opportunity lies in development of beds integrated with more personalized monitoring and assisted living technology. This will help address aging needs and complex diseases more efficiently. Personalized alerts, wireless connectivity with clinicians, and assisted daily activities in beds can help independent living of older population and chronic patients at home or in facilities.

Porter’s Analysis
Threat of new entrants: The hospital beds market requires huge capital investment for manufacturing hospital beds. Stringent regulations by medical devices regulatory authorities also act as a barrier for new entrants.
Bargaining power of buyers: Buyers in the form of hospitals and healthcare facilities have moderate bargaining power due to the presence of many established manufacturers.
Bargaining power of suppliers: The suppliers of raw materials such as steel, plastics and electronics have low bargaining power due to availability of substitutes.
Threat of new substitutes: There is low threat from substitutes as hospital beds have no close substitute for usage in healthcare facilities.
Competitive rivalry: The global hospital beds market is highly competitive due to presence of many global and regional players.

SWOT Analysis

Strength: Hospital beds are essential medical equipment used across various healthcare facilities globally. Technological advancements have improved functionality of hospital beds.
Weakness: High costs associated with specialized and technologically advanced hospital beds can restrain their adoption in price sensitive markets. Lack of standardization leads to interoperability issues.
Opportunity: Growing geriatric population and rising number of hospitals in developing regions present lucrative growth opportunities. Demand for multi-functional beds will increase with focus on patient comfort and safety.
Threats: Entry of local manufacturers with low cost products can threaten market share of established players. Trade barriers and stringent regulatory framework also pose challenges.

Key Takeaways

The global hospital beds market is expected to witness high growth over the forecast period driven by increasing elderly population and chronic diseases.

Regional analysis: Asia Pacific comprises high growth potential with improving access to healthcare facilities, rising medical tourism and growing private sector investment in countries such as India, China and South Korea.

Key players operating in the hospital beds market are Stryker, Hill-Rom Holdings, Inc., Getinge AB, Invacare Corporation, Medline Industries, Inc., LINET., EarlySense, Max Healthcare, Eqova Healthcare, Compass Health Brands, Stiegelmeyer GmbH & Co. Kg, Antano Group S.R.L, Amico Corporation, and Midmark Corporation. Leading players are focusing on new product launches and strategic collaborations for technology upgrades and geographic expansion.