Surging Aging Population Augmenting the Growth of Hospital Bed Market
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).
By: P&S Intelligence
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.
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The elderly are more prone to illnesses, especially chronic diseases, such as multiple sclerosis, diabetic mellitus, and rheumatoid arthritis. These diseases require effective diagnosis and intensive treatment, which is readily available at hospitals. Further, aged people need extra care as they are more prone to accidents, injuries due to fractures, trauma and falls, leading to frequent hospitalizations. The growing geriatric population, along with the prevalence of diseases in general, are resulting in an increase in the number of healthcare centers, and these factors are, in turn, boosting the demand for hospital beds.
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.
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According to the United Nations Department of Economic and Social Affairs (UN-DESA), the number of people 60 years or above across the world is growing at a high rate. It increased from 382 million in 1980 to 962 million in 2017 and is expected to reach 2.1 billion by the end of 2050. Therefore, with further increase in geriatric population, the demand for home care settings will also grow, eventually leading to more hospital bed sales.
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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Some of the other key players (than those mentioned above) in the hospital bed industry (https://www.psmarketresearch.com/