Medical Bed Market Size

Medical Bed Market Size

Medical Bed Market size exceeded USD 17.6 billion in 2019 and is projected to grow at over 8.3% CAGR from 2020 to 2026. The rise in incidence of hospitalization and medical emergencies across the globe is propelling the market growth. Growing geriatric population suffering from chronic diseases is leading to increase in number of hospital admissions.

Increasing funding on healthcare infrastructure is resulting in development of well-equipped, well-furnished and advanced infrastructure in the hospitals. Furthermore, rising number of private hospitals across the developing economies is fostering the market revenue during the forecast timeframe. However, several cases of patient entrapment have been reported in the recent years. According to a published article, FDA received 901 incidents of patient entrapment in the last few decades leading to non-fatal injuries.

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The recent outbreak of COVID-19 at a global level, the number of patients requiring intensive care and advanced healthcare services has increased. The ongoing pandemic has also led to an increase in number of patients suffering from severe respiratory conditions associated with swallowing disorders.

To address adequate nutritional intake, these patients require hospitalization. Pediatric and geriatric population pool is prone to pneumonia that is leading to an increase in number of hospitalized patients requiring intensive care. Cancer patients undergoing chemotherapy also require special care at home and hospitals. These factors have exponentially augmented the adoption of medical beds due to the onset of COVID-19 pandemic.

The increasing geriatric population across the globe will majorly drive the medical bed market expansion through 2026. According to a published report, the geriatric population is growing at a rate of 2.6% per year, worldwide. With continuous rise in geriatric population, the incidence of chronic disorders and injuries among the elderly population have increased resulting in spurring the demand of medical beds. The health of elderly patients deteriorates with aging and induces the adoption for long-term care beds.

The elderly population is prone to mechanical falls that result in injuries and need intensive care at home and hospitals. The elderly population is also prone to chronic illnesses such as cardiovascular disorders, neurological & mental health disorders and diabetes, thereby requiring effective treatment, special care and attention.

There has been a significant rise in the number of installations of long-term care and intensive care unit beds in hospitals. Hence, growing geriatric population suffering from chronic disorders has resulted in rising the need for effective patient care in hospitals and other healthcare settings.