Powered And Manual Hospital Beds Market is Estimated To Witness High Growth Owing To Trends of Increasing Adoption of Multifunctional Hospital Beds
Powered And Manual Hospital Beds Market
The Powered And Manual Hospital Beds Market is estimated to be valued at US$ 3.58 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hospital beds are designed to provide comfort and safety to patients undergoing treatment. Powered hospital beds come with advanced features like adjustable height, backrest position, knee-break etc. for improved patient care and better health outcomes. Manual hospital beds are more basic and are affordable option. The use of powered hospital beds is increasing in developed countries due to growing aging population and number of chronic diseases.
Market key trends:
The powered and manual hospital beds market is witnessing high growth driven by increasing adoption of multifunctional hospital beds with advanced features. Major players are focusing on manufacturing beds equipped with features like movable side rails, adjustable heights and positions according to patient's need. This provides enhanced patient safety and ease of caregiving. Furthermore, growing demand for long-term care is also prompting manufacturers to develop beds that can accommodate bariatric patients weighing up to 1000 lbs. Development of integrated hospital beds with seamless connectivity to nurse call systems and electronic health records is another key trend in this market.
Porter's Analysis
Threat of new entrants: Low capital requirement and limited technology is lowering the barriers for new entrants. However, established brands have strong distribution networks and relationships with hospitals.
Bargaining power of buyers: Buyers have significant bargaining power as hospital beds are indispensable medical devices. This forces suppliers to offer competitive prices.
Bargaining power of suppliers: A few major players dominate the market, giving them control over prices and supply. However, the threat of forwards integration weakens their power.
Threat of new substitutes: No direct substitutes exist for powered and manual beds used in hospital settings. However, homecare beds pose a potential threat.
Competitive rivalry: Intense competition exists among key players to gain market share through product innovation, partnerships and acquisitions.
SWOT Analysis
Strengths: Technological advancements enabling features like adjustable height, battery backup. Established brands have strong distribution channels.
Weaknesses: High initial costs of powered beds restricts market in price-sensitive regions. Manual beds have limited adjustability.
Opportunities: Growing geriatric population and need for long-term care drives demand. Emerging markets in Asia Pacific yet to be tapped.
Threats: Stringent regulations delay product launches. Reimbursement policies impact purchases.
Key Takeaways
The global Powered And Manual Hospital Beds Market is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing demand for adjustable and technology-integrated beds from hospitals and long-term care centers. The market size for 2023 is US$ 3.58 Bn.
Regional analysis North America dominates the global market currently, owing to rising healthcare expenditure and presence of major players. However, Asia Pacific is projected to grow at fastest pace due to expanding medical infrastructure and growing health awareness in densely populated countries like India and China.
Key players operating in the Powered And Manual Hospital Beds market are Hill-Rom Holdings, Inc., Carevel Medical Systems Private Limited, Getinge AB, Invacare Corporation, Stryker Corporation Linet spol S.r.o, Paramount Bed Co. Ltd., Meditech (India) pvt ltd, Linet Group SE. These players are focused on new product launches and acquisitions to strengthen their market position.
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