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Global Medical Bed Market to Grow at a CAGR of 5.16% During 2021-2026, Aided by the Growing Prevalence of Chronic Illnesses

According to a new report by EMR titled, ‘Global Medical Bed Market Report and Forecast 2021-2026’, the global market for medical bed attained a value of about USD 2.96 billion in 2020. The industry is further expected to grow at a CAGR of 5.16% in the forecast period of 2021-2026 to reach a value of approximately USD 4.01 billion by 2026.

North America holds a significant share of the global market for medical bed owing to the robust healthcare industry in the region. This is leading to a surge in the deployment of innovative medical beds in hospitals and speciality centres, which is propelling the market growth. Additionally, the growing burden of chronic illnesses in the region is increasing the requirement for medical beds. For instance, according to the American Cancer Society, about 1.9 million new cancer cases are expected to be diagnosed in 2021. Meanwhile, the Asia Pacific region is also witnessing rapid growth owing to advancements in healthcare facilities. Moreover, the growing geriatric population in countries such as China, Japan, and South Korea, among others, are further boosting the demand for medical beds, which is providing impetus to the market growth.

Stryker Corporation (NYSE: SYK), one of the leading companies in the market, announced the launch of its wireless hospital bed, ProCuity, in September 2021. The medical bed series offer low height and versatile beds for various patient care environments. It also features advanced fall prevention techniques to enhance the safety of both patients and healthcare professionals. The bed can be connected to nurse call systems without the utilisation of wires or cables. It also offers bed alarms and optimal patient positioning to prevent connectivity issues. Moreover, it provides customised and standard platforms to meet the demand for optimal beds in both ICU and MedSurg units to eliminate the requirement of speciality medical beds to reduce hospital costs. The development of such innovative products is expected to enhance the experience of both patients and healthcare professionals and is projected to drive the market growth in upcoming years.

Market Analysis by Type, End Use, Application, and Region:

  • The market, on the basis of type, can be divided into electric beds, semi-electric beds, and manual beds.
  • Based on end uses, the industry can be divided into hospitals, ambulatory surgery centres (ASCs), and home care facility, among others.
  • The applications of medical bed include intensive care and non-intensive care.
  • The regional markets for medical bed include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The increasing prevalence of illnesses such as pneumonia and cancer are increasing the demand for medical beds, hence aiding the market growth.
  • The market is being driven by the growing demand for smart medical beds to boost the comfortability and experience of both patients and healthcare professionals.
  • The improving quality of care in hospitals is increasing the demand for medical beds, which is fuelling the market growth.
  • The development of innovative solutions and the integration of artificial intelligence (AI) to enable optimal utilisation of hospital resources are bolstering the growth of the medical bed industry.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for medical bed for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the types, end uses, applications, and major regions of medical bed.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global medical bed market are Stryker Corporation, Hill-Rom Holdings, Inc., Invacare Corporation, Stiegelmeyer GmbH & Co. KG, and Antano Group srl, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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