According to the FDA’s Center for Devices and Radiological Health, around 2.5 million hospital beds are currently in use throughout the United States. But due to the increasing number of chronic diseases and a worldwide aging population that continues to grow, the hospital bed market is predicted to continue on an upward trajectory through the year 2020.
In 2014, the global hospital beds market was valued at around $5.24 billion. A new report published by Persistence Market Research states that the market is expected to have a CAGR of 4.2% from 2014 to 2020, meaning that its value is predicted to increase to $6.7 billion by that time.
According to the report, a preference for “highly-equipped and facilitated hospital beds is a crucial driver for growth” or the market. However, the high cost of these beds are hampering the industry’s growth, specifically in developing countries.
But while a great number of these beds are utilized in the U.S., the biggest market is actually in Europe. While there are several reasons for this, a main factor is an increase in lifelong conditions and healthcare spending. Overall, more advanced and costly hospital beds are purchased by organizations throughout Europe than in other regions. In 2014, the European hospital bed market was estimated at $1.6 billion; by 2020, it should increase to $2 billion, with a CAGR of 3.4%.
The Asian hospital bed market is also quite notable, which is expected to increase significantly due to large aging populations, improved hospital infrastructure, and increased amounts of related monetary reimbursement. A recent study found that although more Chinese seniors are living longer, they aren’t as mobile or sharp as those in the past, so it makes sense this market is actually growing at a faster pace than Europe. However, it’s still considered to be an emerging market.
The report says that in addition to more healthcare spending in general, the emergence of technological advancements for this beds will continue to drive the market over the next five to six years.