Electric Bed Market Size Growing at a CAGR of 9.6% from 2020 to 2027
According to our new research study on “Electric Bed Market Forecast to 2027” the market was valued at US$ 2,111.59 million in 2019 and is projected to reach US$ 4,597.60 million by 2027; it is expected to grow at a CAGR of 9.6% during 2020–2027.
The growth of the market is attributed to key driving factors such as rising number of chronic diseases, increasing number of hospitals and clinics, and growing number of public–private partnership in the healthcare industry. However, the steep prices of electric beds and reduction in the average length of hospital stays are likely to hinder the electric beds market growth.
Electric Bed Market: Competition Landscape and Key Developments
Arjo Medical Devices, Hill Rom Holding, Inc., Medline Industries, Inc., Paramount Bed Holdings Co., Ltd.,Invacare Corporation, Stryker Corporation, Malvestio Spa, LINET, Gendron Inc., Joerns Healthcare LLC are among key companies operating in the global Electric Bed market. The major market players are continuously focusing on tapping prevailing business opportunities through the expansion and diversification of their market presence, and acquisition of new customer base.
In 2019, North America dominated the Electric Bed market, with a more than one-third of the market share. The fully-automatic electric bed segment is expected to register the highest CAGR of the market, by product, during the forecast period.
Beds are among the essential items used in hospitals, nursing homes, and home care settings. The electric beds, which are used in various applications, are available in specialized variants such as acute care beds, long-term care beds, psychiatric beds, and pregnancy beds. Thus rising prevalence of chronic diseases such as cardiovascular disease (CVD), cancer, and diabetes escalate the demand for electric beds.
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Patients suffering from orthopedic and musculoskeletal diseases have restricted movements and lack flexibility. Electric beds offer automatic adjustments with respect to head placement, height, and leg resting position for such patients. According to the World Health Organization (WHO), musculoskeletal diseases contribute large share to the total disabilities in the world. According to the WHO, in 2018, cancer was the second leading cause of death across the world as it caused ~9.6 million deaths in that year. Furthermore, as per the estimates of the American Cancer Society, 1,735,350 new cancer cases were diagnosed in 2018. The patients in higher stages of cancer lose their ability to perform various physiological tasks on their own, and electric beds assist healthcare staff looking after such patients.
Thus, the increasing prevalence of chronic diseases is a key factor driving the growth for the electric bed market.
Electric Bed Market: Segmental Overview
On the basis of product, the Electric Beds market is segmented into Semi-automatic Electric Bed and Fully Automatic Electric Bed. The semi-automatic electric beds segment held the largest share of the market in 2019.
The Electric Beds market, by application, is segmented into General Bed, Intensive Care Bed, Bariatric Bed, and Birthing Bed. The General Bed segment held the largest share of the market in 2019.
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