According to The Insight Partners, “Electric Bed Market Size, Share, Growth, Trends and Global Forecast to 2027 – COVID-19 Impact and Global Analysis By Product (Semi-automatic Electric Bed, and Fully Automatic Electric Bed), Application (General Bed, Intensive Care Bed, Bariatric Bed, and Birthing Bed), and EndUser (Hospitals and Clinics, Dentistry, and Others) and Geography”; The global electric bed market size is expected to reach USD 4,597.60 million by2027 from USD 2,111.59 million in 2019; it is estimated to grow at a CAGR of 9.6% from 2020 to 2027.
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Rising Prevalence of Chronic Diseases
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. 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 a 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, ~9.6 million deaths were reported in 2018. 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 rising prevalence of chronic diseases such as cardiovascular disease (CVD), cancer, and diabetes escalate the demand for electric beds.
The electric bed market mainly consists of players such as Arjo Medical Devices; Hill Rom Holding, Inc.; Medline Industries, Inc.; Paramount Bed Holdings Co., Ltd.; Invacare Corporation; Stryker Corporation; Malvestio Spa; LINET; Gendron Inc and Joerns Healthcare LLC. The companies have been implementing various strategies to ensure the growth of the company and in turn have brought about several changes in the market. For instance, in August 2018, Arjo launched IndiGo medical bed technology that comprises power drive systems, which is always ready for use, saving time and efforts. Moreover, IndiGo assists with automatic slope detection, thereby providing additional power when moving up slopes and braking assistance when moving down slopes.
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In Japan, the escalating number of foreign visitors is likely to project the healthcare sector as one of the most important contributors to the national economy in the coming years. Poland is steadily growing as one of the popular medical tourism destinations in Europe. The cost of medical treatments in the country are often 60–80% lower than the costs of the same benefits in the rest of the EU countries. The major reason for the growth of tourism is Poland’s recognition and acceptance of the European Union.
Most of the global healthcare players focus on the emerging market such as APAC due to increasing prevalence of chronic diseases (including diabetes) and rising medical tourism in the region. Many of the Asian countries such as India, Thailand, and Singapore are becoming the destination for medical tourists. Additionally, government authorities in APAC countries are focusing on strengthening their medical tourism sector, thereby maximizing the flow of revenue. In India, medical science has grown rapidly in the past few decades. Many patients from Europe and the Middle East are choosing India as their favourite destination to leverage the availability of efficient infrastructures and technology with the Indian healthcare sector. The health insurance market and National medical systems here are well developed, which is convenient for visitors from the West and the Middle East. Nevertheless, they also find hospital expenses affordable.
The rising medical tourism, especially in the emerging countries, is anticipated to provide significant growth opportunities to the electric bed market players during the forecast period.
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