Hospital Beds and Supporting Equipment Market Trends

Growth Drivers

• Spiking Geriatric Population Across the Globe- As of 2021, the figure of global geriatric population was stated to be 747,238,580 by the World Bank. The geriatrics with severe mobility issues owing to diseases and disorders needs hospital beds for the continent personal mobility dwelling either in hospitals or in homecare facilities.

• Higher Prevalence of Chronic Diseases- The annual rate of deaths caused by chronic diseases is observed to be around 40 million people globally, followed by cardiovascular (18 million), respiratory diseases (4 million), cancer (9 million), and others. Chronic disease refers to a medical condition that can last for more than 1 year. Chronic diseases require constant medical care and therapies. Major chronic diseases such as heart diseases, diabetes, influenza, pneumonia, kidney diseases, and septicemia are found at a higher rate among the global population. Hence, such high prevalence of these diseases is projected to hike the growth of the market over the forecast period.

• Escalating Hospitalization Rate Globally - The hospitalization rate in 2022 was higher owing to COVID-19, the number of people hospitalized in the USA was nearly 150,000 while in Italy the number was estimated to be around 19,000.

• Mounting Adoption of Healthcare Automation- As of 2020, approximately 85% of healthcare organizations have installed AI and automation strategies into their facilities across the globe.

• Spiking Healthcare Expenditure Per Capita- Based on the data provided by the World Bank, in 2019, the healthcare expenditure per capita was stated to be USD 1,121.9 worldwide. The growth in the healthcare expenditure increases the spending capacity on the installation of various medical equipment and other facilities.

Challenges

• High Cost Associated with the Required Devices - Hospital beds are expensive, especially if they are being installed in home for patients. Additionally, healthcare is being more expensive over time. For instance, the government of India charges approximately 5% of GST on non-ICU hospital rooms. The typical cost of hospital beds can be around 60 to 200 U.S. dollars a day in India. Hence this factor is expected to limit the growth of the market over the forecast period.
• Lack of Necessary Technology
• Shortage of the Beds and other Equipment