According to The Insight Partners market research study titled “Medical Beds Market- Global Analysis and Forecasts by Usage, Type, Application, End User and Geography”, the global medical beds market is expected to reach US$ 5,710.7 Mn in 2027 from US$ 3,431.2 in 2017. The market is estimated to grow with a CAGR of 5.4% from 2019-2027. The report highlights the trends prevalent in the global medical beds market and the factors driving the market along with those that act as deterrents to its growth.
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Global medical beds market, based on the usage is segmented into acute care, long-term care, psychiatric & bariatric care, and others. In 2018, the acute care segment held the largest share of the market, by usage. This segment is also expected to dominate the market in 2027 owing to rising prevalence of chronic diseases, growing geriatric population. Moreover, the long-term care medical beds segment is anticipated to witness the significant growth rate of 5.1% during the forecast period owing to the factors such as growing geriatric population, and the increasing number of nursing homes.
The report segments the global medical beds market as follows:
- Acute Care
- Long-Term Care
- Psychiatric & Bariatric Care
- Other Usage
Global Medical Beds Market – By Type
- Manual Beds
- Semi-Electric Beds
- Electric Beds
Global Medical Beds Market – By Application
- Intensive Care
- Non-Intensive Care
Global Medical Beds Market – By End User
- Elderly Care Facilities
- Nursing Home
- Home Care Settings
Chronic diseases, including diabetes, cancer, heart disease, and obesity, are the leading causes of death in the world and account for most of the nation’s health care costs. According to the International Diabetes Federation (IDF), in 2017, number of people with diabetes in North America was approximately 46 million which is expected to grow at 62 million in 2045. The increase in the disease prevalence is around 35% during the forecast period. According to report of CDC, in 2018, approximately more than 9% of the population has diabetes, which is the leading cause of kidney failure, lower-limb amputations in US. Moreover, the data also suggests that 1.5 million Americans are diagnosed with diabetes every year in the US. Similar trends for high presence of diabetes are prevalent around other geographies of the globe that include Asia Pacific, Europe, Middle East and Africa. For instance, according to IDF Diabetes Atlas published by the International Diabetes Federation in 2017, South-East Asia is home to approximately one-fifth (19%) of the total diabetes population worldwide.
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Also, according to the World Health Organization in 2018, cancer was the second leading cause of death across the globe, and is responsible for an estimated 9.6 million deaths in 2018. Furthermore, the American Cancer Society estimated that in 2018, 1,735,350 new cancer cases were diagnosed in 2018.
Thus, the increasing prevalence of chronic diseases poses several opportunities for the medical beds market to grow during the forecast period.
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