The global therapeutic bed market is expected
to reach USD 4.1 billion by 2024, according to a new report by Grand View
Research, Inc. The growing geriatric population base coupled with the rising
cases of obesity, chronic conditions, and viral infections are expected to
boost market growth over the forecast period.
As per the
U.S. Bureau of Labor Statistics, the rank of home health aides and personal
care aides is expected to increase to 13.0 million in 2020 (a 70.0% increase
from 2010), thereby increasing the demand for home care. This growth is
expected to increase the sale of household therapeutic beds and propel growth
over the forecast period. Considering that the treatment costs at home are
lower than other settings, many patients are now preferring home healthcare,
thus, ultimately increasing the demand for therapeutic beds in these
facilities.
Another
macro factor promoting the Therapeutic Bed Market is the increase in the volume
of healthcare settings across the globe. With the help of this grant, 17 new
hospitals and the expansion of 137 hospitals and primary health centers are
anticipated, thereby increasing the sale of therapeutic beds. Similarly, in
Qatar, the number of hospital beds is expected to rise from 4,980 in 2013 to
5,725 in 2018. These expansions are expected to create new avenues for market
players to capitalize on.
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Further key findings from the study suggest:
- The household bed segment is identified as the fastest growing. The growing penetration of home healthcare services for preventive care, post-operative care, and for long-term chronic therapies are expected to drive the growth over the forecast period.
- Clinical beds have been further sub-segmented into regular, ICU, pediatric, birthing, bariatric, low air loss, and other beds. Bariatric beds are expected to gain the highest application in regions such as the U.S., Canada, the UK, and Germany due to the rising number of obese population.
- North America is expected to dominate the overall market throughout the forecast period, owing to the presence of well-developed primary, secondary, tertiary care hospitals, the presence of a well-developed reimbursement network, government funding, and high public and private expenditure in the hospitals sector
- Asia Pacific is anticipated to be the fastest growing region. The market is expected to grow at a CAGR of about 7.0% over the forecast period. The hospital to beds ratio is below the WHO standards in several Asia Pacific countries and the governments are investing significant resources to improve the healthcare infrastructure in this region.
- Key players of the industry include Invacare Corporation, Hill-Rom, Inc., Stryker Corporation, ArjoHuntleigh, Gendron, Inc., Hard Manufacturing Co., Bakare, Medline Industries, Sunrise Medical, and GF Health Products, Inc. Most of these companies have been in the business for over a decade and are bringing in expertise and technological advancement that are expected to help them sustain over the forecast period.
- In order to curb competition, major market players are working towards the acquisition of emerging entrants. For instance, in January 2015, Stryker Corporation acquired the assets of CHG hospital Beds, Inc., a privately held company to enhance the low height bed designs portfolio.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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