According to the new research report published by Premium Market Insights, titled "Electric Bed Market is expected to reach US$ 4,597.60 million by2027 from US$ 2,111.59 million in 2019. The market is estimated to grow at a CAGR of 9.6% from 2020 to 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,growing number of public–private partnership in healthcare industry. However, the steep prices of electric beds and reduction in the average length of hospital stays are likely to hinder the market growth.
Electric beds allow adjusting both upper and lower body positions, as well asthe height of the bed. They help in dealing with a variety of medical issuesand exponentially increase comfort. Many medical conditions can worsen by poor sleep and uncomfortable sleeping positions.
Although, the average hospital stay for a single person has been slightly decreased from 7 days to 5–6 days in the last couple of decades, the total number of hospital admissions has increased in the last 5–6 years. Moreover, according to the Centers for Disease Control and Prevention (CDC), the total number of hospitals in 2014 was 5,627; in 2019, the number reached 6,210.
The hospital bed industry in India is booming owing to factors such as rising government and private sector investments, increasing geriatric population, and surging hospital count. According to the Department of Industrial Policy and Promotion (DIPP), the hospital and diagnostic centers in India have attracted Foreign Direct Investments (FDIs) worth US$ 6 billion in the last couple of decades. Also, the Indian healthcare sector has witnessed 23 deals worth US$ 679 million until June 2018. According to Ministry of Health and Family Welfare, Government of India, a Memorandum of Understanding (MoU) has been signed between India and Cuba to increase cooperation in the areas of health and medicine. Furthermore, de-merger between Fortis Healthcare and Manipal Hospitals Enterprises has been carried out to raise US$ 602.41 million, which can be further invested to expand hospital infrastructure in Manipal Hospital Enterprise.
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Hospitals are known to amplify the effectiveness and quality of healthcare. Moreover, the World Health Organization (WHO) states that hospitals are an essential part of health system development. This has drawn attention of Health Ministries in severalcountries to focus on improving the healthcare infrastructure and establish hospital and clinical facilities in rural and urban areas. For instance, in November 2017, the Japan’s Health Ministry made free access to healthcare centers available in the country through the establishment of new hospitals. Thus, the rising number of hospitals and clinics acrossthe world help boost the electric bed market growth.
Based on product, the electric bed market is segmented into semi-automatic electric bed and fully automatic electric bed. The semi-automatic electric bed segment held alargershare of the market in 2019, while the fully automatic electric bed segment is expected to grow at ahigherCAGR during the forecast period. The increasing number of patients coupled with patient compliance and improvement in the quality of care provided by healthcare institutions acrossthe world are expected to augment the growth of the fully automatic electric beds segment during the coming years.
The COVID-19 pandemic is causing massive disruptions in global supply chains, consumer markets, and the economy as a whole. However, the demand for electric beds hasincreased due to COVID-19 as the hospital beds playa primary role in the care required for COVID-19 sufferers. The condition of patients not receiving care may be fatal and thus the initial months of transfection resulted in whooping demand for the advanced beds for patient care.
The International Society of Aesthetic Plastic Surgery (IASPS), the World Health Organization (WHO), European Union (EU), Organization for Economic Co-operation and Development,Cooperative Council of Health Insurance (CCHI),and US Food and Drug Administration (FDA)are among theprime secondary sources referred to while preparing this report.
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