Growing healthcare expenditure, increasing prevalence of chronic diseases, surging aging population, and technological advancements are the key factors driving the hospital bed market growth. On a global ground, the market generated $3.4 billion in 2017 and is expected to witness a CAGR of 5.4% during the forecast period (2018–2023). Hospital beds have fewer chances of patients falling over due to the presence of railings and also offer settings to adjust their leg and head sections of the bed as well as the height.
Now, to calculate the overall growth of the hospital bed market, it has been segmented by type, treatment, power, and end user. On the basis of end user, the domain is further divided into hospitals, home care settings, and elderly care facilities. Since elderly people are more prone to chronic diseases and need intensive care at their home, the need for home care settings is increasing, leading to a rising demand for hospital beds as these can be easily operated by patients.
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The upgraded features offered by hospital beds, such as hydraulic adjustability, AC-powered, and powered patient rotation, are also backing the growth of the hospital bed market. Key market players are actively participating in the research and development of advanced hospital beds to offer enhanced patient safety. For instance, in May 2017, Hill-Rom Holdings Inc. introduced the Envella Air Fluidized Therapy Bed, a solution for wound care patients. It ensures a better healing environment for the prevention and treatment of advanced pressure injuries.
Thus, we see that the hospital bed market is progressing not only because of a rise in the number of healthcare centers, but also because of increased demand for beds in home care settings.
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This post was originally published on Financial Sector