Therapeutic Bed Market Projected To Exhibit Robust CAGR of 5.01% For The Forecast Period From 2022 To 2030: Grand View Research Inc.

 

The global therapeutic bed market size is anticipated to reach USD 6.51 billion by 2030, registering a CAGR of 5.01% during the forecast period, according to a new report by Grand View Research, Inc. The increasing prevalence of chronic disorders, such as cancer, heart disorders, neurological disorders, kidney disorders, and others, and the growing geriatric population are the key driving factors for the market. According to the WHO, in 2020, the chronic illness prevalence increased by 57%, which is anticipated to spur market growth in the near future. The COVID-19 outbreak in 2020 increased the demand for therapeutic beds significantly.

The pandemic has boosted the demand for emergency supplies, medicines, and medical equipment, such as ventilators, and hospital beds, as a result of increased hospital admissions. In addition, firms are also adopting several strategies, such as collaborations and new product launches, to help healthcare workers. For instance, in August 2020, Project C.U.R.E. received 22,500 Emergency Relief Bed (ERB) sets from Stryker. A mattress, IV pole, and bed frame were included in the ERB kits. As a result, the market is likely to grow substantially in the near future.

Furthermore, pressure injuries are a common and significant economic challenge for healthcare systems globally, costing the U.S. healthcare system more than USD 23.50 billion each year. Various manufacturers began offering solutions, such as special beds, therapeutic mattresses, and repositioning solutions, to reduce the burden of pressure injuries. Moreover, after the onset of the COVID-19 pandemic, there has been extensive demand for pressure relief beds & mattresses in hospitals and rehabilitation centers. These factors are expected to boost the market growth over the forecast period.

Key drivers expected to contribute to market growth include the rising geriatric population, an increase in disease burden, high unmet medical needs in emerging & low-growth economies, and a rise in public & private healthcare expenditure to improve the number of beds to patients ratio. Moreover, the rising demand for bariatric surgeries, ambulatory surgeries, inpatient surgeries, and critical care services for preoperative and postoperative procedures is also expected to boost the market over the forecast period.

The global need for therapeutic beds has risen significantly as a result of the COVID-19 outbreak and increased hospital admissions. Beginning in March 2020, the surge in COVID-19 patients significantly impacted hospitals. In addition, the change from standard beds to specialty COVID-19 beds with additional hygiene measures, as well as pressure on the number of beds, which originated primarily from the need to anticipate sufficient capacity in the ICU, have all contributed to market growth. As a result, the sales of therapeutic beds significantly increased during the pandemic. According to the FDA, in October 2020, there was a high demand for mattresses, hospital beds, and stretchers to enhance capacity in healthcare systems & local hospitals via temporary expansion sites.

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To address the same, manufacturers from several industries, who are not traditionally associated with medical devices manufacturing used resources to market and produce these devices for the healthcare community, which, in turn, augmented the market growth. The prevalence of chronic diseases, such as urological disorders, cancer, Cardiovascular Disorders (CVDs), neurovascular diseases, and other chronic problems, is increasing, resulting in a considerable rise in hospital admission rates, which is expected to boost the market growth. Moreover, as a result of high blood pressure, obesity, and smoking, a large percentage of the population is currently in danger of developing chronic diseases.

herapeutic Bed Market Report Highlights

• The clinical beds' product segment dominated the global market in 2021 and accounted for the largest revenue share
• High ICU admission rates owing to a rise in the number of accidents, growth in the geriatric population, and outbreaks of life-threatening infectious diseases are driving the segment
• The acute care beds application segment led the global market in 2021 accounting for the largest revenue
• This growth was attributed to multifunctional applications, such as managing labor (maternity), providing treatment to the injury, reducing the severity of mental illness, and protecting against exacerbation or complications
• The market in Europe held a substantial revenue share in 2021 owing to a rise in the number of surgical procedures, high geriatric population, and favorable reimbursement policies in the region

According to the WHO, chronic diseases are responsible for 60% of all fatalities worldwide, and every year, 17.9 million people die as a result of cardiovascular disorders. According to the same source, cancer is the leading cause of death globally, accounting for nearly one in every six deaths. As a result, increasing hospitalization, coupled with an increase in chronic illnesses, is likely to boost therapeutic bed installations, resulting in market growth. Furthermore, the increasing number of obesity cases is also anticipated to boost the market growth. Bariatric beds are specifically designed to handle obese patients.

The incidence of obesity has increased significantly in the past few years, especially among the aged groups. For instance, as per the WHO, in 2016, more than 1.9 billion adults were overweight, out of which, around 650 million people were obese. These factors are expected to increase the demand for bariatric procedures. As per the report published by the CDC in 2020, the rates of obesity rose considerably among adults from 33.7% to 39.6% between the years 2015 & 2016 and 2022 & 2020. During this time, the rates of severe obesity also increased from 5.7% to 7.7%. China dominated the regional market in 2021.

Due to greater opportunities present in both developed and developing countries, companies are undertaking various strategic initiatives, such as mergers, acquisitions, and collaborations, for developing novel innovative solutions and expanding operations to increase their global presence. Distribution channel enhancement, new product development, and regional expansion are also among the key strategic undertakings influencing the industry dynamics. For instance, in December 2021, Baxter International, Inc., a global medical technology company, acquired Hill-Rom to create new opportunities for innovation, which will help reduce costs and improve care outcomes across the board.

List of Key Players in the Therapeutic Bed Market

• Hill Rom, Inc. (Baxter)
• Stryker Corp.
• Invacare Corp.
• Medline Industries
• Medical Depot, Inc.
• GF Health Products, Inc.
• Centromed Ltd.
• Arjo
• Amico Group of Companies
• Bakare Beds Ltd.
• Gendron, Inc.
• Hard Manufacturing Company, Inc.