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, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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