Terminally Ill Patients Requiring Hospital Beds in Homecare Settings
Hospital beds are being adopted in large numbers in homecare settings due to the lower cost, greater convenience, and more effective properties of home healthcare in comparison to hospital settings. Home healthcare services include medical and social services, scheduled doctor visits, nursing care, home blood collection, physical therapies, rehabilitative services, occupational speech-language therapy, and geriatric counseling. Increasing demand for home healthcare services in developed nations have encouraged manufacturers to produce medical beds for home care.
Browse detailed report - Hospital Bed Market Revenue Estimation and Growth Forecast
Moreover, the surging cases of life-threatening diseases like cardiovascular diseases (CVDs), cancer, chronic obstructive pulmonary disease (COPD), hepatitis, and acquired immunodeficiency syndrome (AIDS) will drive the hospital bed market at 7.5% CAGR during the forecast period (2020–2030). The market stood at $3,712.1 million in 2019 and it is projected to reach $8,276.7 million by 2030. These chronic disorders are not only entirely prevented by vaccines or treated by medications, but also require rest for prolonged duration. This will, therefore, fuel the demand for hospital beds in the foreseeable future.
The type segment of the hospital bed market is categorized into general, birthing, pressure relief, bariatric, and pediatric. The general category account for the largest market share in 2019 and it is expected to register the fastest growth in the forecast years. General beds are available at a lower price than other specialty hospital beds like pediatric and bariatric beds. Owing to their cost-effectiveness, the general beds are majorly used by general staff and care takers in nursing homes, clinics, hospitals, and other healthcare facilities.
On the other hand, the Asia-Pacific (APAC) hospital bed market is projected to witness the fastest growth during the forecast period. This can be attributed to the increasing prevalence of chronic ailments, booming aging population, expanding medical tourism industry, and improving healthcare infrastructure in the region. For instance, according to the International Disease Federation (IDF), around 12.6% people of Southeast Asia will live with diabetes by 2045. This, in turn, will amplify the hospitalization rate in APAC, which would fuel the demand for hospital beds.
Thus, the soaring cases of chronic diseases will fuel the requirement for hospital beds in the coming years.