The U.S. hospital beds market comprises hospital beds and cots that are used to accommodate patients admitted for treatment in healthcare institutions. Hospital beds come equipped with features like adjustable height of the mattress platform, side rails, pull-out tray, and call button among others. They help healthcare workers provide therapeutic assistance to patients in a safe and comfortable manner.
The U.S hospital beds market is estimated to be valued at US$ 1,145.4 million in 2022 and expected to exhibit a CAGR of 5.8 % over the forecast period (2022-2030).
Key Takeaways
Key players operating in the U.S. hospital beds market are Key players operating in the U.S. Hospital Beds market are Hill-Rom Holdings, Inc., Getinge AB, Invacare Corporation, Stryker Corporation, Paramount Bed Co. Ltd., Medline Industries, Inc., and LINET Group SE. Hill-Rom is one of the largest manufacturers and suppliers of hospital beds in the US market with broad portfolio of medical beds.
The U.S. Hospital Beds Market Demand is being driven by the rising prevalence of chronic diseases, such as cancer and cardiovascular diseases, particularly among the elderly. According to the Centers for Disease Control and Prevention (CDC), chronic diseases affect nearly half of all adults in the U.S., fueling the growing need for hospital beds.
Technological advancements in medical beds like integration of IT systems, smart monitoring devices are aiding care teams in managing and monitoring patients remotely and effectively. Beds equipped with advanced features such as integrated scale, turn assist, bed exit monitoring are finding increased adoption.
Market Trends
Increasing focus on development of specialty beds equipped with advanced features to provide effective treatment for bariatric, pediatric and maternity patients. Manufacturers are offering specialty beds with capacity of 500-1000 lbs for obese patients care.
Growing preference for rental beds over purchase among healthcare facilities to reduce upfront capital cost. Companies are offering flexible rental plans ranging from 6 months to 5 years based on customer needs.
Market Opportunities
Rising healthcare expenditure in the U.S. presents significant opportunities for hospital bed manufacturers. According to Centers for Medicare and Medicaid Services National Health Expenditure grew 9.7% to $4.1 trillion in 2020.
Integration of IoT technologies and development of smart beds enabled with advanced monitoring systems, wireless connectivity and control features through mobile apps will gain traction in coming years.
Impact of COVID-19 on U.S. Hospital Beds Market
The COVID-19 pandemic significantly impacted the growth of the U.S. hospital beds market. Due to the rising number of hospitalizations for coronavirus treatment, the demand for hospital beds skyrocketed especially during the peak of first two waves. This surge in demand outpaced the capacity of hospitals across major cities like New York and Los Angeles. Many temporary medical facilities and field hospitals were set up to house additional beds. Medical device companies ramped up production of beds and complementary equipment like ventilators to meet the unprecedented demand. The pre-COVID annual growth projections were surpassed multi-fold as healthcare infrastructure upgraded swiftly to prepare for potential future outbreaks. Post first wave, hospitalization rates stabilized with effective countermeasures in place. However, a potential resurgence of cases remains a key concern, keeping investments focused on expanding critical care capacity through 2021 and beyond. Telehealth also found wider acceptance to handle non-critical cases and reduce overcrowding at medical facilities.
Geographically, the northeastern region of the U.S. accounted for the highest value share in the country's hospital beds market prior to the pandemic. States like New York and New Jersey witnessed some of the worst coronavirus outbreaks globally during the initial phase that overwhelmed local healthcare systems. The demand concentration in this region exacerbated the emergency shortage situation. On the other hand, southern states like Texas and Florida emerged as rapidly growing markets during the ongoing public health crisis attributable to rising infections in sunbelt areas. The urgent infrastructure expansion in these regions to accommodate COVID-19 patients offset some losses incurred previously in the northeast.
South of Mexico remained most impacted due to socioeconomic conditions that elevated infection risk. The Texas border saw a major surge that pushed beds and resources to their limit requiring assistance from other states. Aggressive screening and quarantine enforcement have since curbed widespread community transmission, yet vulnerable migrant populations remain a concern. Investments are focusing on bolstering safety net capacity to tackle disproportionate impact on underserved communities in the southern regions.
With a potential endemization of the virus, preparedness for periodic outbreaks will be critical for the industry. Manufacturers are advancing sterilizable and convertible bed designs to facilitate rapid deployment. Telehealth is also set to play a bigger role in remote monitoring to optimize available in-person resources.
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Hospital Beds, Specialty Beds, U.S. Healthcare, U.S Hospital Beds Market Share, Coherent Market Insights.
