|Status : Published||Published On : Jan, 2019||Report Code : VRHC1184||Industry : Healthcare||Available Format :||Page : 124|
Industry Insights by Area of Use (Acute Care, Critical Care, and Long-Term Care), by Type (General, Bariatric, Pediatric, Pressure Relief, Birthing, and Others), by Power (Manual, Electric, and Semi-Electric), and by End-User (Hospitals, Elderly Care Facilities, and Home Care Settings)
The Asia-Pacific hospital bed market is expected to grow at a CAGR of 7.1% during the forecast period with its market size predicted to reach USD 1.1 billion by 2024. The Asia-Pacific hospital bed market is primarily driven by factors such as developing healthcare infrastructure, increasing healthcare expenditure, increasing geriatric population and increasing prevalence of chronic diseases. Although the demand for manual beds is the highest in the region, the electric and semi-electric hospital beds are also anticipated to showcase considerable growth in the coming years.
Insight by Area of Use
On the basis of area of use, the Asia-Pacific hospital bed market is categorized into acute care, critical care, and long-term care beds. Among different areas of use, critical care hospital bed market is expected to grow significantly during the forecast period. Critical care beds are equipped with necessary requirements under emergency situations, which provide better care to the patients.
Insight by Type
Based on type, the market is subdivided into general, bariatric, pediatric, pressure relief, birthing, and other medical beds. Among all types, the general beds are estimated to account the largest share in the hospital bed market in 2018 and are expected to grow at the fastest rate during the forecast period owing to its low cost. Developing countries in Asia such as China, India, Philippines, Vietnam, Malaysia has a huge demand for general beds due to the presence of large population and government pressure to provide the necessary infrastructure in public healthcare facilities.
Insight by Power
On the basis of power, the hospital bed industry is categorized onto into manual, electric, and semi-electric beds. Among the different types of power, the manual beds are estimated to account for the largest share in the hospital bed market in 2018 and are expected to grow at the fastest rate during the forecast period. Manual beds are easy to operate and maintain, and are also available at a lower cost than the other two categories of beds, thus making them more popular in the developing and underdeveloped economies of Asia-Pacific.
Insight by End-User
Different end-users of hospital beds include hospitals, elderly care facilities, and home care settings. Hospitals are the largest end-users of medical beds as hospitals are the primary healthcare facility for the treatment of chronic diseases and for the treatment of the majority of the population. Moreover, the aging population in the region has led to the fastest growing demand for medical beds in elderly care facilities.
ASIA-PACIFIC HOSPITAL BED MARKET HIGHLIGHT
Developing healthcare infrastructure, increasing healthcare expenditure, increasing geriatric population and increasing prevalence of chronic diseases are the primary growth drivers for the Asia-Pacific hospital bed market. The region has witnessed significant growth in the expenditure over healthcare facilities for the development of the healthcare infrastructure. Moreover, the private healthcare sector has outpaced the growth in the public sector with the adoption of advanced medical equipment including medical beds in the developing economies of the region.
For instance, according to the World Bank, the healthcare expenditure as a percentage of its GDP in Japan and China was 7.15%, 4.49%, in 2000 respectively which increased to 10.90%, 5.32% in 2015.
The high cost of electric and semi-electric beds and comparatively lower expenditure on healthcare as compared North American and Western European countries are the key challenges in the Asia-Pacific hospital bed market.
Geographically, Japan is the largest hospital bed market in the region owing to the aging population, high prevalence of chronic diseases and high healthcare expenditure. The medical beds demand in the elderly care facilities of Japan is very high, as its population is ageing rapidly.
India is the fastest growing hospital bed market among Asia-Pacific countries. The healthcare infrastructure in the country is developing with the focus of Government in rural and semi-urban areas, thus creating demand for medical beds in the country. Although most of the demand is for manual medical beds, the expanding private sector creates opportunities for the industry players for the sale of electric and semi-electric beds.
Some of the key hospital bed industry players are Stryker Corporation, Medline Industries, Inc., Invacare Corporation, Paramount Bed Holdings Co., Ltd., Jiangsu Aegean Technology Co. Ltd., Hill-Rom Holdings, Inc., Merivaara Corp., Getinge AB, Midmark Corporation, and Carevel Medical Systems Private Limited are the key players offering hospital beds.
PRIMARY RESEARCH INTERVIEWS - BREAKDOWN