|Status : Published||Published On : Apr, 2020||Report Code : VRHC1226||Industry : Healthcare||Available Format :||Page : 209|
The global isolation beds market is growing at a CAGR of 7.0% during the forecast period (2020–2025). The primary driver impacting the growth of the global isolation beds market is the rapid surge in infectious diseases across the globe. In recent times, several countries have witnessed outbreak of viral diseases such as severely acquired respiratory syndrome (SARS), E-Bola, H1N1 virus, and COVID 19 (coronavirus). The death rate of COVID-19 appears to be higher in comparison to normal seasonal flu, and it differs with respect to location. For instance, at the epicenter (Hubei province, China) the death rate was 2.9%, whereas at other provinces it was 0.4%.
To contain these outbreaks in hospitals, and other health centers, these facilities need to follow preventive measures of isolating infected patients. Viral infections can spread rapidly to other healthcare workers, visitors, and doctors. So there is necessity to have separate isolation wards with proper medical facility and preventive personal equipment for nurses and the doctors. For these highly contagious diseases, isolation is the primary step, this is why specialized cabins or isolation wards has been created within the hospital settings.
Insight by Type
Based upon type, the global isolation beds market is categorized into manual, electric, hydraulic, and pneumatic. Of all, manual segment held the largest share in the global market in 2019, owing to the growing awareness pertaining to protection of healthcare workers. Usually, the isolation beds across the world in use are the traditional hospital bed placed in the isolation wards. Such beds are often equipped with other necessities such as respiratory equipment.
There is a huge demand for smart isolation beds. In this direction, Get to Sleep Easy, Hoana Medical Inc. are Australia based, potential medical startup. They had created Smart Inclining Bed solution, at an affordable price, equipped with smart sensors installed in the bed to track patient’s movement and alert in case of emergency.
Insight by End Use
On the basis of end use, the isolation beds market is categorized into general & acute care hospitals, multi-specialty hospitals, and specialized hospitals. The general & acute care hospitals segment is expected to contribute largest revenue by 2025, owing to the growing need of intensive care units from COVID-19 pandemic. The more presence of general hospitals as compared to specialized and multi-specialty hospitals is the primary contributing factor.
According to the standard, manufacturing requires strict labelling, test method and classification for isolation beds. This innovation is out most important in the situation where coronavirus is at its peak globally and is further expected to prevail for which vital safety measures are to be implemented. As a result, in the current situation low cost isolation beds across the globe, is witnessing significant growth to cater its huge demand across several countries.
The sudden outbreak of corona virus is the key factor driving the growth of global isolation beds market. The drastic changes occurring due to COVID-19 is impacting every individual globally as a result to which demand for isolation beds in isolation wards are increasing rapidly. World Health Organization (WHO) has urged all the manufacturers of isolation beds globally to increase the production of these equipment on an immediate basis. According to a report by WHO in March 2020, the number of coronavirus patients exceeded to 200000 and in almost after twelve days the number would exceed by 100000.
As the global epidemic spreads on a larger scale, the countries other than China stated experiencing shortage of isolation beds as traditional beds can’t fulfill the requirement. For instance, Italian local authorities were told to free ICU beds for COVID-19 infected patients. By March, 2020, around 80% of the hospital beds in Lombardy, Italy were occupied with COVID-19 patients.
Furthermore, all these patients along with healthcare workers and people all over the world are required to be provided by personal protective equipment as fast as possible to deal with this global pandemic. Moreover, the organization states that with the emergence of COVID-19 many other repercussions could prevail such as sero-epidemiological problem, virological and clinical characteristics along with epidemiological issues of the virus and associated disease. Additionally, in order to combat this situation rapid development of personal protective equipment and isolation beds are extremely vital that is significantly contributing towards the growth of global isolation beds market.
However, due to the coronavirus preventive lockdown situation in several countries, the manufacturing and the supply chains of the isolation beds have been critically affected. The procurement, transportation and distribution of raw materials to the manufacturing unit and the dearth of laborers in both emerging and developed nations has negatively impacted the desired production flow.
Around the globe, Europe was the largest revenue contributor in the isolation beds market in 2019, due to the huge number of COVID-19 cases in the region. The demand for isolation beds has been exceeded by European Union in order to fight coronavirus. The demand of isolation beds from this region is 10 times more as compared to that what is available in stock. According to a report published by European Union, approximately 1,563,857 cases of COVID-19 till first week of April and total deaths registered in the region have been reported as 95,044.
Additionally, countries such as Spain, Italy, Germany, France and United Kingdom (UK) estimated to register largest number of cases. Moreover, doctors are threatening to quit jobs in Europe due to inaccessibility of protective equipment. As a result, to which government is estimated to spend USD 265 million on personal protective equipment, including isolation beds, that is expected to bolster the growth of isolation beds market in the region.
Furthermore, prevalence of key players manufacturing isolation beds in North America along with an aim of these companies to enhance their solution offers is the key factor driving the growth in the region. The number of COVID-19 cases in North America is also enhancing rapidly with registered cases of almost 5,04,780 and 18,763 deaths as registered in the first week of April.
Moreover, Asia-Pacific is expected to witness substantial growth in the hospital bed market. COVID-19 disease escalated from China as a result to which Chinese suppliers has contracted supply of raw materials to the U.S. Furthermore, pandemic outbreaks lead to worst hit in China although the country is recovering and has started exporting the medical supplies to the U.S. and other affected countries. Additionally, country such as India is witnessing increasing number of coronavirus cases and the demand for isolation beds will enhance at a significant rate. China has also introduced the concept of Fangcang shelter hospitals, which are large scale temporary hospitals, built on existing public venues such as stadiums and exhibition centers. The purpose of these facilities is to isolate mild to moderate COVID-19 patients to prevent community transmissions.
The government authorities globally have allotted funds towards COVID-19 in following manner Germany is expected to incur USD 808 Billion, France USD 50 billion, Spain USD 223 Billion, the U.K. USD 14.8 Billion that are also the worst hit economies in the world from COVID-19. Furthermore, Brazil is anticipated to spend USD 144 Billion, Switzerland USD 42.6 Billion, Austria USD 42 Billion and Canada government allotted USD 82 Billion towards recovering from COVID-19 situation. As a result of huge initiatives undertaken by government authorities across the globe to fight COVID-19 is significantly attributing towards the growth of isolation beds market.
The key players operating in the global isolation beds market are Invacare Corporation, Joerns Healthcare, Arjo Huntleigh (Division of Gentige AB), LINET Group, Joh. Stiegelmeyer GmbH & Co. KG, Stryker Corporation, Hill Rom Inc., Paramount Bed Holdings Co., Ltd., Medline Industries, Gendron, Inc., Span-America Medical Systems, Inc., Savion Industries Ltd., Stiegelmeyer GmbH & Co. Kg, and Malvestio S.P.A.
These players in the isolation beds market are emphasizing their efforts upon strategic acquisitions in order to strengthen capabilities of research & development that supports them in providing innovative solutions to the users and thus gain competitive advantage. For instance, in March 2020, Asset Homes announced to offer isolation beds to the Indian based hospitals, owing to the current situation of coronavirus outbreak. Previously, in June 2017, Savaria Corporation, acquired Span-America Medical Systems Inc., to increase its product portfolio in the U.S.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behaviour.
Source: VynZ Research
Source: VynZ Research