The aging population, rising healthcare expenditures, increasing prevalence of chronic disease and technological advancements are propelling a predicted 4.5 percent compound annual growth rate in the global hospital beds market through 2020, according to a report from Research and Markets.
The market was worth $5.24 billion in 2014, and was dominated by general beds, which held a 40.1 percent share of the market, according to the report. Within that, the critical care beds market experienced substantial growth, with an average annual growth rate of 4.4 percent from 2011 to 2014, according to the report.
The main restraints in the market are the high costs associated with hospital beds, which decrease the affordability for low-income regions and hospitals with limited budgets, according to the report.
More articles on finance:
From moose season to flu season, the best and worst times for RCM
Study shows Minnesota hospitals billing sexual assault victims for exams: 3 findings
Cleveland officials apologize, rescind $500 ambulance bill to Tamir Rice's family: 5 things to know