Hospital bed market to hit $5.52B by 2030: 6 things to know

The hospital bed market is projected to grow from $3.33 billion in 2022 to $5.52 billion by 2030, increasing at a compound annual growth rate of 7.50 percent, according to a report published by Market Research Future.

Six things to know:

1. Chronic disease prevalence is rising, and more hospitals and outpatient facilities and older adults are the primary drivers of market growth, according to the report. Hospital expansion and modernization are also expected to boost market growth for the hospital bed sector.

2. Leading companies in the market, including Stryker, Invacare Corp. and Paramount Bed Holdings, are injecting more money into research and development to diversify their product lines, which will fuel further market growth for the hospital bed sector. 

3. Major players in the hospital bed market are increasing their global presence and keeping pace with industry changes through product launches, contractual agreements, mergers and acquisitions, increased investments and partnering with other companies.

4. Competitors in the hospital bed market must offer reasonably priced products and services to survive and thrive in a market that is becoming increasingly competitive, according to the report. 

5. The pandemic increased demand for hospital beds for home care by fostering a preference for in-home care. As a result, the market is projected to expand after the pandemic.

6. Barriers to market growth include the need for medical equipment specialists to maintain hospital beds and the lack of technical expertise among healthcare professionals regarding intelligent and robotic medical beds.

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