Medical Beds Market : Size, Growth, Industry Share, Forecast And Analysis Report By 2027
The global medical beds market is
expected to reach US$ 5,710.7 Mn in 2027 from US$ 3,431.2 in 2017. The market
is estimated to grow with a CAGR of 5.4% from 2019-2027.
The growth of the medical beds market is primarily attributed to
the factors such as rising geriatric population, increasing prevalence of
chronic diseases, increasing number of hospitals, increased government
investments and technological advancements in medical devices are major factors
driving the growth of medical beds market. However, high cost associated with
specialty beds such as bariatric, and critical care beds and clinical
improvements in healthcare. On the other hand, growth opportunities in emerging
regions is likely to have a positive impact on the growth of the global medical
beds market in the coming years. With a rise in cases of chronic illnesses such
as cancer, diabetes, cardiovascular diseases and hypertension, there has been a
rise number of hospital admissions. Also, in recent days, there has been a
significant rise in the number of hospitals in developing countries. The demand
for medical beds for accommodating patients has increased significantly in the
recent years. Also, there has been a rising medical tourism and rise in number
of specialty clinics and multi-specialty hospitals in countries such as,
Mexico, India, and Japan. Asia Pacific is anticipated to offer significant
growth opportunity during the forecast period, due to an increase in the
government healthcare expenditure as well as the growing medical tourism in the
leading economies such as Japan, China and India.
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Chronic diseases, including diabetes, cancer, heart disease, and
obesity, are the leading causes of death in the world and account for most of
the nation’s health care costs. According to the International Diabetes
Federation (IDF), in 2017, number of people with diabetes in North America was
approximately 46 million which is expected to grow at 62 million in 2045. The
increase in the disease prevalence is around 35% during the forecast period.
According to report of CDC, in 2018, approximately more than 9% of the population
has diabetes, which is the leading cause of kidney failure, lower-limb
amputations in US. Moreover, the data also suggests that 1.5 million Americans
are diagnosed with diabetes every year in the US. Similar trends for high
presence of diabetes are prevalent around other geographies of the globe that
include Asia Pacific, Europe, Middle East and Africa. For instance, according
to IDF Diabetes Atlas published by the International Diabetes Federation in
2017, south-east Asia is home to approximately one-fifth (19%) of the total
diabetes population worldwide.
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In 2018, the acute care segment held the largest share of the
market, by usage. This segment is also expected to dominate the market in 2027
owing to rising prevalence of chronic diseases, growing geriatric population.
Some of the major primary and secondary sources for market
included in the report are Centers for Disease Control and Prevention (CDC),
USFDA, International Hospital Equipment (IHE), European Health Information
Gateway, Journal of Patient Care, China Food & Drug Administration,
contract research organizations, and among others.
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