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Therapeutic Bed Market Overview
The Therapeutic Bed Market size is estimated to reach $4.3 billion by 2027. Furthermore, it is poised to grow at a CAGR of 3.2% over the forecast period of 2022-2027. Therapeutic beds are used across the household regimen and commercial or hospital regimen. More often than not, patients after going through rigorous medical treatment need to pertain a therapeutic bed that can offer them ease of resting while also trying to recover. Product launches have sustainably allowed the market to grow. For example, floatation mattress Floatation mattresses have started taking a grip over the market. Moreover, floatation sleep helps in offering firmness and temperature adjustment, which can be varied across the different sleepers. Hence, the unique firmness offered has become their USP. During, radiotherapy the bed so often used is set across to cater to the varied nature and demands of the patients. Since the process can be long and tedious, and more often than not MRIs has done post-surgery require the patient to go for a scan, hence has readily supplemented the therapeutic bed industry outlook. The growing number of geriatric patients along with the surge in surgeries pertaining to orthopedic ailments have been identified as the key driver for the Therapeutic Bed Industry.
Therapeutic Bed Market Segmentation Analysis- By Product
The therapeutic bed market based on the product can be further segmented into clinical beds, household beds, and accessories. The clinical bed held a dominant market share in the year 2021. It is owing to the demand unfurled due to the COVID-19 pandemic. As per WHO, there have been confirmed cases of around 250 million who have/were infected with the said virus. Moreover, owing to cardiovascular ailments and diabetes, the predominant population was admitted to hospitals. Moreover, American Diabetes Association has stated that people afflicted with diabetes have a higher chance of needing a ventilator or hospital bed. The following reason made the demand for clinical beds more and prevalent in the year 2021.
However, the household beds segment is estimated to be the fastest-growing, with a CAGR of 3.8% over the forecast period of 2022-2027. It is owing to the predominant product launches within the household bed segment. Moreover, the growing preference for ASCs will further propel the demand for the household beg segment.
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Therapeutic Bed Market Segmentation Analysis- By Technology
The therapeutic bed market based on technology can be further segmented into Manual, Electrically Powered, and Smart beds. Manually operated therapeutic beds held a dominant market share in the year 2021. It is owing to the ease by which these beds are manufactured, and the low cost of the manually operated therapeutic bed is boosting the demand. For example, a manual hospital bed would cost close to $500, hence, the bed can be easily bought by the households as well. Moreover, patients reported “low-complexity” as a major factor while deciding on the technology type, which further helped the segment.
However, the smart bed segment is estimated to be the fastest-growing, with a CAGR of 4.1% over the forecast period of 2022-2027. It is owing to the use of IoT and AI within the said technology, which further eases the patient’s care. The predominant product launched has further taken a grip over patients. Research shows that between 700,000 and 1 million patients experience a fall while being treated in the hospital annually, with 79 percent of falls occurring on or near a bed while unassisted. The following reason would allow the market to grow.
Therapeutic Bed Market Segmentation Analysis- By Geography
The Therapeutic Bed Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America’s therapeutic bed market held a dominant market share of 36% over the other regions in the year 2021. As per a news bulletin in NY Times, there were close to 5 million hospital admissions in the ICU in the US for the period of 2020. Hence, the market was critically hit by pandemics, however, the pandemic aided in the market growth of the said market. Additionally, the Invacare chief said that the demand for hospital beds and ventilators demand was particularly focussed owing to the high hospital admissions.
However, Asia-Pacific is set to grow at a lucrative pace and will offer multiple opportunities to the marketers owing to the enhanced focus of the government to aid the medical infrastructure. States within India are seeing a surge of new hospital lines setup, which will predominantly help the therapeutic bed market. Lastly, the region saw a 137% increase in the medical bill allocation for the year 2021. The following policies and measures will allow the therapeutic bed market to grow in the projected period of 2022-2027, and thereby aid the therapeutic bed industry outlook.
Therapeutic Bed Market Drivers
The steadfast growth in the geriatric population has been an active driver for the therapeutic bed market driver.
Various governmental organizations and personal institutions, such as private researchers, hospitals, and insurance companies have highlighted that the geriatric population is growing at a pace, much higher than anticipated. The following will directly reflect in the higher utilization of beds, especially pertaining to long ICU stay and home care. For example, CDC estimated that by 2036, the population in the US above 65 will be break-even with the younger adults. Furthermore, they estimate that by 2050, the geriatric population will overtake the younger adult population. Moreover, the growing geriatric trends are felt in the regions of Asia-Pacific as well as Europe. As per the latest EU issue, the demographic has a weightage of 21% towards the senior population. Further, with the dampening rate of fertility rates in Asia-Pacific, the senior population will only boost. Thereby, the given factor has and will readily aid the market growth.
The growing prevalence of using ASCs in places of hospitals has made the therapeutic bed market stronger.
ASC or Ambulatory Surgical Centres are gaining immense traction within the developed countries. The preference is owing to a short hospital stay, ease of getting medical benefits, and heightened patient care. Additionally, the US is estimated to save around $32 billion by 2022 if they adopt the ASC setup. The short hospital stay will correlate to the growth of household beds within the therapeutic bed market. Since the predominant operation conducted by the ASC is orthopedic, patients are advised to use the therapeutic bed for a short amount of time to provide comfort and faster healing.
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Therapeutic Bed Market Challenges
The prevalence of secondhand or rental therapeutic beds has hampered market growth.
Patients must save money when it comes to buying medical devices for a short span of time. Hospital beds/ therapeutic beds are now being rented in the secondary market. The average costs to rent a therapeutic bed can cost anywhere between $200-$500. Moreover, the ICU bed by brand such as Hope-Full can cost anywhere between $4000, especially for ICU beds. Similarly, Invacare’s therapeutic bed can cost anywhere between $1600. Hence, the cost-saving can be as high as 3.5x than buying a new one. Especially, the orthopedic treatment or short-term operative stay would require the person to stay not more than a month. Hence, the following factors have dampened the market growth.
Therapeutic Bed Market Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Therapeutic Bed Market. The top 10 companies Therapeutic Bed Market include:
Therapeutic Bed Market Developments
In May 2021, the US-based KCE bed launched the first-ever revolutionary new side sleeping electric adjustable bed. Many individuals experience relief from conditions such as sleep apnea, snoring, acid reflux, heartburn, body aches, high blood pressure, and anxiety when they adopt a side sleeping position. In fact, side sleeping is the #1 natural sleep position as described by doctors and scientists. Moreover, the company plans to achieve better results by including IoT in the said beds to enhance the user experience.
In October 2020, Stryker launched the industry’s first-ever completely wireless hospital bed. The bed has been named “Pro-Cuity.” The invention behind the bed was to reduce in-hospital patient falls at all possible levels. Additionally, the product would improve the nurse workflow efficiencies and safety, by simultaneously keeping the hospital costs down. Researchers have found that 700,000 to 1 million experience a fall.
In September 2020, Niagara Therapy launched its Niagara Therapy “Adjustmatic” Electric Adjustable sleep system. The following is a wireless touch-controlled fully-adjustable sleep system, which is available across all size ranges and can fulfill various suites’ requirements. Niagara cycloid vibration therapy (CVT) motors are built-in to provide a full-body delivery system for a complete Niagara therapy experience.
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