According to this report the global electric bed market is expected to reach $4,597.60 million in 2027 from $2,111.59 million in 2019. The market is estimated to grow at a CAGR of 9.6% from 2020 to 2027.The growth of the market is attributed to key driving factors such as rising number of chronic diseases, increasing number of hospitals and clinics, and growing number of public-private partnership in the healthcare industry. However, the steep prices of electric beds and reduction in average length of hospital stays are likely to hinder the market growth.
Based on product, the electric bed market is segmented into semi-automatic electric bed and fully automatic electric bed. The semi-automatic electric bed segment held a larger share of the market in 2019, while the fully automatic electric bed segment is expected to grow at a higher CAGR during the forecast period. The increasing number of patients coupled with patient compliance and improvement in the quality of care provided by healthcare institutions across the world is expected to augment the growth of the fully automatic electric beds segment during the coming years.
Most of the global healthcare players focus on the emerging market such as APAC due to increasing prevalence of chronic diseases (including diabetes) and rising medical tourism in the region. Many of the Asian countries such as India, Thailand, and Singapore are becoming the destination for medical tourists. Additionally, government authorities in APAC countries are focusing on strengthening their medical tourism sector, thereby maximizing the flow of revenue. In India, medical science has grown rapidly in the past few decades.
Many patients from Europe and the Middle East are choosing India as their favorite destination to leverage the availability of efficient infrastructures and technology with the Indian healthcare sector. The health insurance market and National medical systems here are well developed, which is convenient for visitors from the West and the Middle East. Nevertheless, they also find hospital expenses affordable.
In Japan, the escalating number of foreign visitors is likely to project the healthcare sector as one of the most important contributors to the national economy in the coming years. Poland is steadily growing as one of the popular medical tourism destinations in Europe. The cost of medical treatments in the country are often 60-80% lower than the costs of the same benefits in the rest of the EU countries. The major reason for the growth of tourism is Poland's recognition and acceptance of the European Union.
The rising medical tourism, especially in the emerging countries, is anticipated to provide significant growth opportunities to the electric bed market players during the forecast period.
The COVID-19 pandemic is causing massive disruptions in global supply chains, consumer markets, and the economy as a whole. However, the demand for electric beds has increased due to COVID 19 as the hospital beds playa primary role in the care required for COVID-19 sufferers. The condition of patients not receiving care may be fatal and thus the initial months of transfection resulted in whooping demand for advanced beds for patient care.
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