The geriatric population is increasing in most countries. This is expected to increase the number of deaths due to chronic non-communicable diseases, such as high cholesterol, diabetes, arthritis, dementia, cancer, and congestive heart failure. Stroke, cancer, and heart disease are expected to continue to have the greatest impact on the aging population, mainly in developed countries. Additionally, the intensity of obesity and injuries adds to market growth.
For instance, according to the United Nations 2022 report, the population aged 65 and above is expected to rise by 16% in 2050 from 10% in 2022. In 2022, there were nearly 771 million individuals aged 65 years or above globally. The older population is expected to reach 994 million in 2030 and about 1.6 billion in 2050. By 2050, the number of individuals aged 65 and above will be more than twice that of children under age 5. It is also projected that the number of people aged 80 or above will triple to 426 million in 2050 from 143 million in 2019. Thus, the rising number of aged populations is expected to increase the burden of chronic diseases, thereby increasing the hospitalization rate. For instance, as per CDC, in September 2022, cardiovascular diseases in the U.S. caused $216 billion in healthcare system costs and resulted in a loss of $147 billion in productivity due to premature death.
Additionally, the increasing number of hospitals is fueling the growth of this market. The health status of a country has a significant impact not only on the people and quality of life but also on the nation's economic status. With the rising burden of various diseases, many countries are focusing on increasing the number of healthcare facilities to enhance the quality of healthcare and reduce the treatment burden. As per the data from WHO, it is estimated that a global shortfall of 12.9 million healthcare workers will be witnessed by 2035. Various countries worldwide have taken measures to counter rising diseases and advance medical infrastructure in the country. For instance, the government of India has taken various steps to increase the number of hospitals, including 100% FDI investment in sectors such as hospital construction, insurance, and medical devices, among others. (Source: Reimagining Healthcare in India Through Blended Finance, February 2022 report. Additionally, in November 2022, Ship Healthcare Holdings, Inc. (Japan) partnered with Aichi Medical Group (Bangladesh) to build a 1,000-bed hospital in Dhaka by 2026.
Medical beds provide patients with comfort during hospital treatment and enhance treatment outcomes. Awkward posture and improper sleep during the treatment may cause a lot of other medical disorders, such as osteochondritis, radiculitis, arthritis, blood supply disturbance, insomnia, allergy, asthma, and sleep apnea. Decubitus ulcer is a common and serious problem for bed-bound patients. Additionally, painful bed sores, respiratory and circulation issues, contractures, and depression are among the major concerns for bedridden patients. Thus, ergonomic factors such as the design of hospital beds and the environment are duly taken into consideration in the treatment. Thus, the above factors are expected to increase the demand for hospital/medical beds.
Thus, the growing geriatric population, coupled with the rising prevalence of chronic diseases, and the supportive initiatives for the expansion of hospitals are the factors driving the market. According to Meticulous Research®, the global hospital/medical beds market is expected to grow at a CAGR of 6.4% to reach $6.66 billion by 2030.
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