Healthcare Smart Beds Market Size, Share & Trends Analysis Report 2021 - 2028
Healthcare Smart Beds Industry Overview
The global healthcare smart beds market size is expected to reach USD 740.6 million by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 7.6% from 2021 to 2028. Hospital beds are the most utilized component in hospitals. Patients spend extended periods of time on these beds, which makes it vital for hospitals, nursing homes, and other healthcare settings to ensure the quality and comfort of these beds in order to aid the fast recovery of patients. The introduction and incorporation of smart technologies in hospital beds in recent years have greatly assisted nursing and healthcare staff in recording, monitoring, and analyzing minute details of the patients’ health for effective patient care.
There has been a rising demand for precise and rapid medical care across the globe and early detection of any changes in vital signs is crucial for the proper monitoring of the patient. These medical smart beds are becoming an important resource in assisting medical teams for the continuous monitoring of patients and numerous studies have shown their efficacy in healthcare settings. A recent study conducted by Harvard Medical School highlighted that the use of smart beds could help in reducing code blue events by 86% and as a result, this reduces the average stay of ICU patients who have been transferred from the surgical unit by 45%.
With the rising demand for comfort in hospitals, increasing healthcare expenditure, and emerging technological advancements, the demand for smart beds is also rising across the healthcare sector. Smart beds are integrated with sensors and control panels that monitor and relay the vitals of patients for timely intervention. Home healthcare has been gaining significant traction across the globe as it helps save considerable costs for patients. A majority of the cost of hospital treatments is associated with high-quality facilities and amenities at the hospitals. This is driving families of patients with chronic illnesses to invest in smart beds so that they can take care of the patients from the comfort of their own homes without any additional cost.
Companies are introducing new innovative products to address the evolving needs of hospitals and gain a competitive edge over other manufacturers. For instance, in October 2020, Stryker launched a new smart bed called ProCuity, which is a completely wireless hospital bed with a number of smart patient monitoring features. ProCuity has been incorporated with Stryker’s Secure Connect technology, which helps in providing a wireless method to connect to nurse call systems. The nurse call system helps in streaming parameters such as bed configuration, exit alarms, the position of side rails, and movement to hospital information systems (HIS). This helps in keeping a note of all important readings and observe the changes.
Healthcare Smart Beds Market Segmentation
Grand View Research has segmented the global healthcare smart beds market on the basis of application and region:
Based on the Application Insights, the market is segmented into Hospitals, Outpatient Clinics, Medical Nursing Homes, & Medical Laboratory and Research.
- The hospitals segment dominated the market with a revenue share of over 70.0% in 2020. This is attributed to the rising incidences of in-patient admissions due to chronic ailments, such as cancer, kidney failure, and heart diseases. This application segment is projected to witness the highest growth over the forecast period.
- The outpatient clinics segment is projected to expand at a revenue-based CAGR of 7.3% from 2021 to 2028. Improving healthcare standards in Asian, African, and South American countries has been crucial in the growth of primary healthcare facilities and their consequent prevalence across rural areas in these regions. Outpatient clinics form the primary care centers for diagnosis and preliminary point of care for consumers across the globe.
Healthcare Smart Bed Regional Outlook
- North America
- Europe
Key Companies Profile & Market Share Insights
The market for healthcare smart beds is characterized by the presence of several well-established players. These players account for a considerable market share and have a strong presence across the globe. The market also comprises small-to-midsized players that offer a selected range of smart bed products and mostly serve regional customers. The impact of established players on the market is quite high as a majority of them have vast distribution networks across the globe to reach out to their large customer bases. Some prominent players in the global healthcare smart beds market include:
- Stryker Corporation
- Hill-Rom Holdings, Inc.
- Invacare Corporation
- Paramount Bed Holdings Co., Ltd.
- LINET
- Joerns Healthcare LLC
- Stiegelmeyer GmbH & Co. KG
- Arjo
- Völker GmbH
- Favero Health Projects SpA
Order a free sample PDF of the Healthcare Smart Beds Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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Grand View Research, Inc.
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