Electric Beds Market: Introduction
- Electric bed enables changing the position of both the upper and lower body and adjust the bed height itself. It can also help with a number of medical conditions.
- Poor quality of sleep and uncomfortable sleeping positions can potentially exacerbate medical conditions. Electric beds offer various advantages to people with medical conditions or sicknesses such as poor mobility, swelling complaints, asthma, chronic pain, breathing disorders, and other medical conditions.
Key Drivers, Restrains, and Opportunities of Global Electric Beds Market
- Rise in demand for electric beds is attributed to increase in number of hospitals in developing countries, rise in patient population, surge in geriatric patient population, and surge in acceptance of technologically advanced products are projected to boost the growth of the segment. Outbreak of COVID-19 across the globe has increased the number admissions to hospitals and clinics. For elderly people and patients with critical conditions, electric beds are among the primary requirements. According to the WHO, the number of people aged 65 or older is anticipated to rise globally from 524 million in 2010 to 1.5 billion in 2050. The geriatric population is particularly vulnerable to diseases such as arthritis, heart attack, stroke, osteoporosis, and obesity.
- Electric beds provide extra comfort, facilitate circulation of blood, and are fitted with caregiver assistance, which is convenient for patients. These factors are expected to fuel the growth of the global market during the forecast period. However, low adoption rate of electric beds among patients preferring home health care setups is likely to hamper the growth of the market.
- The world is currently experiencing the pandemic of an infectious disease called COVID-19. This infection leads to multiple organ failure, acute & severe respiratory disorders, pneumonia, and even death in severe cases. Hence, surge in number of patients with severe COVID-19 infection has fueled the demand for electric beds, as these are among the primary requirements for patients with critical conditions.
- Administrations in emerging countries are making significant investments to improve health care infrastructure, which is likely to increase access to health care. This is projected to increase the demand for electric beds. Rise in prevalence of chronic diseases in developing countries presents lucrative opportunities in the global electric beds market.
North America to Capture Major Share of Global Electric Beds Market
- North America is projected to account for major share of the global electric beds market in the next few years, attributed to rise in the number of surgeries and patient admissions. Initiatives to improve patient safety and comfort by offering technologies and modifications are being pursued by major market players in the region. Moreover, COVID-19 outbreak and increase in patients of COVID-19 in North America is anticipated to boost the growth the electric beds market in the region.
- The market in Asia Pacific is expected to grow at a rapid pace during the project period. The emergence of developing countries such as China, India, and Japan is likely to augment the market in the region. Expanding health care infrastructure and increase in awareness about patient safety and treatment are projected to propel the market in Asia Pacific.
Key Players Operating in Global Electric Beds Market
Companies are making efforts to sell electric beds across the world by highlighting the advantages of products and releasing products with groundbreaking features. For example, in October 2020, Stryker introduced ProCuity, a series of electric beds, which is fitted with a number of revolutionary features for patient monitoring. This product helps to prevent patient falls, enables professionals to track bedridden patients effectively, and preserve bed connectivity while moving.
Major players operating in the global electric beds market are listed below:
- Medline Industries, Inc.
- Paramount Bed Co., Ltd.
- Invacare Corporation
- Gendron, Inc.
- Other Prominent Players
Global Electric Beds Market: Research Scope
Global Electric Beds Market, by Product
- Semi-automatic Electric Beds
- Fully Automatic Electric Beds
Global Electric Beds Market, by Application
- General Hospital Beds
- Intensive Care Beds
- Bariatric Beds
- Birthing Beds
Global Electric Beds Market, by End-user
- Hospitals & Clinics
- Dental Clinics
- Reproductive Care Centers
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.