Report : US and Europe Smart Hospital Beds Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Patient Weight (Less than 70 lb, 70 to 150 lb, 150 to 400 lb, 400 to 500 lb, and Greater than 500 lb), Offering (Products & Accessories, Software & Solutions, and Services), Application (Fall Prevention, Pressure Injury Prevention, Patient Deterioration & Monitoring, and Others), and End User (Hospitals, Clinics & Nursing Homes, Ambulatory Surgical Centers, Medical Laboratories, Long Term Care Centers, and Others)
Fall Prevention Segment by Application to Account Larger Share in Smart Hospital Beds Market during 2022–2028
According to our latest study on “US and Europe Smart Hospital Beds Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Patient Weight, Offering, Application, and End User,” the market is expected to grow from US$ 405.20 million in 2022 to US$ 859.45 million by 2028; it is estimated to record a CAGR of 13.4% from 2022 to 2028. The report highlights the key factors driving the US and Europe smart hospital beds market growth and prominent players with their developments in the US and Europe US and Europe smart hospital beds market.
Based on application, the US and Europe smart hospital beds market is segmented into less than product and fall prevention, pressure injury prevention, patient deterioration and monitoring, and others. The fall prevention segment held the largest market share in 2022, and the others segment is anticipated to register the highest CAGR during the forecast period. Patients fall prevention in hospitals is an important part of a patient safety plan. Also, patient falls are among the leading cause of morbidity and mortality in hospitals and healthcare systems, accounting for at least 30% of occurrences resulting in severe injuries to the patient. The CareView company article reveals that hospital falls have increased costs by ~US$ 14,000 per patient stay on average. Also, the average fall costs about US$ 8,000 in diagnostic testing. Therefore, companies are designing smart hospital beds with five main features: low height beds, bed-exit detection systems, bed event data and history logs, staff communication, and a clear view of surroundings. The Centrella smart beds incorporated at the University Hospital involve technology to reinforce patient safety measures and make it convenient for nurses. The new smart bed offers a variety of safety features, such as a motion-activated night light, and is connected to the hospital's call system for alerts to be intimate directly in the nurse's smartphone. Such technological advancement and innovative smart hospital bed designs ultimately influence the fall prevention segment growth, thereby dominating the US and Europe US and Europe smart hospital beds market growth.
Market Driver
The US and Europe US and Europe smart hospital beds market is widely driven by the growing geriatric population. According to the United Nations, the global median age has changed notably in the last few decades; it increased from 24 in 1950 to 31 in 2020. This indicates that there has been a rise in the geriatric population, along with the overall population, in every country. According to the World Health Organization’s (WHO) estimates published in October 2022, 1 in 6 people across the globe will be aged 60 or above by 2030. The number of people belonging to the age group of 60 years and above is expected to surge from 1 billion in 2020 to 1.4 billion by 2030 and 2.1 billion by 2050. In addition, the number of people aged 80 and above is expected to reach 426 million by 2050.
According to Population Reference Bureau (PRB), Italy has 23% senior citizens, followed by Finland, Portugal, and Greece, respectively, ranking among the top five countries. Furthermore, 22% of the total population in Finland, Portugal, and Greece is the geriatric population. Countries such as Croatia, Greece, Italy, Malta, Portugal, Serbia, Slovenia, and Spain, collectively account for 21% of the geriatric population in Europe. Similarly, the senior population in the US accounts for 16% of the total population. The growing geriatric population is boosting the demand for smart beds in healthcare facilities, which is contributing to the growth of the US and Europe smart hospital beds market. These beds allow nursing staff and caregivers to take good care of elderly patients. Also, the demand for smart beds in homecare settings is increasing as these setups help reduce dependency on caregivers and nurses for changing positions of older patients on beds. Also, with smart hospital beds, keeping a record of their vitals has become easier and simpler for caregivers.
The Europe healthcare system is among the best in the world; however, the COVID-19 pandemic has adversely disrupted hospital services across the region, and many hospitals had to provide services beyond their capacity. Many European countries have reallocated their funding during the pandemic to serve crisis priorities and support health care, SMEs, and others. Many governments of various countries in Europe and the US government announced recovery packages to prioritize three areas: strengthening health systems, digitalization, and accelerating the transition to a carbon-neutral economy. For instance, the UK government has announced buying hospital beds to provide more hospital space. During the pandemic's peak, the NHS was insufficient to offer critical care and had the least number of beds per head in Europe. It has 7.3 ICU beds per 100,000 people, compared to Germany's 33.8. It was also analyzed that the UK was way behind in offering ICU beds than countries such as France, Italy, Australia, and Spain.
In January 2023, the NHS was allocated US$ 162.2 million (£200 million) to buy thousands of beds for care homes and upgrade hospitals. The number of beds is expected to increase as ~13,000 medically fit patients occupy beds in England. The NHS hopes to free 2,500 hospital beds space so that the patients in the accident and emergency rooms can be shifted to the general wards. Thus, buying new beds will allow the NHS to install smart hospital beds, overcome the challenges, and offer monitoring services for critically ill patients. Buying smart hospital beds can also enhance their nursing services and the shortage of nursing staff in the hospitals, leading to the market growth.
Hill-Rom Holdings Inc, Stryker Corp, DewertOkin GmbH, Arjo AB; Medline Industries Inc, Invacare Corp, Paramount Bed Co Ltd, Zhangjiagang Braun Industry Co Ltd, GF Health Products Inc, and Enigma Care Ltd are a few of the key companies operating in the US and Europe smart hospital beds market.
Companies operating in the US and Europe smart hospital beds market adopt various organic and inorganic strategies. Organic strategies mainly include product launches, expansions, and product approvals. Acquisitions, collaborations, and partnerships are among the inorganic growth strategies witnessed in the US and Europe smart hospital beds market. These growth strategies allow the market players to expand their businesses and enhance their geographic presence, thereby contributing to the overall US and Europe smart hospital beds market growth. Further, acquisition and partnership strategies help them strengthen their customer base and expand their product portfolios.
A few of the significant developments by key market players are listed below:
- In November 2022, Pegasus Health Group, a Sydney-based company, was acquired by LINET Group to strengthen its presence in the Australian market to offer its full range of premium services to customers in New South Wales. LINET Group continues to widen its global sales network. Australia is an increasingly important market for the Linet Group due to its well-established healthcare industry, which is quite comparable to the US.
- In May 2022, Wissner-Bosserhoff GmbH launched sentida sc, a new bed platform, and customized concepts. Its aim is to provide solution-oriented support for maintaining and promoting individual mobility.
- In June 2020, Noa Medical Industries Inc, a manufacturer of long-term care and acute care beds, entered into an export management agreement with Dorian Drake International for Latin America and the Caribbean with a special focus on distribution and promoting the brand.
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