New technologies and growth in the aging population will sustain demand for hospital beds
Los Angeles, CA (PRWEB) January 25, 2012
The $2.5 billion Hospital Bed Manufacturing industry has been resilient during the recession, and it is forecast to continue growing in the coming years. Revenue is expected to increase 4.2% from 2011 to 2012. Over the five years to 2012, IBISWorld estimates revenue to increase at an average annual rate of 4.2%. According to industry analyst and report author Nima Samadi, “Demand for hospital beds has grown as a result of increased public and private health spending, continued innovations and new product introductions, such as increasingly popular smartbeds and hospital beds designed for the home care market.” These trends are projected to continue during the five years to 2017, resulting in strong revenue growth.
The US economic downturn did little to deter hospitals and other customers from purchasing hospital beds. In fact, more industry companies gained sales in 2008 and 2009 than those that experienced declines. Samadi says, “The aging US population is a major factor driving demand, as the occurrence of health issues that require hospitalization and bed rest is higher in the elderly population.” This demographic is forecast to expand as a percentage of the total population during the five years to 2017, which will help maintain industry growth.
A number of technological advances in hospital bed technology have encouraged replacement demand. Some hospital beds offer integrated scales that help prevent pressure ulcers and other injuries associated with bed rest. In addition, newer hospital beds have been designed to maximize fall prevention, with better designed patient guards and the ability to be lowered to safe distances. Moreover, hospital beds can be equipped with interrogated vital signs monitors and critical indicators. These devices automatically notify doctors and nurses when they need to intervene or make an adjustment. Over the past five years, there has also been a dramatic rise in the need for hospital beds designed for the home care segment. Industry players, such as Hill-Rom and Invacare, have experienced strong growth on the coattails of the popularity and growing acceptance of in-home patient recovery and long-term patient in-home care.
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This industry manufactures beds for use in hospital or clinical settings and other specialized hospital furniture.
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