Industry Forecast

Medical Bed Market share to grow at 5.5% CAGR from 2017 to 2024

Press Release   •   Jan 16, 2018 01:19 EST

The rising number of investments in healthcare facilities across the globe is likely to massively impel medical bed market. In order to provide advanced medical care to the patients, many regional and state governments are investing heavily in healthcare infrastructure development. For instance, the Australian state government has provided a funding of USD 470 million to construct a 195-bed Victorian Heart Hospital, which could be one of world’s leading healthcare facility centers for researchers and patients. Furthermore, the Medical University of South Carolina (MUSC) has approved the construction of a new 128-bed hospital project worth USD 325 million in the tri-county region.

Through this development, the government plans to fulfill the increasing healthcare demands by providing high quality and consistent care to patients, thereby enhancing medical bed market share. Essentially, the significant involvement of private and government organizations in healthcare infrastructure development and capacity expansion will heavily augment medical bed industry share. Speaking of one more rather pivotal instance, the renowned healthcare service provider, Trident Health, currently is involved in six ongoing expansion projects. In fact, it has invested USD 75 million in the Summerville Medical Center and Trident Medical Center to expand its medical care facilities further. The aforementioned instances vividly demonstrate that the ongoing healthcare infrastructure expansion projects will stimulate medical bed market trends over the years ahead.

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Apart from facility expansions, many of the giants in medical bed industry have been involving themselves in strategic mergers and acquisitions to capture more business space. For instance, Rowsley has recently signed a deal to acquire the Singapore based healthcare service provider, Thomson Medical for S$1.6 bn. Furthermore, it will also buy 70.36% shares in the Malaysian firm TMC Life Sciences. TMC Life Sciences apparently plans to establish the Tropicana Medical Center across Kota Damansara with three times more beds than its current capacity. In addition to this, TMCLS is looking forward to developing Thomson Iskandar Medical Hub comprising a 500-bed tertiary hospital in Johor Bahru. The precedence demonstrates the growing requirement of healthcare services along with changing demographics across South-East Asian region that would suitably boost medical bed market outlook.

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The increasing investment in infrastructure development in sync with the rising demand for medical beds across several states of America, in turn, is shedding a positive light on the regional medical bed industry share. For instance, the Ohio State University based in Columbus is planning to build new ambulatory center and hospital tower at Wexner Medical Center with an investment of more than USD 2 billion. The proposed new hospital tower will comprise of 840 beds with critical care units, emergency service units, and diagnosis & treatment service areas. Depending on the board’s approval, the hospital is expected to commence its operations by 2025, and contribute considerably toward the regional medical bed market development. Further on, the homeless shelter across the Eastern region of Iowa has also been demanding beds on a large scale, owing to the surging prevalence of chronic mental health problems in the region. The rising number of hospital admissions for effective diagnosis of chronic diseases including diabetes, respiratory disorders, cardiovascular diseases, and cancer is slated to propel medical bed industry size over the coming years.

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Many of the developed and emerging economies have been taking initiatives to establish advanced healthcare facilities to provide most effective, economic, and safe care service to patients, which would contribute toward driving the revenue scale of medical bed market. For instance, recently, the health department of the Vietnam government unveiled the construction of a 550-bed general hospital across Sơn La province. Furthermore, three new city hospitals have been constructed across Qatar, deploying around 500 hospital beds. Given the ongoing trends of healthcare infrastructure development, it has been estimated that the overall medical bed market size will be pegged at USD 4 billion by the end of 2024.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.