Medical Bed Market Size - North America

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Medical Bed Market Size - North America

While no preexisting statistics for this market exist, the total number of medical beds sold in North America 2018 has been estimated based on available information. The total number of medical beds sold in North America in 2018 was estimated to be 72,816. This information has been added to the attached spreadsheet and the triangulation explained below.

SUMMARY OF FINDINGS

  • Electric medical beds segment occupies 43.33% of the medical beds market, while the manual and semi-electric segment makes up 56.77%.
  • Therefore, the North America electric medical bed market is valued at $305.5 million, while the manual and semi-electric bed market is valued at $399.5 million.
  • The average price of electric medical beds is $15,627, while regular medical beds go for between $5,000 and $10,000, an average of $7,500.
  • The total number of electric beds sold in North America was 19,549 in 2018, while the number of manual and semi-electric beds sold in the same region in 2018 was 53,267.

RESEARCH STRATEGY

We commenced our research by thoroughly examining the previous request to identify if the provided number of beds sold was correct. We observed that the average price used was inaccurate. Since the average price used was inaccurate, we began to look for the total number of medical beds sold in 2018 from market research firms, media sources as well as authoritative agencies databases like American Hospital Association, Global Market Insights, Market Watch, and PR Newswire. However, even though there were multiple reports on the global medical bed market, none of the reports contained snippets that provided the volume of beds sold as only sales revenue was available. One of this report also provided the share of the electric bed segment, which proved useful in our calculations because we found that electric beds were way more expensive than regular medical beds.

Our next strategy was to triangulate an estimate. To do this, we first needed to find the average price of medical beds and then use this number to divide the size of the North American medical bed market. In trying to identify public sources that that provided the average price of medical beds, we found an article from 2015, which details the average price of medical and electrical beds. As this article falls beyond the stand 2-year time frame for all sources used by the Wonder research team, we sought another strategy to circumvent this.

We looked at six different medical bed maker and supplier to identify different medical beds and then compute an average, however, of the six companies checked, only one company, Invacare, published the price of its medical beds publicly. The companies examined include Stryker, Drive, DRE, Hill-Rom, Invacare, and MedLine. Using a single supplier would have likely skewed the results. A further search of the public domain, including a press search, yielded another article which places the average price of medical beds between $4,500 and $7,000, with some specialized beds going for upwards of $15,000. To calculate the number of beds, we settled for the average price provided by the Modern Healthcare article since it specifically spelled out the average price for electrical and medical beds. Our calculations have been detailed below.

CALCULATIONS

Market Size

  • Global market size: $3 billion
  • North America market share in the global market: 23.5%
  • North American market size: $3 billion * 0.235 = $705 million

Total Number of Beds Sold

According to research by Global Market Insights, the global medical bed market was worth $3 billion in 2018. Of this market value, electric medical beds made up $1.3 billion, with manual and semi-electric medical beds making up the rest — $1.7 billion ($3 billion$1.3 billion). Therefore, electric beds make up:
($1.3 billion/$3 billion) * 100 = 43.33% of the medical bed market

That means the manual and semi-electric segment makes up 56.77% (100% — 43.33%).

Assuming the North American market segmentation by medical bed type is the same as the global segmentation, we then calculated the size of the electric medical bed market in the United States and the size of manual and semi-electric medical bed market in the region.
  • North America medical bed market size: $705 million
  • Electric medical beds share of the total North America medical bed market: 43.33%
  • North America electric medical bed market size: $705 million * 0.433 = $305.5 million
ELECTRIC BEDS
  • The average price of electric medical bed: $15,627
  • Number of electric beds sold in North America: $305.5 million / $15,627 = 19,549 beds
MANUAL & SEMI-ELECTRIC MEDICAL BEDS
  • North America medical bed market size: $705 million
  • North America electric medical bed market size: $305.5 million
  • North America manual and semi-electric bed market size: $705 million — $305.5 million = $399.5 million
  • Average price of medical beds: $5,000-$10,000, that is, average of $7,500 (($5,000+$10,000)/2)
Assuming that manual and semi-electric medical beds cost the same price, then the number of manual and semi-electric medical beds sold in 2018 is:
$399.5 million/$7,500 = 53,267 beds

Therefore, the estimated total number of medical beds sold in 2018 was 72,816 (19,549 + 53,267).


Sources
Sources