Medical Beds And Mattresses

Part
01
of eight
Part
01

Medical Bed Market Size - Europe

The European market for medical beds continues to grow due to factors including an aging population, widespread presence of chronic diseases, and the introduction of technologically advanced beds to the market.

MARKET SIZE OF THE MARKET FOR MEDICAL BEDS IN EUROPE


RESEARCH STRATEGY

To conduct this research, we sought out trusted market research reports and were able to find the expected size of the market for medical beds in Europe in 2024. As the same source quoted the figure of a CAGR of 3.9% from 2018, using a CAGR calculator we were able to extrapolate the 2018 market size in USD, then the 2019 market size.
Part
02
of eight
Part
02

Medical Bed Market Size - North America

The North American medical bed market size as of 2018 is estimated to be $705 million, and approximately 1,944,828 medical beds were sold. We have updated columns B through C of row 4 of the attached spreadsheet with the requested information regarding medical beds market in North America. Outlined below is a summary of our findings.

FINDINGS

RESEARCH STRATEGY

After a thorough and wide-reaching search through medical beds market reports, media sources as well as authoritative agencies databases like American Hospital Association, Global Market Insights, Market Watch, and PR Newswire, we could not publicly find information regarding the market size and number of medical beds sold in 2018 in North America, as this information is only available behind a paywall. However, we were able to find data points like the North American regional market share in the global medical beds market (23.5%) and the global medical beds market size ($3 billion). Using a pricing site, we were able to determine the average price of medical beds. We have triangulated a proxy for the market size and the total number of medical beds sold as of 2018 in North America using the data points above as follows:

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 MEDICAL BEDS SOLD

Total number of medical beds sold = sales revenue / average price of medical beds
Sales revenues of medical beds in North America — $705 million
Average price of medical beds — $362.5
Total number of medical beds sold = $705 million / $362.5 = approximately 1,944,828 medical beds
Part
03
of eight
Part
03

Medical Bed Market Size - Asia

While no preexisting statistics for this market exist, the market size has been estimated based on available information. The Asian medical bed market is estimated at $486.40 million by the end of 2019. This information has been added to the attached spreadsheet. The triangulation has been explained below.

MARKET SIZE

  • According to a market report by Research and Markets, the Asia medical/hospital bed market is expected to reach $682.2 million by 2025, at a cumulative annual growth rate (CAGR) of 5.8% between 2018 and 2025.
  • Using an online CAGR calculator (details under "Research Strategy" below), we were able to piggyback off these data points to estimate the 2019 market size of the Asian medical bed market at $486.40 million by the end of 2019.
  • Key players operating in this market include Paramount Bed Holdings Co., Ltd., Stryker Corporation, MalvestiSpa, amongst others.

GROWTH DRIVERS

RESEARCH STRATEGY

We commenced our research looking into the size of the Asian medical bed market from market research firms. We found multiple global reports with the current global market size of the medical bed market. Looking through these reports to see if they contained the market share of the Asian Market proved abortive. In continuing our research, we found another report by Research and Market on the Asian medical bed market, although the data provided was the projected revenue in 2025. That said, the report also provided the expected CAGR during the forecast period of 2018 to 2025. These data points allowed us to piggyback to the market size of the market in 2019 using an online CAGR calculator. Our research did not yield the total number of beds sold in the region or data points we could leverage to triangulate an estimate. What was available was the number of hospital beds available in Asia. As such, we have left the cell blank.

Calculations

Using an online CAGR calculator and inputting the following variables:
  • Growth rate (CAGR): 5.8%
  • Number of Periods (2025-2019): 6
  • Initial value (2019 market size): Unknown
  • Final Value (2025 market size): $682.2

The 2019 Asia medical med market is estimated to be worth $486.40 million by the end of 2019.






Part
04
of eight
Part
04

Medical Bed Market Size - Rest of World

The Medical bed market size in the rest of the world was $959.4 million in 2018, and will reach $1,014 billion by 2019. In addition, the global medical bed market size was $3 billion in 2018, and is expected to grow at a CAGR of 5.7%. Also, the medical bed market in Africa will expand at a similar CAGR as that of Europe through to 2023.

REST OF WORLD MEDICAL BED MARKET SIZE

  • The calculated medical bed market size for the rest of the world, including South America, Africa and Australia, was $959.4 million 2018. In addition, the calculated medical bed market size for rest of the world, including South America, Africa and Australia, will be approximately $1 Billion in 2019.

OTHER USEFUL FINDINGS:

  • The medical bed market in Africa will expand at a CAGR similar to that of Europe through to 2023. Due to increased incidences of lifestyle diseases, the Asia medical/hospital beds market is expected to reach $682.2 million by 2025, at a CAGR of 5.8%, during the forecast period of 2018 to 2025. Due to diseases like obesity and diabetes, there is an increased demand for bariatric beds in Central America. There is also an increased demand for critical care beds in South America.
  • The global medical bed market size was $3 billion in 2018, and is expected to grow at a CAGR of 5.7%. The calculated medical bed market size in 2018 for North America was $705 million, $875.9 million for Europe, and $459.7 million for Asia. The medical bed market in Asia is expected to reach $682.2 million by 2025.

RESEARCH STRATEGY:

  • In order to find information on the market size of the market for medical beds in the rest of the world, which includes South America, Africa and Australia, we started to search for industry reports on sites like IBIS World, Global Market Insights, and Markets and Markets. We found a report on the Global Medical Beds Market size, but no information was available on the market size of South America, Africa and Australia, as the entire report was behind a paywall.
  • We then searched for articles to find the medical bed market share of regions like South America, Africa and Australia, on sites like Medical Buyer, Med Gadget, among others. This strategy was not successful as there was no market share found. We therefore decided to use the market share information to calculate the market size of the South America, Africa, and Australia regions.
  • Next, we searched for information on the market size of other regions like North America, Europe and Asia, with the intention of using the same to calculate the market size for the rest of the world. We found various reports on sites like PR Newswire and Meticulous Research, among others, which provided the required information. We used this information to calculate the market size of medical beds in the rest of the world. The calculations are in the next section.

CALCULATIONS:

  • The Global Medical Bed Market Size is $3 Billion in 2018.

1. Medical Bed Market Size for North America

  • The North America market share in the global market is 23.5% . The North American market size = (Global Market Size x Market Share) = $3 Billion x 23% = $705 million . Therefore, the market size of the medical bed market for North America in 2018 is $705 Million.

2. Medical Bed Market size for Asia:

  • The Asia medical beds market is expected to reach $682.2 million by 2025, at a CAGR of 5.8%. We used the CAGR calculator and input the following variables:
Growth rate (CAGR): 5.8%
Number of Periods: 6
Initial value: Unknown
Final Value (2025 market size): $682.2 Million
  • Therefore, the market size of the medical bed market for Asia in 2018 is $459.7 Million.

3. Medical Bed Market Size for Europe:

  • The European hospital beds market is expected to grow at a CAGR of 3.9% from 2018 to 2024, to reach $1,102 Million by 2024. We used the CAGR calculator and input the following variables:
Growth rate (CAGR): 3.9%
Number of Periods: 5
Initial value: Unknown
Final Value (2024 market size): $1,102 Million
  • Therefore, the market size of the medical bed market for Europe in 2018 is $875.9 Million

4. Medical Bed Market Size for the Rest of the World (South America, Africa and Australia)

  • The global medical bed market size is $3 Billion. Therefore, the medical bed market size for the rest of the world, including South America, Africa and Australia, is: [Global Medical Bed Market Size (Market size of North America + Europe+ Asia)]
= [$3 Billion- ($705 Million +$459.7 Million + $875.9 Million)]
= ($3,000,000,000 - 2,040,600,000)
= $959,400,000
  • Therefore the medical bed market size for the rest of the world in 2018 is $959,400,000. The global Medical bed market is growing at a CAGR of 5.7% from 2019 to 2025. Assuming that the growth rate will be the same for the rest of the world, we calculated the medical bed market size for the rest of the world in 2019 as follows:
Using CAGR calculator and inputting the following variables:
Growth rate (CAGR): 5.7%
Number of Periods: 1
Initial value: 959,400,000
  • The Final value will be $1,014,085,800. Therefore, the medical bed market size for the rest of the world, including South America, Africa and Australia, in 2019 will be $1,014,085,800.
Part
05
of eight
Part
05

Medical Mattress Market Size - Europe

The market size for the European medical mattresses market was estimated at $584.82 million at the end of 2018. The surge in patient care services and the rise in the number of healthcare facilities globally are found to be key drivers for this market. All relevant information has been documented in row 3, column E-G, of the attached spreadsheet.

EURPPEAN MEDICAL MATTRESSES MARKET SIZE

  • According to the 'Global Medical Mattresses Market 2019-2023' report published by Technavio, the market size is expected to increase by $425.1 million during the forecast period from 2019-2023. The year-over-year (YoY) growth rate for 2019 is expected to be 4.96% while the CAGR over the forecast period (2019-2023) is predicted to be 5%. (Source#2)
  • The overall growth for the forecast period (2019-2023) can be calculated using the following formula,
    • Overall growth rate = [(1+CAGR)^(number of periods) — 1] x 100
    • Overall growth rate = [((1+0.05)^5) — 1] x 100 = 27.63%
  • Thus, the current global market size of the medical mattresses market can be computed using the following formula,
    • Global market size (2018) = [Incremental growth / overall growth rate]
    • Global market size (2018) = [$425.1 million / 27.63%] = [$425.1 million / 0.2763] = $1,539 million
  • According to a report published by Markets and Markets, Europe has a 38% share in the global 'Medical Bed' market. Therefore, the estimated market size of the European Medical Mattresses market is calculated as follows,
    • Estimated market size (Europe) = [European market share x Global market size]
    • Estimated market size (Europe) = [38% of $1,539 million] = $584.82 million
  • The market size of the medical mattresses market for Europe has been estimated to be around $584.82 million.


OTHER INSIGHTS

  • The global industry is 'Moderately Fragmented' with various players who occupy a part of the market share. Some key players operating in the market include Blue Chip Medical Products, Casco Manufacturing Solutions, Thomashilfen, Select Medical, Hill-Rom.
  • One of the key drivers for the market will be the surge in patient care services globally due to the rise in the number of healthcare facilities.
  • Based on the product type, the market is primarily categorized into three broad sectors — foam medical mattresses, innerspring medical mattresses, and other mattresses.
  • The foam segment of the medical mattresses market held the largest market share in 2018 and constituted more than 42% of the overall market. This product is expected to dominate the global medical mattresses market throughout the forecast period of 2019-2023, according to Business Wire.
  • It has also been forecast that 44% of the market growth will be contributed by the APAC region during the period 2019-2023.

Research Strategy:

We began our search by looking through the various research reports from market analysis websites such as BusinessWire, Technavio, Grandview Research, Market Radar, Deloitte, and Market Watch and media articles from Forbes, Bloomberg, WSJ, Reuters, and Live Mint. While there was no direct information that could be located apropos of the market size of the European Medical Mattress market through these sources, we were able to locate a research report from Technavio that provided the incremental global market size for the Medical Mattress industry and its expected CAGR over the next five years.
Using the above, we were able to compute the current global market size of the Medical Mattress market. Then we began looking for the European share in the global Medical Mattress market so that we can triangulate the European market size of the industry. However, this information was not forthcoming and was primarily behind paywalls in all the research reports found. We were only able to find the APAC share in the global Medical Mattress industry with no public information available on the European share in the industry.
As a next step, we veered our approach to triangulate the information using the European share in the global 'Medical Bed' market. We have logically assumed that the Medical Mattress market share would not be significantly different from its Medical Bed market, as the two are complementary products, and hence have used Europe's Medical Bed market share (of 38%) as a proxy for European Medical Mattress market share (of the global market) and triangulated an estimate.

Part
06
of eight
Part
06

Medical Mattress Market Size - North America

According to our estimates, the North American medical mattress market was worth $362 million in 2018. This statistic has been populated in cell 4E of the attached spreadsheet.

ESTIMATES

  • The North American medical mattress market is valued at $362 million.
  • The global medical mattress market is valued at $1,539 million.
  • North America's share of the global medical mattress is 23.5%.

RESEARCH STRATEGY

In order to fulfill this request, we began by looking for research reports published by agencies such as Ibis World, Apex Market Reports, Up Market Research, Garner Insights, GM Insights, Decision Databases, and Technavio. However, most of the reports we found were global and not specific to North America. While these reports also cover the North American market, they have not made available any information pertaining to the North America market. The report-overview templates do not even disclose the global market sizes in most cases. The Techanvio report we found provided us with the forecasted global medical mattress market CAGR and incremental growth figures; this was the most we could draw out of these reports.

Next, we looked through industry portals such as Medical Equipment Suppliers Association, Healthcare Supply Chain Association, Alabama Durable Medical Equipment Association, and Kentucky MedicalSupplier Association, but we did not find any useful information. Though these associations are focused on medical equipment (and not medical devices), their websites do not contain any useful content specific to medical mattresses. Lastly, we looked through the websites of medical mattress manufacturers such as MedMattress, Thomashilfen, Tekvor Care GmbH, and Blue Chip Medical Products. These websites do not contain any industry size data; they are mainly focused on the products sold by the company.

Given the unavailability of information, we looked for sources older than two years, hoping to find metrics (market size and CAGR) specific to North America that could enable us to triangulate the current market size. However, we did not find any old reports with dated, forecasted, or growth estimates. As there were very limited data points available across sources, we had to adopt an alternate triangulation strategy.

TRIANGULATION

According to Technovia, the global market size of the medical mattress market will grow at a CAGR of 5% in the period 2019-2023. The incremental growth in the market size in the same period would be $425.1 million. A 5% CAGR growth over 5 periods (2019-2023) would result in a 27.63% (1.05^5 -1) growth overall. Therefore, the 2018 global market size of medical mattress was $1,539 million (425.1/ 27.63%).

While we found that the APAC share of the global medical mattress market is 40%, we did not find North America's share in any of the reports. However, based on the assumption that North America's share in the medical mattress market should not be significantly different from the medical bed market, we have used North America's medical bed market share as a proxy for North America's medical mattress market share (of the global market) and triangulated an estimate.

North America's share in the global medical bed market is 23.5%. North America's share in the global medical mattress market is assumed to be the same (23.5%).

Therefore, North America's medical mattress market size is $362 million ($1,539 million * 23.5%).


Part
07
of eight
Part
07

Medical Mattress Market Size - Asia

According to our calculations, in 2018, the Asia-Pacific medical mattress market was worth an estimated $616 million. All our findings have been summarized on row 5, column E of the attached spreadsheet.

ASIA'S SHARE OF GLOBAL MEDICAL MATTRESS MARKET

  • According to Technavio's global medical mattress market research report, in 2018, the Asia-Pacific (APAC) region had the largest share of the global medical mattress market i.e. the APAC region accounted for around 40% of the market share.
  • The report also noted that the global medical mattress market was expected to grow at a CAGR of 5% during the 2019-2023 forecast period.

ESTIMATED MARKET SIZE OF THE MEDICAL MATTRESS MARKET IN ASIA

  • From calculations highlighted in the strategy section below, the estimated 2018 global market size of the medical mattress market was $$1,539 million.
  • We triangulated an estimated 2018 market size of the medical mattress market in the APAC region as $616 million.

RESEARCH STRATEGY:

Our research process can be summarized into three distinct strategies that featured an exhaustive search for relevant information in — press release resources like PR Newswire and Globenewswire, market research resources like Market Watch, Technavio, Markets and Markets, and IBIS World, and news resources like Reuters, and Forbes. These research strategies yielded relevant information, but most of the information was limited by paywalls.

However, we were able to determine the percentage market share of the APAC region in regard to the global medical mattress market, a metric that made triangulation of the region's market share in U.S. dollars possible. Because the dollar value of the global medical market was hidden behind paywalls across multiple resources, we decided to triangulate it as follows.

TRIANGULATION

From the snapshot of Technavio's Global Medical Mattresses Market 2019-2023, we were able to determine that the global medical mattress market was expected to experience a $425.1 million incremental growth during the 2019-2023 forecast period. The Technavio report also noted that the market was expected to grow with a CAGR of 5% during the 2019-2023 forecast period.

Consequently, we determined that a 5% CAGR growth over 5 periods i.e. 2019-2023 would result in a 27.63% (1.05^5 -1) growth overall. We then used this calculated overall growth percentage and the incremental growth figure to calculate the dollar value of 2018's global medical mattress market size as $1,539 million ($425.1 million/27.63%).

Using APAC's percentage share of the global medical mattress market, we calculated the market size of the region's medical mattress market as follows:

*** APAC's Medical Mattress Market Size = $1,539 million x 40% = $615.6 million ~ $616 million.

Therefore, APAC's 2018 medical mattress market size was approximately $616 million.
Part
08
of eight
Part
08

Medical Mattress Market Size - Rest of World

As per our estimates, the Rest of the World's medical mattress market was $354 million in 2018. As requested, we populated this data in cell 6E of the attached spreadsheet.

FINDINGS AND ESTIMATES

  • The estimated market size of the medical mattress industry for the Rest of the World (RoW) in 2018 was $354 million (see calculation below).
  • The worldwide medical mattress market in 2018 is estimated at $1,539 million (see calculation below).
  • The RoW's share of the global medical mattress, based on Markets & Markets, 'Medical Bed' market share report was 23% in 2018.

RESEARCH STRATEGY:

To identify the market size of medical mattresses for the Rest of the World (RoW), we investigated market analysis directories such as BusinessWire, Market Radar, Deloitte, Technavio, Grandview Research, Market Watch, and others. Also, we examined reports by media portals including Forbes, WSJ, Bloomberg, Reuters, and others. Unfortunately, there was no direct information revealing the market size of the medical mattress market for the Rest of the World. However, we located Technavio's study, which provided the global market size for the medical mattress industry along with the industry's expected CAGR between 2019-2023.
Hence, using the above finding, we computed the current global market size of the medical mattress sector. Next, we researched the market size of this industry attributable to the Rest of the World (RoW), as required of this request. Again, such information was not available in the public domain, but could be likely behind paywalls in the research reports found. Also, publicly available information by Market Watch only provided the APAC's regional share in the global medical mattress industry with no data available for the RoW.
Therefore, we switched strategies to triangulate the required data using the RoW's share of the global 'Medical Bed' market report by Markets & Markets. We logically took it that the medical mattress market share was not significantly different from the 'Medical Bed' market, due to the two being complementary products. Hence, we used the RoW's 'Medical Bed' market share (of 23%) as a proxy for the RoW's medical mattress market share (of the worldwide market) in determining the RoW's medical mattress market size.

CALCULATION

As per Technavio's 'Global Medical Mattresses Market 2019-2023' report, the worldwide market size of medical mattresses would increase by $425.1 million from 2019-2023 with a CAGR of 5% within the forecast period.
Thus, we computed that the 5% CAGR over five periods between 2019 and 2023 would result in a 27.63% overall growth, using the formula: (1.05^5 -1). Next, we used the calculated overall growth percentage to estimate the dollar value of the 2018 global medical mattress market size to be $1,539 million, via the formula: ($425.1 million/27.63%).
Then, using the Rest of the World's percentage share of the global 'Medical Bed,' as a proxy for the medical mattress industry, we estimated the RoW's market size for the medical mattress industry, as follows:
The RoW's estimated medical mattress market size = ($1,539 million x 23%) = $353.97 million.
Thus, the Rest of the World's 2018 estimated medical mattress market size was approximately $354 million.
Sources
Sources

From Part 02
Quotes
  • "Medical bed market size was valued at USD 3 billion in 2018 and is expected to witness 5.7% CAGR from 2019 to 2025."
  • "North America medical bed market accounted for around 23.5% revenue share in 2018 and will witness similar trend over the analysis timeline. "
  • "Regional growth is attributed to high healthcare expenditure and patient awareness about the benefits of early disease diagnosis and treatment. Moreover, advanced healthcare infrastructure coupled with availability of advanced technologies will positively influence the regional market growth. "
  • "Strong foothold of major industry players in North America will further augment medical bed business growth."
Quotes
  • "Trends indicate that the overall number of hospital beds in the U.S. is decreasing. In 1975, there were about 1.5 million hospital beds in the U.S., but until 2017 the number dropped to just about 931 thousand."
Quotes
  • "The American Hospital Association conduct annual survey of hospitals in the U.S. Total staffed bed in U.S. registered hospitals were 897,961 in 2015. Moreover, of patient awareness about the benefits of early diagnosis will boost the North America medical bed market over the forecast period."