Healthcare Smart Beds Industry Overview
The global healthcare smart beds market size was valued at USD 411.2 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.6% from 2021 to 2028. Smart beds are connected to electronic medical records (EMR) or electronic health records (EHR), which offer a wide range of medical data, including personal statistics like weight, body temperature, heartbeat, blood, oxygen, and other vital signs, medication, laboratory test results, allergies, and immunization status. Equipped with relevant data pertaining to a patient’s medical history, doctors can decide the future course of action, and nursing staff can help improve patient care. With the increasing prevalence of chronic diseases and the rising number of life-saving surgeries, the frequency, as well as duration of hospital stays, have been increasing. Moreover, the outbreak of COVID-19 has generated a significant demand for smart beds in hospitals across the globe.
According to statistics provided by the ArcGIS, a system software maintained by the Environmental Systems Research Institute, the total number of staffed beds in the U.S. till September 2020 was 816,554, and with the increasing requirement of hospital beds across the country due to COIVD-19 and other life-saving surgeries, an estimated 158,848 increase in bedding capacity is expected in hospitals across the U.S. in the near future. Such scenarios are anticipated to boost the uptake of smart beds over the forecast period.
Gather more insights about the market drivers, restraints and growth of the Global Healthcare Smart Beds market
According to the Ambulatory Surgery Center Association (ASCA), on average, Medicare saves more than USD 4.2 billion every year when surgical procedures are performed at ASCs instead of hospital outpatient departments (HOPDs) in the U.S. This significant cost reduction in diagnosis, surgical procedures, and preventive treatment is expected to promote ASCs and subsequently increase demand for smart beds over the forecast period.
Governments across the globe have been increasingly spending on the development and deployment of ambulatory facilities. This has resulted in increased accessibility and reduced treatment costs, which in due course is expected to propel the growth of the market. For instance, the U.S. government began a program named Medicare's Hospital Readmissions Reduction Program (HRRP) under the Affordable Care Act. This initiative is directed to provide patients with primary care at all accessible point-of-care centers and reduce avoidable costs such as that hospital stays and other related expenses. These supportive government initiatives are anticipated to promote the demand for smart healthcare beds across ASCs over the forecast period.
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Smart Bed Market - The global smart bed market size was valued at USD 2.17 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 4.5% from 2020 to 2027.
Electronic Health Records Market - The global electronic health records market size was estimated at USD 27.2 billion in 2021 and it is anticipated to expand at a CAGR of 4.0% from 2022 to 2030.
Healthcare Smart Beds Industry Segmentation
Grand View Research has segmented the global healthcare smart beds market on the basis of application and region:
Healthcare Smart Bed Application Outlook (Volume, Thousand Units; Revenue, USD Million, 2016 - 2028)
- Hospitals
- Outpatient Clinics
- Medical Nursing Homes
- Medical Laboratory and Research
Healthcare Smart Bed Regional Outlook (Volume, Thousand Units; Revenue, USD Million, 2016 - 2028)
- North America
- Europe
Key Companies profiled:
Some prominent players in the global Healthcare Smart Beds Industry include
- Stryker Corporation
- Hill-Rom Holdings Inc.
- Invacare Corporation
- Paramount Bed Holdings Co., Ltd.
- LINET
- Joerns Healthcare LLC
- Stiegelmeyer GmbH & Co. KG
- Arjo
- Völker GmbH
- Favero Health Projects SpA
Order a free sample PDF of the Healthcare Smart Beds Market Intelligence Study, published by Grand View Research.
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