Rising Prevalence of COVID-19 and Chronic Diseases Creates the Need for Medical Beds
In many countries, the number of COVID-19 patients has exceeded the number of beds available in hospitals. This has become a common scenario due to the exponential increase in the number of patients caused by coronavirus outbreak. Experts have also observed that in various countries, coronavirus infected patients aren't even being admitted in the hospitals because of no vacant beds.
As per the latest available data from the Organisation for Economic Co-operation and Development (OECD), India had only 0.4 beds per 1,000 people in 2009 and currently, the number has risen to 0.5, unfortunately, this number is the lowest among the countries surveyed by the OECD. China stands at 4.3 beds per 1,000 people and the U.S. at 2.8 beds, as displayed in the latest OECD figures.
To fight against the crisis, countries are constructing modular hospitals to treat the patients. Such projects have started demanding a larger number of medical/hospital beds that include normal medical bed, oxygenated beds, and beds designed for ICUs. Also, suspected patients are forced to stay in quarantine centres and the number of suspected patients is observed more than confirmed patients. These centres also require medical beds to provide comfort for this population.
Coronavirus pandemic has emerged recently, but there are some long-term reasons that are causing continuous demands for the medical/hospital beds worldwide in the past two decades. Some of the crucial reasons include: the larger population of baby boomers and an increase in the number of patients suffering from chronic diseases. Plus, increasing privatization of healthcare sector is another main factor supporting the growth of medical/hospital bed market.
Increasing Number of Chronic Diseases
Chronic diseases such as diabetes, cancer, obesity, and heart disease are the leading causes of death. These types of diseases account for most of the country’s healthcare costs.
The available data shows that approximately 1.5 million Americans are diagnosed with diabetes per year. Similarly, the trend of high presence of diabetes is prevalent in geographical areas including Europe, Asia Pacific, Middle East and Africa. IDF Diabetes Atlas published by the International Diabetes Federation in 2017 states that South-East Asia is home to about 19% of the total diabetes population worldwide. On the other side, it has been continuously warned by healthcare specialists that diabetes may become the leading cause of kidney failure and lower-limb amputations.
After diabetes, cancer is the second leading cause of death says World Health Organization. Also, as per the American Cancer Society, about 1,735,350 new cancer cases were diagnosed in 2018.
With the increasing number of patients suffering from chronic diseases, it has become necessary for hospitals to increase the bed capacities to treat these patients.
Rising Population of Baby Boomers
Research analysts state that the increasing number of baby boomers will become one of the most significant transformations in this century. As per the data observations, the baby boomers’ population—aged 60-year or above—is growing at a rate of approx. 3% per year. Plus, population data shows that the number of persons aged 80-year or above will get tripled by 2050.
It has always been witnessed that the population of elderly people is more likely to have chronic diseases like diabetes, heart diseases, or osteoporosis than younger people. Also, the effect of any disease on quality of life is particularly deep in this group of population.
With an increase in the senior citizens’ population, the prevalence of chronic diseases has also increased. That’s why the demand for hospital/medical beds are expected to increase in the future.
Currently, Stryker, Famed Żywiec Sp. z o.o., Medline Industries, Inc., Malvestio Spa, and Invacare Corporation are some of the active players that are dominating the medical/hospital beds market. The research report published by The Insight Partners predicts that the medical beds market will grow at a CAGR of 5.4% between 2019 and 2027 and it will reach US$ 5.7 Billion by 2027. The report also states, “Long-term care medical beds segment is expected to witness the significant growth rate of 5.1% by 2027 owing to the factors such as rising geriatric population and the increasing number of nursing homes”.
Neha writes articles on sectors including medicine, food, materials, and science & technology. A qualified statistician, she has the ability to observe and analyze the trends in global markets and write compelling articles that help CXOs in decision making. She is a bookworm and loves to read fiction, lifestyle, science and technology. Neha comes with 6 years of experience in content writing and editing that involves blog writing, preparation of study materials and OERs.