The bed head panel market for US$ 2.0 billion in 2019 is anticipated to register a CAGR of 5.5%.
The report " Global Bed Head Panel Market, By Specialty (ICU, Surgical), By End-use (Hospitals, Clinics), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029”.
Key Highlights:
- August 2020, K-beauty conglomerate Amorepacific has discovered the anti-inflammatory effects of exosomes derived from a green tea probiotic obtained from its organic tea plantation on Jeju Island.
- November 2019, Poland-based company- INMED-Karczewscy launched the latest model of medical gas alarm panel at the MEDICA International Trade Fair 2019. It is used to detect anomalies in the gas supply and warns the user with acoustic and visual signals. It can be settled into a wall or mounted to the front side of other devices. These advancements are anticipated to boost market growth over the forecast period.
- An upsurge in the hospitalization rate due to the recent outbreak of the COVID-19 pandemic is another key reason boosting the growth of the market. With the severe outbreak of this infectious disease, there is an unprecedented global demand for advanced healthcare services and infrastructure to treat infected patients. As one of the essential parts of healthcare services, bed head panels are experiencing an increase in demand from worldwide to handle a surge of COVID-19 patients.
Analyst View:
Rising Prevalence of Chronic Conditions
The rising prevalence of chronic conditions such as neurovascular diseases, cardiovascular disorders, cancer, urological disorders, and other chronic conditions has significantly increased the hospital admission rate. Bed head panels are one of the essential requirements in hospitals and clinics, as it integrates all essential services (electrical sockets, medical gas outlets) in one complete unit. At present, a large percentage of the population is at risk of developing chronic diseases as a result of elevated blood pressure, obesity, and smoking. According to the who, chronic disease is responsible for 60% of all deaths worldwide. All cardiovascular diseases together cause around 17.9 million deaths every year globally. Similarly, as per the same source, cancer is the leading cause of mortality globally and almost 1 in 6 deaths can be attributed to this disease. Thus, growing hospitalization with an increase in chronic disorders is expected to upsurge the installations of bead head panels, which in turn is anticipated to drive the market.
Increase in Hospitalization Rate
Countries such as the U.S. and Canada have observed increased rates of hospital admissions in recent years due to the high prevalence rate of fatal injuries, and chronic medical ailments. For instance, as per the CDC, chronic disease is the leading cause of death and disability. Six in ten adults in the U.S. have a chronic disease, whereas, four in ten adults are living with two or more. Furthermore, according to the Canadian Institute of Health (CIH), over 17,655 people were hospitalized due to sport-associated injuries from 2016 to 2017.
Key Market Insights from the report:
The global bed head panel market for US$ 2.0 billion in 2019 is anticipated to register a CAGR of 5.5%. The market report has been segmented on the basis of is segmented based on the specialty, end user and region.
- Based on the specialtyThe ICU segment dominated the bed head panel market with a revenue share of 39.9% in 2019. High admissions rate in the ICUs owing to the mounting number of accidents, the aging population as well as sudden outbreaks of life-threatening infectious diseases is contributing to segment growth. For instance, according to the Society of Critical Care Medicine (SCCM) 2018, more than 5 million patients are admitted every year to ICUs for intensive monitoring in the U.S. In addition, key players are focusing on offering innovative products and extensive services, with an aim of increasing and retaining the trust of the end-users. For instance, in March 2020, to support the COVID-19 pandemic, Hill-Rom Inc., doubles the manufacturing of critical care products which includes ventilators, hospital beds, and vitals monitoring devices. The strategic move will expand the customer base and strengthen the industry position of the company. This is expected to support the segment growth during the forecast period.
- In terms of end user,Hypermarket & supermarket dominated the market. Brick and mortar stores including hypermarkets and supermarkets have been considering providing more shelf space to probiotic cosmetic products, which is driving the segment growth. Many big retailers, such as Sephora and Ulta Beauty, have been contributing to generating offline experience for customers. Sephora has a separate category for cosmetic range featuring probiotics and other supplements.
- By region, Europe dominated the market owing to the availability of a fully integrated network of public hospitals, private hospitals, and other medical service providers which has spurred the number of bed head panel installation in these settings.
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Competitive Landscape:
The prominent player operating in the global bed head panel products market includes includes Precision UK Ltd.; Hill-Rom Services, Inc.; Novair Medical; Amcaremed Medical; Amico Group of Companies; DrAger; BIOLUME; BeaconMedaes; Silbermann; INMED. Moreover, companies are focused on adopting extensive growth strategies such as increasing product differentiation and broadening product portfolio, entering into strategic alliances, expanding marketing and distribution channels in an attempt to increase the outreach of their product and gain a competitive edge.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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