The total addressable market (TAM) for bed head panel was valued at USD 2.6 billion in 2021. It is estimated to reach USD 3.39 billion by 2030, growing at a CAGR of 3% during the forecast period (2022–2030). The bed head panels are essential equipment in patient rooms because they help patients feel comfortable and get the proper care. It is used in many places, like hospitals, clinics, emergency rooms, and trauma centers. These are mounted on the wall and have separate spaces for lighting, electrical outlets, medical gas outlets, communication outlets, and nurse call facilities. The design of bed head panels can be changed to meet architectural standards and the specific needs of a healthcare facility. These can be set up vertically or horizontally and come with the necessary parts for patient rooms. It is anticipated that factors such as the rising prevalence of chronic diseases and population aging will stimulate market growth over the forecast period.
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Increasing Prevalence of Chronic Conditions
The prevalence of chronic diseases, such as urological disorders, cancer, cardiovascular disorders, neurovascular diseases, and other chronic problems, is increasing, resulting in a considerable increase in hospital admission rates. Integration of required services (electrical plugs, medical gas outlets) in a complete unit makes bed head panels one of the most critical components in hospitals and clinics. A significant portion of the population is at risk of developing chronic diseases due to high blood pressure, obesity, and smoking. Chronic diseases are responsible for 60% of all fatalities worldwide, according to WHO. Every year, 17.9 million people die from cardiovascular disorders worldwide. According to the same source, cancer is the leading cause of death worldwide, accounting for nearly 1 in every six deaths. As a result, increasing hospitalization and an increase in chronic illnesses are likely to boost bead head panel installations, resulting in market growth.
Furthermore, countries such as the U.S. and Canada have seen an increase in hospital admissions in recent years due to the high occurrence of chronic medical diseases and fatal injuries. For instance, chronic disease is the leading cause of disability and mortality, according to CDC. In the U.S., four of ten adults have two or more chronic diseases, and six have chronic diseases. In addition, the Canadian Institute of Health (CIH) reported that over 17,655 persons were hospitalized in 2016 and 2017 owing to sports-related injuries, thereby contributing to the market growth.
Improvements in Public and Private Hospital Infrastructure
Governments and other organizations seeking to improve healthcare infrastructure are an important trend in the bed head panel market. The demand for specialized healthcare services in developing economies has enhanced the potential demand for inpatient care facilities. The trend of paying for various procedures in daycare and patient settings has been strong, driving the demand for better room care services. Furthermore, according to healthcare experts, the increase in the geriatric population in recent years is a key trend driving revenue growth potential in the bed head panel market. Comorbid illnesses caused by lifestyle diseases, including diabetes and obesity, contribute to the growing hospitalization rate.
Consequences of Mechanical Abrasion and Improper Mobility
Bed head panels are a part of the bedside life support system, which includes devices for rescue, treatment, and nursing. This vital technology may have flaws in its design, manufacture, assembly, use, or management, resulting in many unintended issues that could harm the patient. Patient and staff safety may be at risk during routine hospital operations due to poor bed head unit installation and maintenance. As a result, specialty bed head panels are being demoted in favor of more friendly specialty bed head panels, which is expected to hamper the market.
Technological Advancements by Manufacturers
Manufacturers are developing innovative products as a means of gaining a competitive advantage. For example, in November, the Polish company INMED-Karczewscy presented the latest medical gas alarm panel version at the MEDICA International Trade Fair 2019. It can be mounted on the front of other devices or hung on the wall and serves as a visual and audible alarm if there are any disruptions in the gas supply. Such developments are anticipated to stimulate market expansion over the forecast period.
In order to improve their product reach and gain a competitive edge, businesses are also concentrating on putting comprehensive growth strategies into practice, such as increasing product differentiation and portfolio diversification, forming strategic alliances, and expanding marketing and distribution channels. For example, in December 2021, Baxter International, Inc., a world leader in medical technology, bought Hill-Rom. The merger brings together two of the best medical technology companies, wanting to improve patient care and change healthcare worldwide. The company wants to reach more patients and providers worldwide by putting old Welch Allyn and Hill-Rom products on the market in new international markets. This is anticipated to create tremendous opportunities for bed head panels over the forecast period.
The global bed head panel market is segmented by specialty and end-user.
By specialty, the global bed head panel is divided into ICU, surgical, and others.
The ICU segment is the highest contributor to the market and is anticipated to grow at a CAGR of 2.51% over the forecast period. A hospital's or healthcare facility's intensive care unit (ICU), also referred to as an intensive therapy unit (ITU), intensive treatment unit (ITU), or critical care unit (CCU), is a unique division that offers intensive care medicine. The segment is growing because more people are being admitted to ICUs. This is due to more accidents, an aging population, and the spread of infectious diseases with high death rates. According to the Society of Critical Care Medicine, more than 5 million patients are hospitalized in ICUs annually in the United States.
The other segment is expected to grow at the fastest CAGR throughout the forecast period. The "others" category includes operating rooms, pediatric wards, light duty day care, ambulatory patient beds, examination/consultation room beds, long-term care, and general wards. The segment is expected to grow because the number of bariatric patients, the number of surgeries done on them, and the number of preterm births are all on the rise. According to the American Society for Metabolic and Bariatric Surgery (ASMBS), in 2019, 256,000 Americans underwent weight-loss surgery. Such patients frequently require lengthy hospital stays, which raises the need for better care due to bed head panels.
By end-user application, the global bed head panel market is divided into hospitals, clinics, and others.
The hospital segment owns the highest market share and is anticipated to grow at a CAGR of 3.35% over the forecast period. The segment is expected to grow because COVID-19 and other infectious diseases are increasing the admission of more people to the hospital. The furnishings and equipment in hospitals are of a high standard, and the facilities themselves are technologically advanced. In addition, as the number of public hospitals that provide cost-effective treatment grows, so will the number of bed head panels installed in hospitals. Another critical segment driver is that more and more customers prefer well-equipped hospitals.
The other segment is anticipated to witness the fastest growth during the forecast period. Senior homes, emergency care facilities, and nursing institutions are some of the other end-user segments. Many countries, including the U.S. and Europe, are increasingly interested in emergency care. These facilities take good care of their patients, keep the area safe, and offer a wide range of services. In the same way, emergency care centers are better for patients than hospitals because they can do procedures faster and send them home the same day. These services can do more than half of all outpatient procedures, like those for brain injuries, strokes, and other conditions.
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Europe Dominates the Global Market
By region, the global bed head panel market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Europe is the most significant shareholder in the global bed head panel market and is anticipated to grow at a CAGR of 2.99% during the forecast period. Europe has some of the most advanced technologies and established infrastructure worldwide. The rise in surgical procedures and auto accidents in this region, the presence of several major players, and the introduction of high-tech products all contribute to market growth. According to the European Road Safety Observatory's 2021 Annual Accident Report for the E.U., there were an estimated 18,800 traffic fatalities in the previous year.
Rapid technological advances and large medical device companies like Dragerwerk AG and Co., KGAA, Inmed-Karczewscy LLC LLP, and Precision U.K. Ltd., which all sell bed head panels, are also helping the market grow. For example, Indutrade AB bought Precision U.K. Ltd. in May 2018. Indutrade AB is a global technology and industrial company with more than 200 companies in more than 30 countries. It develops, produces, and sells products with high technological content in several industries.
Asia-Pacific is expected to grow at a CAGR of 3.49% over the forecast period. The market is expected to grow in certain regions because there are a lot of patients and more people want healthcare solutions that are both technologically advanced and affordable. The market for bed head panels is also growing because more clinical trials are being done, and international companies are spending a lot of money on research and development (R&D) to get into underdeveloped markets in Asia-Pacific, where services are cheap.
Additionally, a rise in hospitalizations and improvements in the clinical development frameworks of developing economies are also helping market growth in the region. According to the WHO, in 2008, approximately 7.9 million people died due to various non-communicable diseases in the region. The WHO also stated that the most common diseases in the area did not spread from person to person like heart disease, diabetes, and cancer. However, a limited number of advanced healthcare facilities, a lack of skilled professionals, and a poor healthcare reimbursement scenario may hinder market growth in the region.
North America is expected to grow significantly over the forecast period. An increase in surgical procedures and hospital visits, a well-established healthcare infrastructure, and favorable reimbursement and regulatory rules in the healthcare industry are expected to present significant regional growth opportunities in the market. The Centers for Medicare & Medicaid Services (CMS) predicted that health spending in the U.S. will rise by 5.5% annually between 2018 and 2027, totaling USD 6 trillion. In addition, high disposable income in developed economies and skilled professionals are some factors responsible for the region's large share of the market.
Latin America is anticipated to witness significant growth over the forecast period. The bed head panel market in the region is primarily driven by rapidly emerging economies such as Brazil and Mexico. Bed head panels are becoming more popular because more people are getting hypothermia, more people are getting chronic diseases, and the population is getting older quickly. Furthermore, several governments in the region are working to improve healthcare infrastructure. As a result, the bed head panel market in the region is expected to grow in response to an increase in the number of patients seeking safer healthcare solutions. Also, the rising healthcare costs in most Latin American countries give global market competitors many chances to grow.
Government institutions in the Middle East cover about 70% of individual healthcare costs. High-income countries like Saudi Arabia, Israel, and Qatar are putting a lot of effort into ensuring their healthcare systems use the latest technology. Saudi Arabia is the region's most populous country. Market growth is likely fueled by rising healthcare spending and the progressive adoption of technologically advanced products in these nations. As a result, governments' initiatives, together with the development of healthcare infrastructure in the region, can help fuel market expansion.
The global bed head panel market’s major key players are