Medical Mattress Market: Introduction
Transparency Market Research delivers key insights on the global medical mattress market. In terms of revenue, the global medical mattress market is estimated to expand at a CAGR of ~4% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global medical mattress market.
The global medical mattress market is affected by several factors, including investment in healthcare infrastructure and increase in health concerns. Improvements in product offerings & services by manufacturers coupled with penetration in developing nations are expected to drive the medical mattress market during the forecast period.
Medical Mattress Market: Dynamics
The demand for healthcare services is increasing around the world due to growing population, increase in chronic illnesses, rise in accidents, etc. Universal health schemes are rapidly increasing in developing markets as well. Around 99% of Thailand’s population is covered under the Universal Health Coverage program, while 76% of Indonesia is covered under the Jaminan Kesehatan Nasional program. India and Philippines are also effectively managing their healthcare policies. Attractive and favorable PPP policies will further fuel the growth of healthcare services during the forecast period. Affordable healthcare plans offered by governments of various countries give many people access to healthcare services than ever before. All these factors lead to the development of healthcare facilities around the world, which, in turn, drives the medical mattress market.
The demand for medical mattresses is likely to increase due to growing health concerns. R&D plays an important role in introducing new products in existing markets. Companies, which add new and differentiating features in the newer versions of their existing products, are projected to offer growth opportunities during the forecast period. The development of smart mattresses has opened doors for business growth. Improvements in product offerings & services by manufacturers coupled with penetration in developing nations are expected to fuel the growth of the medical mattress market during the forecast period. Manufacturers will also need to educate end users, along with product sales. Streamlined supply chain and high penetration in regional markets are projected to be key business growth strategies during the forecast period.
The outbreak of coronavirus has led to a global economic slowdown. According to World Bank forecasts, the global economy will shrink by 5.2% in 2020, representing the deepest recession since the Second World War, with the largest fraction of economies experiencing declines in per capita output since 1870. Frequent changes in regulations, healthcare policy, and guidelines can impact the size and growth potential of the medical mattress market. Decreased availability or increased cost of material might hamper the buying, and very often mattresses in hospitals are used beyond their replacement cycle. Another factor that acts as a restraint is the growing geo political tension, which affects the supply chain cycle and increases trade barriers. All these factors are expected to be restraints to the growth of the medical mattress market during the forecast period.
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Medical Mattress Market: Prominent Regions
Asia Pacific dominates the medical mattress market, followed by North America and Europe. The region is home to two of the most populated countries in the world, thus offering a great opportunity for development and future growth. Asia Pacific comprises many emerging economies, which is likely to drive the market during the forecast period. On the other hand, North America and Europe are developed regions consisting of numerous global manufacturers striving toward technology improvement and product enhancement, which will help in driving the medical mattress market.
China is the leading market for mattresses and mattress components not only in Asia Pacific, but also across the world. In countries such as Japan, rise in aging population and awareness about the benefits of medical mattresses will help in driving the market. The rapid growth of the hospitality sector across the region is expected to drive the market in emerging countries such as India, Thailand, Malaysia, and Singapore. The rapid rise in population is also a major factor driving the market.
The U.S. holds a dominating position in the North America medical mattress market and is expected to continue its dominance during the forecast period. Patient care accounts for 64% of the U.S.’s healthcare revenue and by 2023, the country is expected to invest 17.8% of its GDP in healthcare. The increase in per capita income is estimated to drive the healthcare segment, as rising incomes indicate the ability to access healthcare services. Moreover, changing demographics are likely to further contribute to increased healthcare spending, which is expected to drive the medical mattress market in the region.