There are several industries working in the manufacturing and designing of hospital beds. Through extensive research, it is found out that market players have adopted the strategy of developing new advanced electrical hospital beds in the market. The key players involved in this strategy are Hill Rom, Inc., Invacare Corporation, LINET Spol. S R.O., and Stryker Corporation, among others. The number of key market players involved in distribution agreements and collaborations, business expansions, and others was comparatively low, apart from the big players. There are some other companies in the market such as ArjoHuntleigh, Gendron, Inc., Paramount Bed Holdings Co., and Medline Industries Inc., among others.
Hill-Rom Holdings is one of the leading players in the market. The company also has its brand identity and a wide presence as it operates worldwide with a huge workforce. The company has a significant presence in the Americas, Europe, and many regions of Asia with commercial, manufacturing, and distributing facilities. Stryker Corporation, Linet spol. s r.o., Invacare Corporation, and ArjoHunteigh are some leading players in the global electrical hospital beds market.
The electrical hospital beds market is changing continuously during the last few decades and is expecting a development in the coming future. Through extensive research, it is found that the market players have adopted the strategy of product launches, acquisitions and agreements, and expansions to expand their market. The key players involved in this strategy are Hill Room Holding, Stryker Corporation, Invacare Corporation, Linet Spol s.r.o, ArjoHunteigh, Medline Industries, Inc., Paramount Bed Holding Co., Ltd, Getinge AB, and others. Product launches (62.7%) was the most widely adopted strategy which was adopted by key market players.
Bargaining Power of Suppliers
The suppliers in the global electrical hospital beds are the manufacturers and suppliers of the hospital beds. The bargaining power of suppliers in this market is high, though there are a huge number of suppliers in the market the suppliers providing quality and cost-effective products are limited. Switching cost of the product varies from suppliers to suppliers. In developing regions such as Asia-Pacific the suppliers are trying to provide their products at affordable price. High bargaining power of suppliers force the manufactures to reduce the prices and ultimately reduces the profit potential.
Bargaining Power of Buyers
The bargaining power of buyers is moderate-to-high in the global electrical hospital beds market. The major buyers for the market are hospitals, reproductive care center, dentistry, and clinics. The number of buyers is increasing in the market. The buyers of electrical hospital beds across the globe are highly inclined towards brand identity. Moreover, the buyers can exert pricing pressure on the electrical hospital beds manufacturing companies as some of the companies provides their product costs. Due to the increasing number of companies and a huge variety of products the bargaining power of buyers tend to be moderate-to-high.
Threat of New Entrants
The threat of new entrants is high in the global electrical hospital beds market. The continuous increase in the number of hospitals, clinics, and the patient population has increased the demand for the electrical hospital beds. During the last few years, the number of players has increased considerably thus manufactures are focusing on designing and cost efficiency of the products. Increasing government support and minimizing the barriers to the entry have increased the competition in the market. This is the reason that there are high possibilities of new entrants in the market.
Threat of Substitutes
The threat of substitutes in the global electrical hospital beds market is medium-high as there is a high number of large-scale & medium scale companies manufacturing different types of electrical hospital beds. These companies are aggressively engaged in continuous development in the technology to sustain in this highly competitive market. As there are substitutes available in the market with low switching costs. Hence the overall threat of substitute in this market is medium-high.
Intensity of Rivalry
The degree of competition in the global electrical hospital beds market is high. Many types of electrical/semi-electrical hospital beds are launched into the market. Increasing government support and availability of funds has encouraged many new start-ups. Over last few years, the government in developing regions had minimized the barriers to the entry on the new start-ups. Beside this, to compete with settled and multinational players, new companies are offering their products at low cost.
