Smart Bed Market By Application (Residential, Hospitality, Healthcare and others), and Distribution Channel (Offline & Online), and Region - Market Perspective, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast for 2023 - 2032
Market Perspective
The global Smart Bed Market size was worth around USD 2.44 billion in 2022 and is predicted to grow around USD 4.43 billion by 2032 with a compound annual growth rate of roughly 6.14% between 2023 and 2032.
Smart bed products and solutions are being adopted more and more due to improved standards of living and the demand for smart home appliances. Health-conscious individuals and people who understand the importance of good sleep quality and other sleep habits are driving demand for these pioneering smart beds.
A survey conducted in the United States revealed that over 70% of people did not get sufficient sleep. Smart beds not only monitor sleep hours but also regulate the air according to the body's needs. For example, Stryker, a US company, recently launched a smart bed with an emergency response monitoring system specifically designed for the healthcare industry.
The capability of smart beds to provide accurate information on sleep quality and their easy connection with smartphones are driving demand for such beds. Additionally, there is an increasing demand for smart beds in the hospitality sector and in developed markets such as the US, Germany, Canada, and the UK, as well as developing markets like India, which are undergoing rapid urbanization.
Key Insights
- Based on application, the residential segment held the largest market share
- Based on distribution channel, the offline segment generated the highest revenue
- On the basis of region, North America dominated the share
Home Automation with Smart Devices is an Emerging Trend in Smart Bed Market
The advancement of smart technology in home appliances has revolutionized the way we live. With easy connectivity and accessibility, smart solutions for homes have become a trend for a better lifestyle. Smart beds, for instance, enhance sleep quality, regulate sleep habits and alleviate sleep disorders. They also offer optimal sleeping positions, reducing stress and preventing body aches.
Moreover, smart beds can also be integrated with other smart home devices, allowing for a fully automated and connected home experience. This integration creates a more comfortable and convenient environment, making it easier to control and manage various aspects of the home from a single device.
With the continued growth of technology and the focus on improving lifestyles, the smart bed market is expected to see significant growth in the coming years. The use of smart technology in home appliances and smart beds is no longer a luxury but a necessity for those who want to take control of their health and wellness.
High Cost and Chances of Technical Failure May Hamper Business Growth
Smart beds, equipped with advanced technology for sleep monitoring and improvement, come with a higher price tag. The use of sensors, monitors, and ergonomic features drives up the cost of the product. Additionally, the incorporation of technology leaves room for technical malfunctions, which can be a hindrance to the smart bed market. However, as the smart bed industry is still in its growth phase, it is expected that technical issues will be resolved in the future. Maintenance costs for smart products are also comparatively higher, which can pose another barrier to market growth.
Despite these challenges, the demand for smart beds continues to grow, as consumers seek out innovative solutions for better sleep and improved health and wellness. As technology continues to advance, it is likely that the smart bed market will continue to grow and evolve, offering consumers new and improved products with lower maintenance costs.
Recent Development
In September 2021: Baxter's acquisition of Hill-Rom Holdings Inc. was successfully completed for a sum surpassing $12 billion. The objective of the acquisition was to broaden the joint product offering and establish a more robust global business presence.
In October 2021: Deron and Althen formed a partnership aimed at revolutionizing the mattress industry with the release of their groundbreaking smart mattress, "The Bossy." This mattress, which hit the market in 2022, boasts advanced technology, including special grids for monitoring data, and has received widespread acclaim.
Segmentation Analysis
The global smart bed market was dominated by the residential segment in 2022 due to a growing trend of smart home furnishings. Rising disposable incomes and a desire for smart lifestyles have driven growth in the sector. According to consumer surveys, demand for smart home appliances increased by 21% in 2021 and 2022. Key drivers of growth in the residential segment include innovative features like detailed sleep monitoring and customizable configurations that meet the needs of individual users.
Meanwhile, the healthcare sector is poised for rapid growth driven by advancements in healthcare technology, as medical beds with advanced features are crucial for monitoring patients during surgeries and treatments. Smart beds can detect critical emergencies with precision, providing essential health updates, which is driving demand in the healthcare sector.
The offline distribution channel accounted for a significant share of the market, with more than 63% of total revenue. Retail and specialty stores for smart beds are seeing an increase in numbers. These offline stores provide a better understanding of the technology through demonstrations and sales advisor assistance before and after the sale. On the other hand, the online channel is poised to expand rapidly due to its ease of access, discounts, and wide reach. During the forecast period, online channels are expected to register the fastest growth compared to offline channels, with lower costs associated with online stores.
Regional Landscape
In 2022, North America continued to dominate the smart bed market share, accounting for more than 46%, as consumers spent 28% of their interior upgrade costs on installing such utilities in bedrooms. This trend was supported by increasing disposable income and a growing preference for convenience and comfort. The healthcare sector was also greatly impacted by the adoption of smart beds, as these provided not only greater comfort, but also better monitoring capabilities for patients. Additionally, premium and luxurious hotels were investing in smart beds to further enhance the experience of their customers.
Asia Pacific smart bed market revenue is expected to grow rapidly in the coming years due to rapid urbanization and significant infrastructural developments in various sectors, such as residential, healthcare, and hospitality. Smart beds have been especially popular in the healthcare sector, as they can help monitor patient conditions more effectively.
In Europe, a steady market share has been observed, as there has been an improvement in healthcare facilities in countries such as Germany, the United Kingdom, Finland, and Italy. In 2021, Germany held the largest share of healthcare expenditure, accounting for over 11% of GDP.
Competitive Landscape
- Arjo
- Ascion, LLC
- Hill-Rom Holdings, Inc.
- Invacare Corporation
- IOF SRL
- PARAMOUNT BED CO., LTD
- ReST
- SK FURNITURE & DECORATERS
- Sleep Number Corporation
- Stryker
- Stiegelmeyer GmbH & Co. KG
The global Smart Bed market is segmented as follows:
By Application
- Residential
- Hospitality
- Healthcare
- Others
By Distribution Channel
- Offline
- Online
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Reunion
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
ARE YOU SEEKING COMPREHENSIVE INSIGHT ON VARIOUS
MARKETS?
CONTACT OUR EXPERTS TODAY
Speak to an Expert
Smart Bed Market By Application
- February-2023
- 148
- Global
- retail
Related Research
Agrobacterium tumefaciens Competent Cells Market Insights 2022, Global Analysis and Forecast to 2030
July-2021
Aluminium Composite Panels (ACP) Market Insights 2022, Global Analysis and Forecast to 2030
July-2021
Backpack Market By Product Type (Travel, Hiking, Work and Others), Material (Nylon, Polyester & Othe
February-2023