The global smart bed market size was valued at USD 3.27 billion in 2023. The market is projected to rise from USD 3.44 billion in 2024 to USD 6.05 billion by 2032 at a CAGR of 7.3% during the 2024-2032 forecast period. Fortune Business Insights™ has deep-dived into these insights in its latest research report, titled, “Smart Bed Market, 2024-2032.”
The data indicates that smart tech beds with anti-snoring, temperature management, and sleep tracking capabilities will be targeted to improve health, comfort, and sleep. The widespread use of smartphones and other cutting-edge technology may help smart beds’ inherent capacity to offer data on the quality of a person’s sleep.
Top Key Companies Covered in the Smart Bed Market:
- Hi-Interiors Srl (Milano, Italy)
- Hill-Rom Holdings Inc. (Chicago, Illinois, U.S.)
- Johnson & Johnson Inc. (Elyria, Ohio, U.S.)
- Paramount Bed Holdings Co., Ltd. (Higashisuna, Tokyo, Japan)
- Joerns Healthcare LLC (North Carolina, U.S.)
- Sleep Number Corporation (Minnesota, U.S.)
- Stryker Corporation (Michigan, U.S.)
- Arjo AB (Malmo, Sweden)
- ReST (Atlanta, U.S.)
- BodiTrak (Vista Medical Ltd.) (Canada, U.S.)
Information Source: https://www.fortunebusinessinsights.com/smart-bed-market-106266
Report Coverage
Both qualitative and quantitative evaluations are used in the meticulous preparation of the report. The dynamics and insights into trends have increased with the use of primary sources, such as interviews with influential thought leaders. Secondary sources used in the report include news releases, annual reports, SEC filings, and subscription databases. The study also provides top-down and bottom-up methods for estimating key competitors’ market sizes, revenues, and rates of growth.
Segmentation
In terms of application, the market is segmented into hospitality, healthcare and residential.
On the basis of distribution channel, the industry is fragmented into offline and online segments.
Based on region, the market is segregated into North America, Asia Pacific, Europe, the Middle East and Africa and South America.
Drivers and Restraints
Adoption of State-of-the-art Devices to Provide Lucrative Growth Opportunities
Stakeholders anticipate that both advanced and emerging economies would have a strong demand for intelligent devices. Leading businesses will probably concentrate on growing their product portfolios in the face of changing conditions. For example, Stryker Corporation unveiled an intelligent bed for smart patient monitoring in October 2020. In addition, end users have demonstrated a strong need for clever ways to promote wellbeing in the face of the pandemic. The business outlook may be supported by an increase in the demand for innovative beds from the hotel and healthcare industries. The German Society for Consumer Research reports that sales of smart products in European markets, including the UK, Germany, Spain, Belgium, Italy, and France, increased by almost 24% in 2020 as compared to the year before.
Meanwhile, the prevalence of counterfeit products across online channels is likely to mar the industry growth.
Regional Insights
Rising Uptake of Smart Devices in North America to Encourage Investments
Stakeholders are slated to inject funds into state-of-the-art devices across the U.S. and Canada on the heels of surging renovation activities. North America smart bed market size touched USD 0.90 billion in 2020 and will grow with an influx of funds into automation. Besides, expanding the footfall of IoT devices across residential and commercial spaces will also bode well for regional growth.
Asia Pacific is poised to witness investments galore on the back of urbanization and the adoption of intelligent devices. Soaring purchasing power across China, Japan and India are likely to trigger investments across the region. IMD World Competitiveness Ranking 2020 stated that the information and communication industry garnered USD 12.3 billion in Hong Kong in 2019, exhibiting an exponential demand for digital technology. The trend suggests industry players will envisage Asia Pacific as a happy hunting ground over the next few years.
Industry participants expect Europe smart bed market share to witness an upward growth trajectory against the backdrop of rising healthcare expenditures. Notably, governments have upped healthcare budgets, expediting the adoption of smart tech devices. According to the Federal Statistics Office (Destatis), healthcare expenditure in Germany reached 410.8 billion euros in 2019. Leading companies are poised to bolster their penetration across the U.K., Germany and Italy following the traction for smart beds in the medical sector.
Competitive Landscape
Stakeholders Invest in Strategic Engagement to Gain a Competitive Edge
Leading companies are poised to up their investments in mergers & acquisitions, R&D activities and technological advancements. The market’s competitiveness indicates Key players could invest in geographical expansion and product portfolio expansion.
Key Industry Developments
- April 2022- Sleep Number, a Minnesota, U.S.-based beds company, launched its new Climate360 smart bed. According to the company, the new bed has various features, including a smart adjustable base and temperature control.
- January 2022– The Sleep Company, an India-based mattress and bed company, launched its new Elev8 Smart Adjustable Bed. According to the company, the new smart bed features a dual-zone massager and TV mode.
Ethan Wilson