Market Scenario
The global smart bed market was valued at US$ 5,706.2 Mn in 2022 and is projected to reach US$ 12,397.5 Mn by 2031. The market is expected to register a CAGR of 8.7% during the forecast period 2023-2031.
The demand for smart beds has been growing steadily in recent years, driven by several factors. One of the main drivers of this trend is the increasing adoption of smart and advanced technology. With the rise of the Internet of Things (IoT), consumers are becoming more accustomed to having smart devices in their homes, and smart beds are a natural extension of this trend.
Another factor contributing to the growth of the smart bed market is the increasing demand for comfort, luxury, and personalized experience. Smart beds are designed to provide users with a comfortable and customizable sleeping experience, allowing them to adjust everything from the firmness of the mattress to the temperature and lighting of the room. In addition, the growing awareness of the importance of good sleep is also driving demand for smart beds. Studies have shown that getting enough quality sleep is essential for overall health and wellbeing, and consumers are increasingly willing to invest in products that can help them improve their sleep quality.
Furthermore, the aging population and their healthcare needs are also contributing to the growing demand for smart beds. Senior citizens may require specialized beds that provide additional support and comfort, and smart beds can offer a range of features that cater to these needs. Smart beds can also benefit healthcare providers by providing real-time patient safety information through nurse call systems, and by connecting patient lifts and monitoring equipment to simplify clinical communication and accelerate patient recovery.
Despite the many benefits of smart beds, the high cost remains a major barrier to wider adoption. However, as the technology advances and becomes more widely available, it is likely that we will see a continued growth in the demand for smart beds in the coming years.
Market Dynamics
Drivers
Increasing Awareness and Demand For Sleep Technology
Sleep technology has become increasingly popular in recent years as people recognize the importance of sleep for overall health and wellness. Smart beds offer advanced features such as sleep tracking, adjustable firmness, and temperature control that can help individuals achieve better sleep. The sleep tracking feature can provide insights into sleep quality, duration, and stages, allowing individuals to make adjustments to their sleep habits and improve their overall sleep health.
Moreover, with the rise of wearables, individuals have become more accustomed to using technology to monitor their health and wellness. Smart beds are a natural extension of this trend and provide a more comprehensive approach to tracking sleep. As such, there is an increasing demand for smart beds in the market as more people recognize the benefits of using technology to improve their sleep.
Rapid Technological Advancements
Technological advancements have enabled the development of smart beds with sophisticated features that were previously impossible. AI-powered sleep tracking and analysis, voice control, and automatic adjustment to individual sleep preferences are just a few examples of the features that have been made possible by advancements in technology. These features make smart beds more attractive to consumers who are looking for innovative products to improve their sleep quality.
Furthermore, as technology continues to advance, the cost of producing smart beds is likely to decrease, making them more accessible to a wider range of consumers. This, in turn, could drive further demand for smart beds as they become more affordable and mainstream.
Restraints
High Cost
One of the biggest barriers to the adoption of smart beds is their high cost. Smart beds are typically more expensive than traditional beds due to their advanced features and technology. The cost of producing these beds is higher, and manufacturers need to recoup their investment in research and development. This high cost can be a barrier for many consumers, especially those who are on a tight budget.
Additionally, some consumers may be hesitant to spend a significant amount of money on a product that they are unsure will provide a significant improvement in their sleep quality. As such, high cost remains a significant restraint on the growth of the smart bed market.
Limited Availability
Smart beds are not yet widely available in the market, which can limit their adoption and growth. Some consumers may be hesitant to purchase a smart bed due to limited options or lack of awareness about the product. Additionally, some retailers may not carry smart beds, further limiting their availability.
Moreover, some consumers may be wary of purchasing a product that is not yet mainstream, particularly if they have concerns about product quality or customer support. As such, the limited availability of smart beds is a significant restraint on their adoption and growth in the market.
Segmental Analysis of the Global Smart Bed Market
By Type
Semi-automatic beds held 36.3% of the market share in 2022. These beds have features such as adjustable height and positioning, making them particularly useful in the healthcare sector. Semi-automatic beds are also more affordable than fully automatic beds, making them a more attractive option for some consumers. Moreover, semi-automatic beds have a simpler design and are easier to operate, making them more popular among the elderly and those with limited mobility.
By End User
By end user, residential contributed the highest share in 2022. This is due to the increasing awareness of the importance of sleep and the growing trend of using technology to improve sleep quality. Moreover, with the COVID-19 pandemic forcing people to spend more time at home, there has been a greater focus on creating a comfortable and healthy home environment, which has driven the demand for smart beds.
However, the CAGR of the hospitality segment is estimated to be the fastest during the forecast period. This is due to the increasing adoption of smart beds in the hospitality sector to provide a more comfortable and personalized experience for guests. Moreover, smart beds can help hotels differentiate themselves from their competitors by offering unique features such as personalized sleep settings and sleep tracking.
By Distribution Channel
The offline distribution channel holds the highest share as most of the smart beds delivered, especially in the residential sector, are not courier-friendly. The large size and weight of smart beds make them difficult to ship, and many buyers prefer to buy them from offline stores where they can ensure the safe delivery of the product. Moreover, offline stores provide an opportunity for customers to try out the product before purchasing it, which can be particularly important for a high-value item such as a smart bed. However, with the increasing popularity of e-commerce, online sales of smart beds are expected to grow in the coming years, particularly in regions where courier-friendly delivery options are available.
Regional Analysis
The Asia Pacific region is expected to experience significant growth in the smart bed market during the forecast period, with the fastest annual compound rate among all regions. This growth is being driven by several factors, including the increasing awareness of the importance of sleep for overall health and wellness, the rapidly growing middle class, the expanding healthcare industry, and increasing urbanization.
As disposable income increases in the region, more consumers are willing to invest in high-end products such as smart beds. Additionally, the healthcare industry in countries such as China and India is rapidly expanding, with a growing demand for medical-grade smart beds in hospitals and other healthcare facilities. This is driving the adoption of smart beds in the region.
Furthermore, the rapidly growing middle class in the Asia Pacific region is driving demand for higher quality products and services. As such, the demand for smart beds is increasing as people seek out products that can improve their sleep quality and overall well-being.
Lastly, increasing urbanization in the region is driving demand for products that can help individuals cope with the stresses of urban living. Smart beds offer features such as adjustable firmness and temperature control that can help individuals get a better night's sleep, even in noisy and crowded urban environments.
List of Key Companies Profiled:
Segmentation Overview the Global Smart Bed Market
Following are the different segments of the Global Smart Bed Market: -
By Product Type:
By End User:
By Distribution Channel:
By Region:
| Report Attribute | Details |
|---|---|
| Market Size Value in 2022 | US$ 5,706.2 Mn |
| Expected Revenue in 2031 | US$ 12,397.5 Mn |
| Historic Data | 2018-2021 |
| Base Year | 2022 |
| Forecast Period | 2023-2031 |
| Unit | Value (USD Mn) |
| CAGR | 8.7% |
| Segments covered | By Product Type, By End-User, By Distribution Channel, By region |
| Key Companies | Paramount Bed Co. Ltd., Stryker Corporation, Sleep Number, Invacare Corporation, Hill Rom Holdings Inc., Arjohuntleigh AB, Ergomotion, Inc., Responsive Surface Technology LLC, Hi-Interiors SRL, Hilding Anders, Other Prominent Players |
| Customization Scope | Get your customized report as per your preference. Ask for customization |
Smart beds are advanced beds that allow users to automatically adjust the settings according to their comfort. These beds integrate cutting-edge amenities with technology, enabling comfortable adjustments and seamless connectivity during sleep.
Sleep tracking, automatic mattress firmness adjustment, climate control, smart fabric technology, adjustable bases, anti-snoring features, IoT, and smart home connectivity are just a few of the available options.
The global Smart Beds Market is projected to increase its revenue from US$ 5,706.2 million in 2022 to US$ 12,397.5 million by 2031, registering a CAGR of 8.7% during the forecast period of 2023-2031.
The end users in the smart beds market include healthcare, hospitality, residential, and transportation sectors, among others.
In the smart world, increased connectivity, instant communication, and established infrastructure systems enable rapid growth of novel ideas and products, leading to the swift adoption of technologically advanced products. Smart beds, equipped with advanced technology, have significant potential in smart homes and hospitals, given their diverse features and offerings tailored to various end-users.
Smart beds assist in reporting real-time patient safety information to a status board via nurse call systems. Additionally, patient lifts and monitoring equipment connect and communicate with each other to expedite patient recovery and streamline clinical communication. As a result, hospitals are integrating technologies that deliver capabilities tailored to their specific needs
With the rapid increase in the senior citizen population, there is a growing focus on catering to their needs, aiming for a more convenient and comfortable lifestyle to ease their lives. Considering that people spend a significant portion of their time in bed, smart beds have gradually gained attention. As a result, there is a positive correlation between the rising number of senior citizens and the adoption of smart beds.
According to the Centers for Disease Control and Prevention, one in three adults do not get adequate sleep. This lack of sleep results in billions of dollars in losses for countries due to health issues and decreased productivity. Smart bed technology offers people access to digital tools that provide valuable information about their well-being, thereby helping them achieve a sound sleep.
High prices of smart beds act as a major restraint in market growth. Additionally, smart beds are part of a multitude of new Internet of Things (IoT)-connected home appliances, some of which have been criticized for failing to deliver a satisfactory user experience while overemphasizing data.
Smart beds were considered essential commodities during the COVID-19 pandemic, with high demand due to their supportive features that aided in the treatment of COVID patients. In many cases, smart beds proved to be lifesavers, as hospitals could identify deteriorating patients more quickly using these beds. By enabling healthcare staff to monitor patients while maintaining a safe distance—crucial during the COVID-19 crisis—and providing timely alarm notifications, smart beds have helped save numerous lives.
Semi-automatic type holds the highest market share of 36.3% of the Global Smart Beds Market share in 2022 and is expected to continue its dominance till 2031.
In terms of end user, the residential sector accounts for highest market share of more than 50% in the smart bed market, owing to the growing trend of smart houses and implementation of luxurious technology in the houses.
Online segment contributes for the fastest CAGR of 9.8% during the forecast period.
Asia Pacific is projected to grow at the highest CAGR of 10.8% during the forecast period 2023-2031.
The key market players are Paramount Bed Co. Ltd., Stryker, Invacare Corporation, Hill-Rom Holdings, Inc., Arjohuntleigh AB, Ergomotion Inc., and Hilding Anders among others
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| Report ID: AA0122124 
