The Global Smart Bed Market was valued at US$ 5,273.3 Mn in 2021 and is projected to reach US$ 8,859.9 Mn by 2027. The market is expected to register a CAGR of 8.7% during the forecast period 2022-2027. Smart Bed integrates advanced amenities with technology that allows for comfortable changes and connectivity while sleeping. Sleep tracking, automatic mattress firmness adjustment, climate control, smart fabric technology, adjustable bases, anti-snoring feature, IoT, and smart home connectivity are just a few features of a smart Bed.
The Global Smart Bed Market has majorly driven increasing adoption of smart and advanced technology, increasing demand of senior citizens’ health care needs, rising demand for comfort, luxury, and personalized experience, and increasing awareness related to the importance of good sleep. Moreover, smart Bed help in reporting real-time patient safety information to a status board through nurse call. Patient lifts and patient monitoring equipment all connect and communicate together to accelerate patient recovery and simplify clinical communication. However, the high price of smart beds acts as a major restraint in the market growth.
Report Summary
The study of the global smart Bed market considers various market determinants, industry value chain analysis, and competitor analysis of the market. The report discusses the analysis of the smart bed industry for the period 2017-2027, where the base year is 2021 and the forecast period is 2022-2027. The report provides a detailed analysis of the Global Smart bed Market across 14 Chapters and, 166 pages. The report includes data presentation across 30 tables and 76 statistical figures.
The report provides PESTLE analysis, which is a tool to examine the external market environment factors that have an impact on the industry. The PESTLE analysis examines the Political, Economic, Social, Technological, Environmental, and Legal factors in the external environment. Thus, sufficiently examining the threats and weaknesses of the industry. The research report also provides Porter’s five forces analysis wherein the threat of substitutes and bargaining power of buyers is high.
The subsequent section provides details of the market analysis based on different segments such as product type, end-user, distribution channel, and region. The report includes a detailed study of the value chain of the industry. It includes raw material suppliers, smart bed manufacturers, distributors, and end-users. The report also covers extensively the key competitors in the Global Smart bed Market along with a SWOT analysis for each company.
Key Takeaways from the Global Smart Bed Market Report
Impact of COVID-19
Smart Bed falls under the essential commodities during COVID-19, with high demand due to its supportive features that help in the treatment of COVID patients. Smart Bed turned out to be a lifesaver in many cases where the hospital was able to identify deteriorating cases faster using the Bed. Smart Bed helps healthcare staff by monitoring patients by maintaining a safe distance- which is required in the case of COVID-19 and on-time alarm notification is helping to save many lives. Hence, with major application in treating COVID-19 patients, the market witnessed substantial growth even during the time of crisis. However, smart beds for residential and other sectoral purposes have witnessed a dip during COVID-19.
Competitive Landscape
Segmentation Overview of the Global Smart Bed Market
Following are the different segments of the Global Smart Bed Market: -
By Product Type Segment of the Global Smart Bed Market is Sub-Segmented into:
By End User Segment of the Global Smart Bed Market is Sub-Segmented into:
By Distribution Channel Segment of the Global Smart Bed Market is Sub-Segmented into:
By Region Segment of the Global Smart Bed Market is Sub-Segmented into:
Report Attribute | Details |
---|---|
Market Size Value in 2021 | US$ 5,273.3 Mn |
Expected Revenue in 2027 | US$ 8,859.9 Mn |
Historic Data | 2017-2020 |
Base Year | 2021 |
Forecast Period | 2022-2027 |
Unit | Value (USD Mn) |
CAGR | 8.7% |
Segments covered | By Product Type, End-User, Distribution Channel, and region |
Key Companies | Paramount Bed Co. Ltd., Stryker, Invacare Corporation, Hill-Rom Holdings Inc., and other prominent players. |
Customization Scope | Get your customized report as per your preference. Ask for customization |
Smart beds are advanced beds that allow users automatically adjust the settings of the beds according to users’ comfort. Smart beds integrate advanced amenities with technology that allows for comfortable changes and connectivity while sleeping.
Sleep tracking, automatic mattress firmness adjustment, climate control, smart fabric technology, adjustable bases, anti-snoring feature, IoT, and smart home connectivity are just a few of the features accessible.
Global Smart Beds Market is projected to record revenue from US$ 5,273.3 Mn in 2021 to US$ 8,859.9 Mn by 2027, registering a CAGR of 8.7% during the forecast period 2022-2027.
The end users in the smart beds market are healthcare, hospitality, residential, and transportation users among others.
In the smart world, through increased connectivity, instant communication, and established infrastructure systems, novel ideas and products can grow at rapid speeds – and this enables fast adoption of technically advanced products. Smart beds are advanced technology with a major scope in smart homes and hospitals due to their different features and offerings, as per the end-use.
Smart beds helps in reporting real-time patient safety information to a status board through nurse call. Further, patient lifts and patient monitoring equipment all connect and communicate together to accelerate patient recovery and simplify clinical communication. Thus, hospitals are integrating the technologies that help to deliver the capabilities as per requirement need.
With the rapid rise in the senior citizens’ population, people are focusing more on their needs, striving for more convenient and comfortable lifestyle to ease their life. Considering that people are spending most of the time in bed, smart beds have gradually attracted people’s attention. Thus, there is a positive relationship between rising number of senior citizens and the adoption of smart beds.
As per the Centers for Disease Control and Prevention), one in three adults do not get adequate sleep. Lack of sleep is causing a loss of billion dollars to countries in the form of health issues and lost productivity. Smart bed technology is giving people access to digital tools that provide valuable information about their well-being and thereby helping them to resort to a sound sleep.
High price of smart beds act as a major restraint in the market growth. Also, Smart beds are part of a multitude of new internet of things-connected home appliances–some of which have been criticized for failing to deliver good UX while overemphasizing data.
Smart beds falls under the essential commodities during COVID-19, with high demand due to its supportive features that helps in treatment of COVID patients. Smart beds turned out to be a lifesaver in many cases where the hospital was able to identify deteriorating cases faster using the beds. Smart beds help healthcare staff by monitoring patients by maintaining a safe distance- which is required in case of COVID-19 and on-time alarm notification is helping to save many lives.
Semi-automatic type holds the highest market share of 36.3% of the Global Smart Beds Market share in 2021 and is expected to continue its dominance till 2027.
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 2022-2027.
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