The global smart bed market size is expected to be valued at USD 3.42 Billion in 2023. With the rise in the purchase of luxury and comfortable products, due to increasing disposable income, coupled with the rising awareness about the benefits of smart beds, the overall demand for smart beds is projected to grow at a CAGR of 7.0% between 2023 and 2033, totaling around USD 6.73 Billion by 2033.
The increasing utilization of smart beds in the healthcare industry, due to the increasing automation and improving patient room technology is one of the major factors that is expected to boost the growth of the smart bed market during the forecast period.
In addition, rising investments in the healthcare sector by governing agencies of different countries, coupled with the growing geriatric population, have positively influenced the installation of smart beds across the globe. These beds provide a wide range of benefits, including smart fabric technology, automatic mattress firmness adjustments, anti-snoring features, adjustable bases, and smart-home connectivity, which is further anticipated to fuel overall sales.
Moreover, the leading smart bed players are investing in research and development (R&D) activities to introduce product innovations and offer new features, such as thermostats and blood pressure and air pressure measuring technology, to expand their consumer base and strengthen their hold in the market.
| Data Points | Key Statistics |
|---|---|
| Smart Bed Market Value 2023 | USD 3.42 Billion |
| Smart Bed Market Projected Value (2033) | USD 6.73 Billion |
| Smart Bed Market CAGR (2023 to 2033) | 7.0% |
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The global demand for smart beds is projected to increase at a CAGR of 7.0% during the forecast period between 2023 and 2033, reaching a total of USD 6.73 Billion in 2033, according to a report from Future Market Insights (FMI). From 2018 to 2022, sales witnessed significant growth, registering a CAGR of 3.7%.
According to Future Market Insights, a market research and competitive intelligence provider, the Smart Bed market was valued at USD 3.2 billion in 2022. Rapid technological changes in the healthcare sector have created a greater demand for smart technologies, including smart beds, in order to improve patient care as well as treatment quality.
Smart hospitals have witnessed significant adoption of automation, digitization, and other technological advancements to deliver greater efficiency in treatment, accelerating the consumption of smart beds to monitor sleep quality and other health factors. The fast-paced technological shift toward care delivery has propelled the demand for advanced products.
Cutting-Edge Sleep Technologies to Fuel the Market Growth
There are a huge number of fresh entrants who are laser-focused on meeting the changing consumer demands globally, and these companies have penetrated the online channels to gain an edge over the competitors in the market. The fast-paced competition has created ample options for consumers to select their products, which has shifted product purchase behavior.
Furthermore, the prominent manufacturers' product innovations have helped the market meet the demand from the hospitality sector. Stryker Corporation, in October 2020, launched a smart bed named 'ProCuity' that comes with smart embedded features and sensors, including Stryker's Secure Connect Technology for smart patient monitoring and to connect to nurse call systems wirelessly.
Increased Smart Home Technology to Accelerate the Market Growth
Rapid developments in technology have inspired consumers to seek new ways to enhance their lifestyles. This has driven the consumer's interest in adopting the latest technologies and smart solutions, which provide a plethora of benefits to the consumers. Increased consumer interest in creating a smart home ecosystem has augmented the consumption requirement for smart home accessories, including smart beds, which is projected to escalate the product demand among residential spaces.
Consumer preferences toward the adoption of smart technology devices across households have played a key role in enhancing the global demand for smart home products. Also, an upsurge in the smart bed requirements from the hospitality sector, including healthcare and luxury hotels, to provide best-in-class facilities in services to customers has propelled the product demand.
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Lack of Expertise in Smart Bed Manufacturing to Restrain the Market Growth
A lack of expertise in manufacturing smart beds in various regions is one of the major factors that is expected to limit the growth of the smart bed market over the analysis period. In addition, the low availability of these beds in the stores and lower production rates are other factors that will hinder market growth.
Online Selling of Sub-Standard Products to Limit the Market Growth
The manufacturing and selling of products under different trademarks can harm the image of a brand or company under which the product is being sold. Counterfeiters can enter the distribution channels and sell fake goods, which will affect consumer requirements, thereby hampering product demand. In addition, the rising prevalence of counterfeiters through online channels can play a key role in hampering the smart bed market growth.
Increased Prevalence of Sleep-Related Disorders in the Region to Fuel the Market Growth
The Smart Bed Market in North America is expected to accumulate the highest market share of 23% in 2023. North America is the most lucrative region along with the highest market share. Factors such as the increased prevalence of sleep-related disorders in the USA, that is causing individuals to seek out quality sleep patterns. Moreover, with the growing adoption of the internet in North America, smart home furniture, including smart beds, are becoming increasingly popular, further boosting the sales of smart bed in the region.
Furthermore, chronic diseases, an aging population susceptible to age-related diseases, and high healthcare spending per capita in the region are other major factors that are anticipated to fuel the smart bed market further in the region over the analysis period. The region is expected to hold the highest CAGR of 6.9% during the forecast period.
Increase in Healthcare Expenditure in the Region to Augment the Market Growth
The smart bed market in the Asia Pacific is expected to accumulate a market share value of 21.2% in 2022. The smart bed market is expected to experience the highest market growth in the Asia Pacific, owing to an increase in the healthcare sector expenditure for smart bed installation in developing nations such as India and China.
These smart beds will provide patient data that hospitals can use to enhance the quality of care for the patient. Due to rapid urbanization and the growing purchasing power of the people in China, smart beds are gaining a lot of traction in the region. This is due to the large number of home improvement projects undertaken by consumers.
The Asia Pacific has been driving technology trends across the globe through a digital transformation over the past few years. The region is expected to hold the highest CAGR of 6.8% during the forecast period.
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Hospital Segment to beat Competition in Untiring Market
On the basis of power rating, the global Smart Bed market is dominated by the Hospital Segment, which accounts for a share of 32%. Smart beds used in hospitals are majorly focused on improving patient management and helping patients recover better.
The market has gained significant momentum in the healthcare sector, attributed to continuous advancement in smart bed technologies, enabling hospitals to deliver enhanced healthcare service to the patient. The rise in government investments in hospitals to establish the latest technology equipment and smart beds may lucratively boost the market's growth.
Furthermore, the segment escalated to grow rapidly over the analysis period, owing to the shift in patient preference and surge in demand for advanced healthcare facilities. Cardiovascular disorders are expected to boost the demand for smart beds, as these beds are embedded with integrated cardio monitoring sensors and devices that raise the alarm if a patient has a heart attack. The segment is expected to hold a CAGR of 6.9% over the analysis period.
Offline Segment to Drive the Smart Bed Market
Based on the Distribution Channel, the offline segment is expected to witness a significant growth of 30% in 2022, and the trend is expected to continue during the forecast period. The offline channel is expected to lead the global smart beds market segmental share, owing to the rising expansion of retail stores and electronic outlets in emerging countries.
Additionally, consumers favor products from retail branded outlets due to several factors that may range from assistance from in-store salespersons to product testing and demos, which will allow the customers to opt for a better choice before purchase.
Prominent players in the smart bed market are PARAMOUNT BED CO., LTD., ReST, Sleep Number Corporation, Ascion, LLC., Hi-Interiors srl., Ultimate Smart Bed, The BodiTrak, Hill Rom Holdings Inc., Invacare Corporation, Stryker Corporation., among others.
Recent Developments:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 7.0% from 2023 to 2033 |
| Market Value in 2023 | USD 3.42 Billion |
| Market Value in 2033 | USD 6.73 Billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Application, Distribution Channel, Region |
| Regions Covered | North America; Europe; Asia Pacific; Latin America; Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, China, Japan, South Korea, Singapore, Thailand, Indonesia, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Companies Profiled | PARAMOUNT BED CO., LTD.; ReST; Sleep Number Corporation; Ascion, LLC.; Hi-Interiors srl.; Ultimate Smart Bed; The BodiTrak; Hill Rom Holdings Inc.; Invacare Corporation; BAM Labs; ArjoHuntleigh AB |
| Customization & Pricing | Available upon Request |
As of 2022, the market for Smart Bed was valued at USD 3.2 Billion, as per FMI
By 2023-end, sales of Smart Bed closed at a value of USD 3.42 Billion
From 2018 to 2022, Smart Bed demand expanded at a CAGR of 3.7%
From 2023 to 2033, Smart Bed sales are expected to flourish at a CAGR of 7.0%
By 2033, the market value of Smart Bed is expected to reach USD 6.73 Billion
By Application, the Hospital segment of the Smart Bed constitutes the bulk of the market share of 32% in 2022
By Distribution Channel, the Offline segment dominates the market with a share of 30% in 2022.
1. Executive Summary | Smart Bed Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 5.1. Residential 5.2. Hospital 5.3. Hospitality 5.4. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Distribution Channel 6.1. Supermarkets/Hypermarkets 6.2. Specialty Stores 6.3. Online 6.4. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. Middle East and Africa (MEA) 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. PARAMOUNT BED CO., LTD. 15.2. ReST 15.3. Sleep Number Corporation 15.4. Hi-Interiors srl. 15.5. Ultimate Smart Bed 15.6. The BodiTrak 15.7. Hill Rom Holdings Inc. 15.8. Invacare Corporation 15.9. BAM Labs 15.10. ArjoHuntleigh AB 16. Assumptions & Acronyms Used 17. Research Methodology
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