Global Smart Bed Market by Application (Hospital, Residential, Hospitality) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global smart bed market was worth USD 2.17 billion in 2019. It is projected to grow at a compound annual rate (CAGR of 4.5%) between 2020 and 2027. Smart beds are in high demand due to increased investments in sleep technology and better adaption. The market is also being driven by the increasing penetration of smart home. High-quality sleep is becoming more important for adults. This has led to prominent investments in advanced sleep products. Good sleep can prevent illness, reduce pain, increase productivity, and make people happier. The higher incidence of sleep disorders in adults is a significant factor that is drawing attention to the idea of quality sleep. This opens up a lot of possibilities for smart beds. Pervasive sleep disorders are a major public health problem in the United States. One in three Americans does not get enough sleep, according to the Centers for Disease Control and Prevention. According to the University of Pennsylvania, 1 in 4 Americans suffer from insomnia every year.

Smart beds are being adopted because of the rising adoption of technology-driven devices that offer valuable information about well-being. According to CES research, 59.0% have expressed interest in sleep technology. Smart beds are a combination of advanced technology and technology that allows for comfortable adjustments during sleep. These include smart home connectivity, climate control, temperature control, sleep tracking, smart fabric technology and adjustable bases.

Due to digital transformation, IoT healthcare applications are likely to increase the penetration of smart bed in the healthcare sector. Smart beds are more common in the healthcare sector due to increasing automation, patient room technology and interoperability among connected systems. Stryker Corporation's Stryker S3 bed uses the 3-zone alarm feature and conditional safety features.

Application Insights

With a market share of 72.0%, the residential segment was the dominant player in terms of revenue. The residential use of smart beds is fueled by higher consumer spending on comfort and relaxation due to lifestyle inflation in generations X, Z and Y. According to Federal Reserve Bank of New York research, lifestyle inflation is common among people with low, middle and high incomes. The average American household head aged between 35 and 44 years has a non-housing loan of more than USD 100,000. Manufacturers are likely to introduce new products and innovating ways to increase sales of smart beds. Eight Sleep, for instance, introduced a biometric-monitoring smart mattress in February 2019.

The fastest growing commercial sector is the hospital market for smart beds, which is expected to grow at a 5.2% CAGR between 2020 and 2027. Smart beds have been developed in hospitals to meet the increasing demand for sophisticated medical devices that are more focused on comfort and safety. These beds have sensors that measure body temperature, blood pressure, heartbeat, blood oxygen and body temperature. These smart beds can also be used with vibration and percussion features, which is useful for those who are susceptible to pneumonia or suffer from other respiratory diseases.

Distribution Channel Insights

With a share of 66% in 2019, the smart bed market was dominated by the distribution channel segment of specialty stores. Specialty stores offer a variety of product categories, demonstrations and immediate shipping. Many specialty stores offer training for their staff to help customers. Specialty stores are a primary channel for distribution in developing countries like India, Thailand and Vietnam, Bangladesh, Bangladesh, and China.

Major retail chains are also focusing on the establishment of new stores with innovative layouts, which will support this segment's growth. Sleep Number, for example, opened a new store in Flatiron in 2018. A large digital map shows how New Yorkers sleep. To deliver value-added products, the Sleep Number store experience combines technology and the expertise of sleep professionals.

Online distribution channel segments are expected to grow at a fastest CAGR rate of 5.1% between 2020 and 2027. Segment growth is aided by the growing number of smartphone and internet users, particularly in developed countries. E-commerce platforms, including Google Ads and social media, play an important role in shaping consumer preferences. This segment's growth can also be attributed the growing number of online retailers that offer competitively priced products. Besides the company-owned portals, some of the most prominent online suppliers include Amazon, Walmart and Aliexpress.

Regional Insights

North America was the dominant market, with a 60.2% share in 2019. The market has seen a rise in adoption of smart home furniture, including smart beds, in North America. Smart beds are in high demand due to factors such as the rising penetration of smartphones and the rise in mobile cellular subscriptions.

According to the World Bank in 2018, 87.6% of North American population used the internet. There are many sleep-related disorders in America that are driving a higher demand for high quality sleep patterns. The American Sleep Association estimates that between 50 and 70 million Americans have a sleep disorder. Around 25.0 million Americans suffer from obstructive sleeping apnea.

Asia Pacific is experiencing the fastest growth rate of 5.6% between 2020 and 2027, generating revenue of USD 375.7 millions by 2027. China holds a large share of the market. This is due to the huge number of home improvements made by the consumers in the region. Also, the increasing purchasing power and rapid urbanization in the region have boosted the demand for smart beds. Asia Pacific has been driving technology trends around the world over the last few years. Some of the most technologically-focused countries in Asia Pacific include India, South Korea and China. These tech-savvy countries are creating cutting-edge technology in smart gadgets and home automation. These trends will likely boost demand for smart clocks within the region during the forecast period.

Market Share Insights & Key Companies

Smart beds are highly competitive. To meet the growing demand for smart beds, companies are expanding their product ranges and adopting new technologies. The market is also growing because of the increasing number and quality of companies that are entering the sector. Ford Motor Company, for example, introduced a prototype smart bed in February 2019. It uses conveyor belt technology to reduce co-sleeping issues. Ford Interventions, an exploratory project that aims to solve everyday problems, created this lane-keeping bed. The smart bed market is dominated by the following:

• PARAMOUNT BED CO. LTD.

• ReST

• Sleep Number Corporation

• Ascion, LLC.

• Hi-Interiors Srl

• Ultimate Smart Bed

• Stryker Corporation

• BodiTrak

• Hill Rom Holdings Inc.

• Invacare Corporation

Up Market Research published a new report titled “Smart Bed Market research report which is segmented by Application (Hospital, Residential, Hospitality), By Players/Companies Sleep Number Corporation, Stryker Corporation, The BodiTrak, ReST, Hill Rom Holdings Inc, PARAMOUNT BED CO LTD, Hi-Interiors srl, Ascion LLC, Invacare Corporation, Ultimate Smart Bed”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Smart Bed Market Report Segments:

The market is segmented by Application (Hospital, Residential, Hospitality).

Smart Bed Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Smart Bed Market

Overview of the regional outlook of the Smart Bed Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Smart Bed Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Smart Bed Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Hospital

                2. Residential

                3. Hospitality

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Smart Bed Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Smart Bed Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.