Global Smart Bed Market - 2022-2029

Global Smart Bed Market - 2022-2029

Market Overview

Smart beds are technologically advanced beds that allow users to expand their capabilities beyond their basic functionalities by automatically adjusting the settings of the beds to the users’ comfort. Smart beds improve the user’s comfort while also providing health benefits. Smart beds integrate advanced amenities with technology, allowing 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. Furthermore, these beds will also keep track of blood pressure, heartbeats, movements, air pressure, and snoring.

The smart bed market is in its early stages of mass production, with sales growing slowly.. Incidences of sleep disorders among adults are on the rise, attracting much attention to the concept of quality sleep, and, as a result, smart beds have much potential. Moreover, with technological advancement, the increase in sensor-based advanced technology for healthy sleep is driving the demand for the global smart bed market. The rising penetration of smart homes with technologically integrated household products will propel market growth.

The global smart bed market was valued at USD YY million in 2021. It is forecasted to reach USD YY million by 2029, growing at a CAGR of 7.12% during the forecast period (2022-2029).

Market DynamicsIncreased spending for smart home technology is driving the smart bed market

Technological developments have inspired consumers to seek new ways to boost their lifestyles. It has driven the consumer's interest in adopting the latest technologies and smart solutions, providing many benefits to the consumers. Increased consumer interest in creating a smart home ecosystem has fueled the consumption requirement for smart home accessories, including smart beds, which is expected to drive product demand among residential spaces. According to Xiaomi Corporation, since the pandemic in March 2020, 70% of people have started changing their living environment, and almost 50% have purchased at least one smart home device during the pandemic. Consumer preferences toward adopting smart technology devices across households have played a key role in enhancing the global demand for smart home products. According to the German Society for Consumer Research, the sales of smart products witnessed a spike of 24 percent in 2020 compared to the previous year across European markets, including Germany, the U.K., France, Italy, Spain, the Netherlands, and Belgium. Furthermore, an upsurge in the smart bed requirements from the hospitality sector, including healthcare and luxury hotels, to provide best-in-class customer service facilities has boosted product demand. According to ArcGIS, a commercial software maintained by the Environmental Systems Research Institute, there were around 816,554 staffed bed requirements with smart features across the hospitals in the U.S. through September 2020. Key players are also launching new products, which is expected to drive the market growth. For instance, on August 24, 2022, Xiaomi launched its smart electric bed. The 8H Feel Leather Smart Electric Bed X Pro is equipped with dual motors on the back and legs. The motors can lift weights of up to 600 kg with ease. The motors offer silent operation, with a maximum operating sound of less than 45 dB.

Market Segmentation:The hospital segment held the largest market share in the global smart bed market

The hospital segment is expected to lead a dominant segmental share in the global market due to increasing comfort facilities and provisions in the hospital. Also, improvements in healthcare technology have facilitated the medical sector's investment in opportunities for better healthcare, which has led to skyrocketing demand for advanced products across smart hospitals. The medical beds embedded with smart features have become essential for monitoring patients and undergoing treatments, thereby boosting the growth aspects of the global market. Smart beds in hospitals are expected to experience rapid growth globally, as these beds can detect any critical signs in patients, assisting healthcare workers in providing a rapid response to the patient's health. It has increased the adoption of smart beds in hospital systems. For instance, on October 22, 2020, Stryker announced that it launched the ProCuity wireless smart hospital bed to improve efficiency and safety while lowering costs. The intelligent bed was designed to help reduce in-hospital patient falls at all acuity levels while improving nurse workflow efficiencies and safety at a lower cost. On August 24, 2022, Indian medical device maker Dozee launched a smart connected bed with Midmark India. The smart bed can be connected to a central command center and a hospital's HMIS. Dozee claims its AI-powered RPM sensor has a clinical-grade accuracy of 98.4%.

Geographical Penetration: North America is the dominant region during the forecast period

The North American market size reached USD YY million in 2021. It is anticipated that North America will exhibit a dominant market share due to smart homes rapid penetration and increased consumer spending on comfort and luxury. According to the 10th annual Houzz & Home survey among 70,000 U.S. people, home renovation activities, including kitchens, outdoor spaces, and other home furnishings and technologies, have witnessed a 15% increase of over USD 85,000 in 2020, compared with USD 80,000 in the two previous years. The region's high-income population favors a wide range of smart solutions for their convenience and ease of lifestyle at home. It has led users to spend on automation, security, and other controlled accessories, ultimately attracting investments in such products. Additionally, the region has established a prominent base in IoT across residential and commercial places. Around 49,000 family homes in the U.S. had smart home features in their home construction out of 1.08 million single-family home constructions in the United States in 2020, as per the data by Omdia, a London-based consultancy firm.

Competitive Landscape

The global smart bed industry is highly fragmented, owing to emerging local and international players in the global marketplace. Manufacturers focusing on introducing product innovations in features and options, creating growth opportunities worldwide, and implementing user-friendly customer service and policies to gain a long-lasting customer relationships with buyers. Some key players operating in the global smart bed market include PARAMOUNT BED CO., LTD., ReST, Sleep Number Corporation, Ascion, LLC, Hi-Interiors, srl., Ultimate Smart Bed, The BodiTrak, Hill Rom Holdings, Inc., Invacare Corporation, and Stryker Corporation. To meet increasing consumer demand, the key players/manufacturers create new campaigns and ads to uplift customer interest in buying products. For instance, in January 2021, Corsicana Mattress Co. partnered with Retail Service Systems (RSS) to introduce Sleep2Win smart beds to customize sleep patterns. In September 2021, Baxter International Inc., an American multinational healthcare company, acquired Hill-Rom Holdings, Inc., for a total equity value of $10.5 billion. This acquisition by Baxter adds smart hospital beds to its existing patient monitoring and diagnostic product portfolio. Hill-Rom Holdings, Inc. is a medical device provider based in the USA.

COVID-19 Impact: Positive impact on the global smart bed market

Due to the pandemic, many homeowners spent more time at home than ever before, which led to several pain concerns for them. Many people developed new ways to work, unwind, occupy themselves, and make their bed as a personal space as well as a workstation at home as a result of being isolated. With more people preferring to spend their time indoors, a shift in purchase behavior is observed, exhibiting an interest in online channels. Increased product sales through online platforms helped the market growth positively. Furthermore, the lockdown restrictions shifted consumer behavior towards well-being, personal care, and comfort at indoor places, fueling the demand for smart home accessories, including smart beds. For instance, in August 2020, Hi Interiors Srl introduced a four-poster bed connected with intriguing features such as HiAm to promote fun and well-being in the bedroom. The HiAm bed has a 70-inch screen, an audio system, ambient reading lights, and a 4K projector for entertainment while you're in bed.

The global smart bed market report would provide access to approximately 58 market data tables, 55 figures and 170 pages.