Europe Smart Bed Market – Growth, Trends, Covid-19 Impact and Forecast (2023 - 2028)

Europe Smart Bed Market – Growth, Trends, Covid-19 Impact and Forecast (2023 - 2028)

The Europe smart bed market is expected to reach USD 1.2 billion by 2027, registering a CAGR of 5% over the next five years.

Increased healthcare expenses have fuelled the need for smart beds. According to Eurostat, healthcare expenditure accounted for around 9% of Europe's GDP in 2021. The largest GDP shares based on healthcare expenditures were from Germany, representing 12.8% of the total GDP, followed by France and United Kingdom, with 12.2% and 12 %, respectively. Due to enhanced healthcare facilities in United Kingdom, Germany, and other countries, Europe is likely to hold a significant market share worldwide.

In Europe, due to COVID-19, most of the smart bed companies struggled to hold in-person meetings with their channel partners and close business commitments, which significantly impacted their product revenues. The closure of retail outlets and electronics firms, along with raw material supply limitations, slowed the rate of product consumption during the pandemic.

However, since an increasing number of individuals are choosing to spend more time indoors, there has been a shift in purchasing behavior toward online outlets. Rising product sales via online platforms may assist the industry in identifying a positive potential for expansion. The lockdown restrictions also shifted consumer focus toward well-being, personal care, and comfort, thus boosting the demand for smart home accessories, including smart beds.

Increased focus on supporting patients in hospitals with proper treatment and facilities also surged the adoption of smart beds across the medical sector in Europe. The region witnessed significant expenditure on the healthcare sector, thereby bringing more investments into such products.

The healthcare sector is one of the dominant segments of the smart bed market. Due to the rising need for better comfort, amenities, and provisions in the healthcare sector, it is anticipated to hold a prominent position in the smart bed market. The healthcare systems in United Kingdom, Germany, and other countries in Europe have significantly improved. The need for smart beds is also being driven by rising healthcare costs.

The use of smart beds across the European medical industry increased due to a greater emphasis on providing patients with appropriate care and amenities.

In Germany, Joh. Stiegelmeyer GmBH & Co. KG is tasked with developing, creating, and producing high-end medical and healthcare goods. The business is divided into the following divisions: Clinic, Care, Home Care, and Assist. It offers beds and furnishings for use in healthcare facilities, including hospitals and nursing homes. Infant trolleys and critical care beds are among the products offered by the business. It also offers cabinets, transport chairs and stretchers, and accessories.

Consumers are looking for new and innovative technologies for creating smart home ecosystems, which has fueled the purchase of smart home accessories, including smart beds, in Europe.

Consumer preference to integrate smart technology into their homes has significantly increased the market for "smart home" products. According to the German Society for Consumer Research, sales of smart products in Europe, including Germany, United Kingdom, France, Italy, and Spain, increased dramatically in 2020 compared to the previous years.

There was a total of 53.7 million smart homes in Europe at the end of 2021. The installed base in the region is projected to reach about 100 million homes at the end of 2026, representing a market penetration of 42%.

The report covers major players operating in the European smart bed market. In terms of market share, few of the major players currently dominate the market. However, with technological advancements and product innovation, domestic and international companies are increasing their market presence by securing new contracts and tapping new markets. The major players include Stryker Corporation, Hill-Rom Holdings, Invacare Corporation, Paramount Bed, and Volker GmbH.

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support