The global smart bed market size is expected to be valued at US$ 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, totalling around US$ 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.
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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 the consumers to select their products, which have shifted the product purchase behaviour.
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.
Key Takeaways from the Market Study
- Global smart bed market was valued at US$ 3.2 Billion by 2022-end
- From 2018 to 2022, the market demand expanded at a CAGR of 7%
- By application, the hospital segment of the market constitutes the bulk of the market with a market share of 32%
- By distribution channel, the offline segment dominates the market with a share of 30%
- From 2023 to 2033, Smart Bed sales are expected to flourish at a CAGR of 0%.
- By 2033, the market value of Smart Bed is expected to reach US$ 73 Billion
“The demand for smart home devices and gadgets is soaring and the escalating consumer interest towards such smart home gadgets is uplifting the consumption of such products across households,” remarks an FMI analyst.
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Competitive Landscape
Players in the global Smart Bed Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
- In September 2021, Baxter International Inc., an American multinational health care company, acquired Hill-Rom Holdings, Inc. for a $10.5 billion total equity value. This acquisition by Baxter adds smart hospital beds to its existing product portfolio of patient monitoring and diagnostic products. Hill-Rom Holdings, Inc. is a medical device provider based in the USA.
- In August 2020, Sleep Number made advancements to its 360 Smart Bed with SleepIQ technology. The beds are designed to conform more closely to the body for superior support and spinal alignment, increased pressure relief, and reduced motion transfer.
- ReST and Purple Innovation, the innovators behind the renowned Purple Grid, partnered in July 2020. The ReST smart bed incorporates both smart technology and comfort technologies to create a different kind of sleep.
Know More About What the Smart Bed Market Report Covers
Future Market Insights offers an unbiased analysis of the global Smart Bed Market, providing historical data for 2018-2022 and forecast statistics from 2023-2033.
To understand opportunities in the smart bed market, the market is segmented on the basis of application, and distribution channels across five major regions.
Key Segments Covered in the Smart Bed Industry Analysis
Smart Bed Market by Application:
- Residential
- Hospital
- Hospitality
- Others
Smart Bed Market by Distribution Channel:
- Supermarkets/Hypermarkets
- Specialty Stores
- Online
- Others
Smart Bed Market by Region:
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
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