Smart Bed Market is projected to reach US$ 8,859.9 Million by 2027 | CAGR 8.7%: Astute Analytica
NEW DELHI, Jan. 31, 2022 /PRNewswire/ -- The study conducted by Astute Analytica foresees a tremendous growth in revenue of the Global Smart Bed Market from US$ 5,273.3 Mn in 2021 to US$ 8,859.9 Mn by 2027. The market is expected to register a CAGR of 8.7% during the forecast period. Smart beds are innovative advanced beds that allow users to expand the capabilities of their beds 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.
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The growth in the Global Smart Beds Market is attributed to factors such as increasing adoption of smart and advanced technology, increasing demand of senior citizens' health care needs, and rising demand for comfort, luxury, and personalized experience. Moreover, higher incidences of sleep disorders among adults are a vital factor that is drawing a great deal of attention towards the concept of quality sleep, thereby offering high scope for smart beds. However, the high price of smart beds acts as a major restraint in the market growth. Furthermore, smart beds are part of a multitude of new internet of things-connected home appliances–some of which have been criticized for failing to deliver good UX while overemphasizing data.
Segmental Analysis
Semi-automatic smart beds hold highest market share in 2021
The semi-automatic smart beds market was valued at US$ 1,929.6 Mn in 2021. The increasing adoption of semi-automatic beds is observed largely in the healthcare sector. Minimalistic knowledge about the technology is required to operate semi-automatic beds. Additionally, semi-automatic beds are highly affordable, user-friendly and has multiple connectivity options other than internet, such as Bluetooth and NFC, among others. Furthermore, the adoption of semiautomatic beds is observed to be increasing in the transportation application, thus contributing greatly in terms of total market share and growth rate.
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Hospitality Sector is expected to grow with highest CAGR
Hotels are mainly focusing on providing a comfortable sleep to guests as their key offering. Customization will be the key differentiator. Off-the-bed foot massagers and sleep-inducing relaxants will be commonplace features. Hotels that can really deliver a better sleep experience are likely to see big returns on investment. In this technically advanced environment, smart beds will get a competitive advantage, considering its key role in offering better sleep experience. The global think tank called 'Hotel of Tomorrow Project' reports that guest sleep is the most significant feature which drives the hospitality sector, and this can be enhanced by the adoption smart beds in guest rooms.
Offline Distribution Channel holds highest share in 2021
The offline distribution channel holds the highest market share as most of the smart beds delivered especially in the residential sector are not courier friendly, hence, buyers prefer to buy it from offline stores wherein the safe delivery of the product is ensured. Furthermore, major retail chains are focusing on establishing new stores with an innovative layout which is projected to support the growth of this segment.
North America dominates the Global Smart Beds Market
North America dominated the global smart beds marketplace with a share of 28% in 2021. Growing adoption of internet in North America has boosted the demand for smart home furniture including smart beds in the region. Factors such as increasing penetration of smartphones, rising mobile cellular subscriptions, and increasing internet use are driving the demand for smart beds in the region. According to the World Bank, 87.6% of the population in North America used the internet in 2018. Various sleep-related disorders prevalent in the U.S. is triggering the demand for quality sleep patterns among individuals.
Impact of COVID-19
Smart beds fall under the essential commodities during COVID-19, with high demand due to its supportive features that helps in treatment of COVID patients. Smart beds turned out to be a lifesaver in many cases where the hospital was able to identify deteriorating cases faster using the beds. Smart beds help healthcare staff by monitoring patients by maintaining a safe distance- which is required in case of COVID-19 and on-time alarm notification is helping to save many lives. Hence, with major application in treating COVID-19 patients, the market witnessed a substantial growth even during the time of crisis. However, smart beds for residential and other sectoral purposes have witnessed a dip during COVID-19.
Competitive Landscape
- Paramount Bed Co. Ltd. is engaged in the manufacturing and sale of beds for medical use and welfare. It is also involved in the manufacture and sale of mattresses, furniture for hospital room uses, and medical equipment and fixtures, the inspection, repair, sterilization, maintenance and leasing of beds and mattresses, the rental and wholesale of welfare equipment.
- Stryker is a medical technology company, which provides innovative products and services in orthopedics, medical and surgical, and neurotechnology and spine. It develops, manufactures, and markets specialty surgical and medical products.
- Invacare Corporation is an American manufacturer and distributor of non-acute medical equipment. The products include wheelchairs, mobility scooters, walkers, pressure care and positioning, as well as respiratory products
- Hill-Rom Holdings, Inc. is a global medical technology company. The company support innovations in the following areas: Advancing Mobility, Wound Care and Prevention, Patient Monitoring and Diagnostics, Surgical Safety and Efficiency, and Respiratory Health.
- Ergomotion Inc. is the manufacturer of adjustable beds and furniture. The company is one of the largest and most advanced adjustable bed base manufacturers worldwide due to use of robotics and welding to ensure consistency
- Hi-Interiors SRL is the Italian startup that invented the first smart bed ever conceived. This privately handled company is involved in accelerating the internet of furniture to provide better quality of life to its customers
Segmentation Overview the Global Smart Beds Market
Global Smart Beds Market is segmented based on product type, end user, distribution channel, and region. These segments are further sub-divided to get a holist picture of the market.
Following are the different segments of the Global Smart Beds Market: -
- By Product Type Segment of the Global Smart Beds Market is Sub-Segmented into:
- Manual
- Semi-automatic
- Fully automati
- By End User Segment of the Global Smart Beds Market is Sub-Segmented into:
- Residential
- Healthcare
- Hospitality
- Transportation
- Others
- By Distribution Channel Segment of the Global Smart Beds Market is Sub-Segmented into:
- Offline
- Brand Stores
- Home Centers
- online
- By Region Segment of the Global Smart Beds Market is Sub-Segmented into:
- North America
- The U.S.
- Canada
- Mexico
- Europe
- The U.K.
- Germany
- France
- Italy
- Russia
- Spain
- Poland
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
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About Astute Analytica
Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
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