Smart Bed Market by Application, Distribution Channel, and Geography - Forecast and Analysis 2023-2027

Smart Bed Market Forecast 2023-2027 

The smart bed market size is estimated to increase by USD 1.26 billion and grow at a CAGR of 7.91% between 2022 and 2027. Market growth hinges on various factors, such as rising investments in sleep technology, growing demand for sophisticated furniture, and the surge in online retailing. However, challenges persist, including the prevalence of counterfeit products, extended product replacement cycles, and fluctuations in raw material prices. The market is experiencing notable expansion, primarily fueled by a rising appetite for sophisticated furniture designed for residential use. Innovations in sleep technology, incorporating features like IoT integration and connectivity with smart home systems, are meeting the demands of homeowners who prioritize quality sleep and elevated comfort levels. These advanced beds are not only addressing diverse health issues such as cardiovascular disorders and sleep apnea but also finding applications in patient care facilities and healthcare environments.

What will be the Size of the Smart Bed Market During the Forecast Period?

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Segmentation

This market report extensively covers market segmentation by application (healthcare, residential, and hospitality), distribution channel (offline and online), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

The market share growth by the healthcare segment will be significant during the forecast period. The market is growing due to the increasing use in the healthcare segment, which is making patient care in hospitals better and more focused. Hospitals primarily use to improve patient management and support patient recovery. The healthcare segment market is growing significantly due to the continuous development of the technology that enables hospitals to provide better care to their patients. Increasing government spending on hospitals to install cutting-edge technology and smart beds is likely to favorably accelerate market expansion during the forecast period.

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The healthcare segment was valued at USD 915.50 million in 2017 and continued to grow until 2021. The digital revolution in the healthcare industry is expected to accelerate the adoption in the healthcare segment due to the expansion of the Internet of Things (IoT) in healthcare applications. Smart beds are becoming more common in healthcare today due to increased automation, advances in hospital room technology, and greater compatibility between connected devices. Demand is expected to increase during the forecast period as the prevalence of cardiovascular diseases is increasing worldwide. These beds incorporate heart-monitoring sensors and devices that sound an alarm if the patient is having a heart attack. Due to changing patient preferences and increasing demand for advanced medical facilities, the market is expected to grow in the healthcare industry during the forecast period.

Key Region

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North America is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

North America accounts for a large share of the market, owing to the rapid adoption of smart homes and rising consumers for comfort and luxury. According to Houzz and Home's 10th annual survey of 70,000 U.S. residents, spending on home renovations, including kitchen, exterior, and other fixture and technology work, was USD 80,000 in 2019, it increased by 15% to over USD 85,000 in 2020. People are choosing different smart home solutions for their comfort and ease of use. People are spending money on home automation, security, and other regulated accouterments, with an increase in spending on smart home products such as Smart Bed. They can connect to the Internet of Things (IoT), so the end user can control other smart home devices such as TVs, coffee makers, thermostats, and virtual assistants. As a result of the growing popularity of the Internet, the demand for smart beds in North America is increasing. 

Market Dynamics and Customer Landscape

The market is witnessing a revolution driven by advancements in sleep technology and the rising demand for quality sleep among homeowners. These beds, designed for residential and commercial purposes, integrate IoT and smart home connectivity for enhanced comfort and user experience. They utilize features like sleep tracking, adjustable bases, and smart fabric technology to cater to individual needs, particularly addressing health concerns such as sleep apnea and cardiovascular disorders. State governments and patient care facilities are adopting these beds for patient management and recovery, contributing to enhanced healthcare outcomes. With climate control, anti-snoring features, and luxury bedding options, smart beds ensure optimal comfort and relaxation. As the young population increasingly prioritizes health benefits, smart beds equipped with alarm functions and home automation systems are becoming indispensable for promoting better sleep and overall well-being. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Driver

The market is witnessing remarkable growth, driven primarily by increasing demand for advanced furniture tailored for residential purposes. Sleep technology innovations, including IoT integration and smart home connectivity, cater to the needs of homeowners seeking quality sleep and enhanced comfort. These beds address various health concerns such as cardiovascular disorders and sleep apnea, making them ideal for patient care facilities and healthcare settings. Additionally, features like sleep tracking, climate control, and adjustable bases enhance user experience and support patient management and recovery. With luxury bedding options and smart fabric technology, these beds offer both comfort and style. As demand surges, fueled by the young population's interest and state government's support, the market is poised for exponential growth, revolutionizing sleep health and home automation systems.

Significant Market Trends

Increasing integration of new features is a key trend influencing the market growth. There is an increasing trend of integrating new features, helping market players to acquire rival companies to gain market share and improve their product features. For example, Sleep Number 360's latest feature, My SleepHealth, aims to improve the health and well-being of its users by helping them sleep better. This new technology feature shows users' sleep health trends on a weekly basis and provides actionable, personalized recommendations based on sleep duration, efficiency, and timing.

My Sleep Health's data-driven insights are combined with other features that allow users to get quality sleep. Such new developments and innovations in the market are expected to increase investments and advancements, propelling the market growth during the forecast period.  

Major Market Challenge

The long product replacement cycle is challenging the market growth. High-quality branded furniture and furnishings do not need to be replaced frequently. High-quality smart beds made from high-quality wood or steel are characterized by longer replacement cycles than lower-quality adjustable slatted frames and bed sets. Major companies doing business in the United States and other North American countries must comply with safety standards set by the American National Standards Institute (ANSI) and the Business and Institutional Furniture Manufacturers Association (BIFMA). Therefore, to meet these standards, smart bed manufacturers must produce high-quality products with long replacement cycles. Therefore, high acquisition costs and long replacement cycles affect the growth of the market. 

Key Market Customer Landscape

The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Market Customer Landscape

Who are the Major Smart Bed Market Players?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Arjo AB: The company offers different types of smart beds especially Prioma Medical Bed 600 and Enterprise 8000X.

The report also includes detailed analyses of the competitive landscape of the market and information about 15 market players, including:

• Balluga Ltd.
• Baxter International Inc.
• Besco Medical Ltd.
• Boyd Sleep
• CVB Inc.
• Dires LLC
• Eight Sleep Inc.
• Invacare Corp.
• IOF srl
• Joerns Healthcare LLC
• LINET Group SE
• PARAMOUNT BED HOLDINGS Co. Ltd.
• ReST
• Rize Home
• SK Furniture and Decoraters

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

Segment Overview

The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Application Outlook 
  • Healthcare
  • Residential
  • Hospitality

• Distribution Channel Outlook
  • Offline
  • Online

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Brazil
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

The market is experiencing exponential growth driven by various factors. Homeowners are increasingly investing in advanced sleep technology to enhance their sleep quality and overall well-being. According to a recent Sleep Number survey, there's a rising demand for smart beds equipped with integrated cardio monitoring sensors, climate control, and smart fabric technology. State governments and patient care facilities are adopting these beds for enhanced patient care and user experience. Specialty stores and supermarkets are catering to both residential and commercial purposes with a wide range of smart bed options. These beds offer numerous health benefits, especially for the aging population, by addressing lifestyle diseases like cardiovascular disorders and sleep apnea. With features like adjustable firmness, temperature control, and anti-snoring capabilities, smart beds are revolutionizing the sleep health industry. Powered by artificial intelligence, machine learning, and big data analytics, they provide personalized sleeping solutions and seamless integration with smart home automation systems. As sleep health awareness grows among the young population, the market for smart beds is poised for continued expansion.

Moreover, the market is rapidly evolving to cater to diverse consumer needs. These innovative beds, available for both residential and enhanced healthcare purposes, offer a plethora of features. From manual to fully-automatic operation, they boast adjustable bases, anti-snoring features, and sleep tracking capabilities, ensuring a personalized sleep experience. With smart home connectivity and integration, users can control their beds effortlessly via voice command. Moreover, luxury bedding options elevate comfort levels, while hypermarkets and supermarkets provide easy access to these products. An integral feature of these smart beds is their ability to regulate body temperature, enhancing overall sleep quality. As demand surges, manufacturers are focusing on continuous innovation, making smart beds a cornerstone of modern living.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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