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The smart bed market size is estimated to grow at a CAGR of 7.91% between 2022 and 2027. The market size is forecast to increase by USD 1,260.69 million. The growth of the market depends on several factors, including increasing investments in sleep technology, increasing demand for advanced furniture, and an increase in online retailing.
This smart bed 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.
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The increasing demand for advanced furniture is notably driving the market growth, although a long product replacement cycle may impede the market growth. 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.
Increasing demand for advanced furniture is notably driving the smart bed market growth. The growing demand for advanced features and innovative beds has increased the need for smart beds. These aesthetically enhanced smart beds are easy to use and have a variety of features that make these beds perfect for relaxing. The smart bed has several other value-added features as well. For example, users can use it to warm their feet, work, or improve their health (and sleep) by improving their posture while they sleep.
The smart adjustable bed features smartphone connectivity, under-bed lighting, different head and foot positions, and the option of warming their feet. Adoption of such smart beds is increasing due to their user-friendly interface, advanced features, and aesthetic design. The advantages over non-smart/regular beds will attract more consumers to purchase, leading to market growth during the forecast period.
Increasing integration of new features in smart beds is a key trend influencing the smart bed market growth. There is an increasing trend of integrating new features into smart beds, helping market players to acquire rival companies to gain market share and improve their product features. For example, Sleep Number 360's latest smart bed 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 which 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.
The long product replacement cycle is challenging the smart bed market growth. High-quality branded furniture and furnishings (such as smart beds) 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.
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 Smart Bed Market Customer Landscape
Vendors 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 vendors, including:
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.
The market share growth by the healthcare segment will be significant during the forecast period. The market is growing due to the increasing use of smart beds in the healthcare segment, which is making patient care in hospitals better and more focused. Hospitals primarily use smart beds to improve patient management and support patient recovery. The healthcare segment market is growing significantly due to the continuous development of smart bed 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 of smart beds 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 for smart beds 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.
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North America is estimated to contribute 38% to the growth of the global smart bed 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. The smart bed 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.
The 2020 COVID-19 outbreak negatively impacted the market. The pandemic caused countries across the world to impose strict lockdowns and other restrictions such as travel restrictions. Smart bed manufacturing units got temporarily closed due to the introduction of lockdown measures to stem the spread of the disease. This had a big impact on sales of Smart Bed at offline retailers. However, online shopping increased since the outbreak of COVID-19 in early 2020 and this trend is expected to continue during the forecast period, contributing to the growth of the market. However, in 2021, the implementation of large-scale COVID-19 vaccination programs across the world resumed activity in offline retail channels. This increased the demand for smart beds from offline channels. Such factors are therefore expected to drive the growth of the market during the forecast period.
The smart bed 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.
Technavio categorizes the global smart bed market as a part of the global home furnishings market within the global household durables industry. The parent global home furnishings market includes products and companies engaged in the manufacturing/marketing of furniture, home textiles, flooring, and decorative products. Technavio calculates the global household durables market size based on the combined revenue generated by manufacturers/marketers of consumer electronics, home furnishings, decorations, home appliances, and other home products.
Smart Bed Market Scope |
|
Report Coverage |
Details |
Page number |
161 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.91% |
Market growth 2023-2027 |
USD 1260.69 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.67 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 38% |
Key countries |
US, Canada, Japan, Germany, and UK |
Competitive landscape |
Leading vendors, market positioning of vendors, competitive strategies, and industry risks |
Key companies profiled |
Arjo AB, 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, Sleep Number Corp., Stryker Corp., The Sleep Co., and Ultimate Smart Bed |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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