The global smart bed market size was USD 2.99 billion in 2021. This market is projected to reach USD 4.44 billion in 2028, growing at a CAGR of 5.8% from 2024 to 2028.

According to the analysis, smart technology beds will be required to improve health, comfort and sleep through features such as climate control, sleep tracking and snoring prevention. The inherent ability of smart beds to provide information about sleep quality could become even more widespread with the proliferation of smartphones and other advanced devices.

Information element: https://www.fortunebusinessinsights.com/smart-bed-market-106266

Key companies profiled in the smart bed market report:

Hi-Interiors Srl (Milan, Italy)
Hill-Rom Holdings, Inc. (Chicago, Illinois, USA)
Johnson & Johnson Company (Elyria, Ohio, USA)
Paramount Bed Holdings, Inc. (Higashisuna-ku, Tokyo)
Joerns Healthcare LLC (North Carolina) , USA)
Sleep Number Corporation (Minnesota, USA)
Stryker Corporation (Michigan, USA)
Arjo AB (Malmö, Sweden)
ReST (Atlanta, USA)
BodiTrak (Vista Medical Ltd.) (Canada, USA)
Report scope

This report has been carefully crafted using qualitative and quantitative assessments. The use of primary sources, such as interviews with key opinion leaders, enhances dynamics and insight into trends. This report includes secondary sources such as press releases, annual reports, SEC filings, and paid databases. The report also includes top-down and bottom-up approaches to predict the revenue, market size, and growth of key players in the industry.

segmentation

By application, the market is segmented into hospitality, healthcare, and housing.

Based on distribution channel, the industry has been segmented into offline and online segments.

Based on region, the market is segmented into North America, Asia Pacific, Europe, Middle East, Africa, and South America.

driver and restraints

State-of-the-art equipment provides profitable growth opportunities

Stakeholders expect intelligent devices to be in high demand in both emerging and developed countries. In particular, leading companies are likely to focus on expanding their product portfolios amid changing dynamics. For example, in October 2020, Stryker Corporation announced an intelligent bed for smart patient monitoring. Additionally, end users are showing deep interest in smart solutions that promote health during the pandemic. A surge in demand for advanced beds from the healthcare and hospitality sector is likely to support the business outlook. According to the German Consumer Research Association, sales of smart products increased by around 24% in 2020 compared to the previous year across European markets such as the UK, Germany, Spain, Belgium, Italy and France.

On the other hand, the prevalence of counterfeit products across online channels could undermine industry growth.

Regional insights

Increasing penetration of smart devices in North America drives investment

Officials plan to spend money on cutting-edge devices across the U.S. and Canada following a surge in refurbishment activity. The North American smart bed market size will reach USD 900 million in 2020 and will expand due to capital inflow into automation. Additionally, the increasing penetration of IoT devices across residential and commercial spaces also bodes well for regional growth.

The Asia-Pacific region is expected to see strong investment driven by urbanization and the introduction of intelligent devices. Soaring purchasing power in China, Japan and India could stimulate investment across the region. According to the IMD World Competitiveness Rankings 2020, the information and communication industry garnered US$12.3 billion in Hong Kong in 2019, indicating a sharp increase in demand for digital technologies. This trend suggests that industry players view the Asia-Pacific region as a promising hunting ground in the coming years.

Industry observers expect Europe's smart bed market share to follow an upward trend on the back of rising healthcare costs. In particular, governments are increasing healthcare budgets and accelerating the introduction of smart technology equipment. According to the Federal Statistical Office (Destatis), healthcare spending in Germany amounted to 410.8 billion euros in 2019. The leading company is poised to increase its penetration in the UK, Germany and Italy following the widespread adoption of smart beds in the medical sector.

competitive environment

Stakeholders invest in strategic engagement to gain competitive advantage

Leading companies are poised to increase investment in mergers and acquisitions, research and development activities, and technological advances. The competitiveness of the market indicates that leading companies can invest in geographical expansion and expanding their product portfolios.

Key industry trends

August 2021 – Eight Sleep raises $86 million for smart mattresses and “sleep fitness technology” hits valuation of $500 million.
September 2021: Sleep Number Corporation adds a new feature to its portfolio, “My Sleep Health,” to help users better monitor their sleep health.