According to Fortune Business Insights, the global smart bed market size was valued at USD 2.82 billion in 2020. The market is projected to rise from USD 2.99 billion in 2021 to USD 4.44 billion by 2028 at a CAGR of 5.8% during the 2021-2028 forecast period. Fortune Business Insights™ has deep-dived into these insights in its latest research report, titled, “Smart Bed Market, 2021-2028.”
According to the analysis, smart tech beds will be sought to boost health, comfort and sleep through climate control, sleep tracking and anti-snoring features. The innate ability of smart beds to provide information on sleep quality could further gain ground from the penetration of smartphones and other advanced devices.
Closure of Retail Outlets and Expansion of Online Channels Reshape Industry Dynamics
The onset of the COVID-19 pandemic led to raw material shortages and the closure of electronics businesses in 2020 and 2021. While the supply chain disruptions did not augur well for smart bed market growth, the penetration of e-commerce channels has ushered in innovations. It has prompted manufacturers to emphasize customer behavior amidst the rising demand for innovative home accessories. Xiaomi Corporation claimed that around 51% of the people purchased at least one smart device since March 2020.
Fortune Business Insights™ lists out all the smart bed market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- Hi-Interiors Srl (Milano, Italy)
- Hill-Rom Holdings Inc. (Chicago, Illinois, U.S.)
- Johnson & Johnson Inc. (Elyria, Ohio, U.S.)
- Paramount Bed Holdings Co., Ltd. (Higashisuna, Tokyo, Japan)
- Joerns Healthcare LLC (North Carolina, U.S.)
- Sleep Number Corporation (Minnesota, U.S.)
- Stryker Corporation (Michigan, U.S.)
- Arjo AB (Malmo, Sweden)
- ReST (Atlanta, U.S.)
- BodiTrak (Vista Medical Ltd.) (Canada, U.S.)
The report is prepared painstakingly with the use of qualitative and quantitative assessments. The use of primary sources, such as interviews with key opinion leaders has boosted the dynamics and insights with respect to trends. The report includes secondary sources, including press releases, annual reports, SEC filings and paid databases. The report also includes top-down and bottom-up approaches to estimate revenues, market size and growth of key players in the landscape.
Drivers and Restraints
Adoption of State-of-the-art Devices to Provide Lucrative Growth Opportunities
Stakeholders expect intelligent devices to be highly sought-after across emerging and advanced economies. Prominently, leading companies are likely to focus on product portfolio expansion amidst shifting dynamics. For instance, in October 2020, Stryker Corporation introduced an intelligent bed for smart patient monitoring. Moreover, end-users have exhibited a profound inclination for smart solutions to foster well-being amidst the prevalence of the pandemic. A spike in the demand for advanced beds from the healthcare and hospitality sectors could underpin the business outlook. According to the German Society for Consumer Research, sales of smart products observed around 24% surge in 2020 compared to the preceding year across European markets, such as the U.K., Germany, Spain, Belgium, Italy and France.
Meanwhile, the prevalence of counterfeit products across online channels is likely to mar the industry growth.
In terms of application, the market is segmented into hospitality, healthcare and residential.
On the basis of distribution channel, the industry is fragmented into offline and online segments.
Based on region, the market is segregated into North America, Asia Pacific, Europe, the Middle East and Africa and South America.
Rising Uptake of Smart Devices in North America to Encourage Investments
Stakeholders are slated to inject funds into state-of-the-art devices across the U.S. and Canada on the heels of surging renovation activities. North America smart bed market size touched USD 0.90 billion in 2020 and will grow with an influx of funds into automation. Besides, expanding the footfall of IoT devices across residential and commercial spaces will also bode well for regional growth.
Asia Pacific is poised to witness investments galore on the back of urbanization and the adoption of intelligent devices. Soaring purchasing power across China, Japan and India are likely to trigger investments across the region. IMD World Competitiveness Ranking 2020 stated that the information and communication industry garnered USD 12.3 billion in Hong Kong in 2019, exhibiting an exponential demand for digital technology. The trend suggests industry players will envisage Asia Pacific as a happy hunting ground over the next few years.
Industry participants expect Europe smart bed market share to witness an upward growth trajectory against the backdrop of rising healthcare expenditures. Notably, governments have upped healthcare budgets, expediting the adoption of smart tech devices. According to the Federal Statistics Office (Destatis), healthcare expenditure in Germany reached 410.8 billion euros in 2019. Leading companies are poised to bolster their penetration across the U.K., Germany and Italy following the traction for smart beds in the medical sector.
Rеаѕоnѕ to Get thіѕ Rероrt:
- A qualitative and quantitative market study based on segmentation that includes both economic and non-economic factors
- Data on market value for each section and sub-segment
- Indicates the region and market segment that is likely to expand the fastest and dominate the market.
- The consumption of the product/service in each region is highlighted, as are the factors affecting the market within each region.
- The competitive landscape includes the top players’ market rankings, as well as new service/product launches, collaborations, company expansions, and acquisitions made by the companies profiled in the last few years.
Stakeholders Invest in Strategic Engagement to Gain a Competitive Edge
Leading companies are poised to up their investments in mergers & acquisitions, R&D activities and technological advancements. The market’s competitiveness indicates Key players could invest in geographical expansion and product portfolio expansion.
Key Industry Developments
- August 2021 –Eight Sleep raised USD 86 million as its smart mattress, and ‘sleep fitness technology’ logged USD 500 million in valuation.
- September 2021: Sleep Number Corporation added a new feature, ‘My Sleep Health,’ to their portfolio to help users better monitor their sleep health.
Frequently Asked Questions (FAQs):
- Is the Smart Bed Industry growing?
Answer: Fortune Business Insights says that the worldwide market size was USD 2.82 billion in 2020 and is anticipated to reach USD 4.44 billion by 2028.
- Who are the key players in the Smart Bed Market?
Answer: Hi-Interiors SRL, Hill-Rom Holdings Inc, Invacare Corporation are the top market players.
- What are Key Factors Raising the Market?
Answer: Increased smart home technology spending for well-being and comfort is the key driving factor of the market.
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