Smart Bed Market Size, Share & Trends Report

Smart Bed Market Size, Share & Trends Analysis Report By Application (Residential, Hospital, Hospitality), By Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Online), By Region, And Segment Forecasts, 2020 - 2027

  • Published Date: Jul, 2020
  • Base Year for Estimate: 2019
  • Report ID: GVR-4-68038-825-1
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2018
  • Number of Pages: 80

Report Overview

The global smart bed market size was valued at USD 2.17 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 4.5% from 2020 to 2027. Increasing investments in sleep technology owing to the higher adaption of well-being are resulting in demand for smart beds. In addition, the growing penetration of smart homes is also driving the market. The increasing importance of quality sleep among adults is paving way for prominent investment towards advanced sleep products. The right kind of sleep helps prevent illness, eases pain, increases productivity, and makes people happier. 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. For instance, pervasive sleep disorders in the U.S. constitute a public health epidemic. According to the Centers for Disease Control and Prevention (CDC), one in three adults do not get adequate sleep. Also, according to the University of Pennsylvania, one in four adults in the U.S. develops insomnia each year.

The U.S. smart bed market size

Rising adoption of technology-driven devices that provide valuable information about wellbeing is driving the adoption of smart beds. According to CES research, 59.0% of millennials have been interested in sleep technology. Smart beds combine advanced features coupled with technology that aids in comfortable adjustments while sleeping and connectivity. These features include sleep tracking, automatic mattress firmness adjustment, climate control, smart fabric technology, adjustable bases, anti-snoring feature, IoT, and smart home connectivity.

Furthermore, growth in IoT healthcare applications is likely to accelerate the penetration of smart beds in the healthcare industry owing to the digital transformation of the industry. Increasing waves of automation, patient room technology, and interoperability between connected systems have developed higher penetration of smart beds into the healthcare industry. For instance, Stryker S3 bed by Stryker Corporation utilizes the 3-zone bed alarm feature along with conditional safety features.

Application Insights

In terms of revenue, the residential application segment dominated the market with a share of 72.0% in 2019. Higher consumer spending on comfort and relaxation owing to lifestyle inflation among generations X, Y, and Z are fueling the residential application of smart beds. According to research conducted by the Federal Reserve Bank of New York in September 2019, lifestyle inflation is common among low, middle as well as high-income individuals. An average American head of the household aged 35 to 44 years carries a non-housing debt of over USD 100,000. New innovations led by manufacturers in the industry with new product launches are likely to ramp up the sales for smart beds. For instance, in February 2019, Eight Sleep introduced a new biometric-monitoring smart bed.

Among the commercial sectors, the hospital application of smart beds is expected to expand at the fastest CAGR of 5.2% from 2020 to 2027. The increasing emergence of hospital beds as more sophisticated medical devices with a greater focus on the safety and comfort of the patients has led to the evolution of smart beds in hospitals. These beds contain sensors for body temperature, blood, heartbeat, oxygen, and pressure sensors. Also, these smart beds are compatible with percussion and vibration features which makes it useful for patients susceptible to pneumonia or suffering from respiratory diseases.

Distribution Channel Insights

In terms of revenue, the specialty store distribution channel segment dominated the smart bed market with a share of 66.5% in 2019. The advantages of specialty stores include the assistance of skilled staff, a wide range of product categories, product demonstrations, and the immediate shipping of products. These stores provide training to their employees to assist customers and few of them also offer price-matching guarantees. In developing countries such as India, Thailand, Vietnam, Bangladesh, and China, specialty stores are one of the primary distribution channels.

In addition, major retail chains are focusing on establishing new stores with an innovative layout which is projected to support the growth of this segment. For instance, in 2018, Sleep Number established its new store in the Flatiron district. The store experience includes a large digital map showcasing how people across New York are sleeping. The Sleep Number store experience combines the latest in technology with the expertise of its sleep professionals, to deliver value-added products.

Global smart bed market share

The online distribution channel segment is expected to expand at the fastest CAGR of 5.1% from 2020 to 2027. The rising number of internet and smartphone users, especially in developed countries, boosts segment growth. In addition, e-commerce platforms including social media and Google Ads have an essential role in influencing consumer preferences. The growth of the segment can also be attributed to the increasing number of online retailers offering competitively priced products. Some of the key online suppliers including Amazon, Walmart, eBay, Aliexpress, and Wayfair are prominent online retailers in addition to company-owned online portals in the market.

Regional Insights

North America dominated the market with a share of 60.2% in 2019. Growing adoption of the 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 in 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 higher demand for quality sleep patterns among individuals. According to the American Sleep Association, 50-70 million adults in the U.S. have a sleep disorder. Also, around 25.0 million adults in the U.S. have obstructive sleep apnea.

Asia Pacific is growing at the fastest CAGR of 5.6% from 2020 to 2027 generating revenue of USD 375.7 million by 2027. China accounts for a major share in the regional market owing to major home improvement projects undertaken by consumers owing to rapid urbanization and the growing purchasing power of the people in the region are boosting the demand for smart beds. Over the past few years, Asia Pacific is moving towards the digital transformation and driving the technology trends across the globe. The region has some of the most technology-driven countries including China, Japan, South Korea, Singapore, and India. These technology giant countries are introducing cutting-edge technology in home automation and smart gadgets. These industry trends are anticipated to boost the demand for smart clocks in the region over the forecast period.

Key Companies & Market Share Insights

The market for smart beds is highly competitive in nature. Companies are focusing on expanding their product lines and are adopting innovative technologies owing to meet consumer demand for advanced smart beds. In addition, an increasing number of companies entering the industry as well as strategizing on new product launches is fueling the market growth. For instance, in February 2019, Ford Motor Company introduced a smart bed prototype that uses conveyor belt technology to keep co-sleeping problems at bay. This lane-keeping bed was created as part of Ford interventions, an exploratory project of the company’s technology aimed at tackling everyday problems. Some of the prominent players in the smart bed market include:

  • PARAMOUNT BED CO., LTD.

  • ReST

  • Sleep Number Corporation

  • Ascion, LLC.

  • Hi-Interiors srl

  • Ultimate Smart Bed

  • Stryker Corporation

  • The BodiTrak

  • Hill Rom Holdings Inc.

  • Invacare Corporation

Smart Bed Market Report Scope

Report Attribute

Details

Market size value in 2020

USD 2.2 billion

Revenue forecast in 2027

USD 3.1 billion

Growth rate

CAGR of 4.5% from 2020 to 2027

Base year for estimation

2019

Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative units

Revenue in USD million and CAGR from 2020 to 2027

Report coverage  

Revenue forecast, company share, competitive landscape, growth factors and trends

Segments covered

Application, distribution channel, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country Scope

The U.S.; Germany; The U.K.; China; India; Brazil; UAE

Key companies profiled

PARAMOUNT BED CO. LTD.; ReST; Sleep Number Corporation; Ascion, LLC.; Hi-Interiors srl; Ultimate Smart Bed; Stryker Corporation; The BodiTrak; Hill Rom Holdings Inc.; Invacare Corporation

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global smart bed market report on the basis of application, distribution channel, and region:

  • Application Outlook (Revenue, USD Million, 2016 - 2027)

    • Residential

    • Hospital

    • Hospitality

    • Others

  • Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)

    • Supermarket/Hypermarket

    • Specialty Stores

    • Online

    • Others

  • Regional Outlook (Revenue, USD Million, 2016 - 2027)

    • North America

      • The U.S.

    • Europe

      • Germany

      • The U.K.

    • Asia Pacific

      • China

      • India

    • Central & South America

      • Brazil

    • Middle East & Africa

      • UAE

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