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, 2022 - 2030

Report Overview

The global smart bed market size was valued at USD 2.30 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 7.0% from 2022 to 2030. Growing expenditures in sleep technology as a result of improved living standards has driven the need for smart beds. The sector is also being propelled by the rising popularity of smart homes. Increasing awareness regarding the need for quality sleep has supported significant investment in cutting-edge sleep technologies. Over the foreseeable future, these factors will positively influence the industry size.

Due to the pandemic, many homeowners spent more time at home than ever before, which led to several pain concerns for them. Many people developed new ways to work, unwind, occupy themselves, and make their bed as a personal space as well as a workstation at home as a result of being isolated. At the same time, real estate sales skyrocketed. The cost of home renovations has risen by 15% in the last year, according to a Houzz survey. This has positively affected the demand for smart beds in the residential as well as non-residential sectors.

According to a Sleep Number survey, majority of people have trouble controlling their body temperature while they sleep, with 80% of couples indicating that one or both partners sleep at an uncomfortable temperature. However, studies demonstrate that controlling body temperature throughout the night might results in better-quality slumber. For instance, a minor drop of 1 to 1.5 degrees in core body temperature makes it easier for people to fall asleep and stay asleep.

The demand for smart beds increased significantly during the pandemic crisis, which provided the industry players with a considerable incentive to adopt unique designs and provide the product at a competitive price. Notably, in April’20  Stryker, a U.S.-based company unveiled a low-cost, restricted-release emergency response bed with an aim to help healthcare providers.

State governments in almost every nation are spending a lot of money to build enough patient care facilities with the right number of amenities in response to the  outbreak. A smart bed serves as an emergency relief bed and helps medical staff and caregivers move and position patients efficiently, making it a highly sought-after item by hospital administration as well.

The market for smart beds is expanding as smart beds are increasingly being used in the healthcare industry. Companies are already creating smart beds with a variety of cutting-edge technologies, including a thermostat, blood pressure monitors, air pressure sensors, and other gadgets. As a result, developments in smart beds are offering market vendors lucrative opportunities, and the development of smart hospitals is anticipated to gain momentum in the upcoming years.

The market is also expanding as a consequence of more companies entering the industry and preparing to introduce new goods. For instance, to address the issue of shared sleeping, the Ford Motor Company introduced a smart bed idea in February 2019. It makes use of conveyor belt technology. This lane-keeping bed was created as a part of Ford Interventions, a technology experiment by the corporation to address common problems.

Application Insights

In terms of revenue, the residential segment dominated the market with a share of around 71.9% in 2021 owing to the rise in the trend of home improvement projects with stylish and modular furniture. Improved living conditions and the need for a better lifestyle has propelled developments in the global residential sector, thus positively influencing the industry scale. According to the German Society for Consumer Research in 2020, the sales of smart products for homes witnessed a spike of 24% compared to the previous year.

In addition to above, the hospital segment is projected to register a CAGR of 7.6% from 2022 to 2030. The market for smart beds is expanding as smart beds are increasingly being used in the healthcare industry. This is due to the advantages they provide, such as improved and intensive patient care in hospitals and health advantages for residential users. Moreover, two of the most important trends in the healthcare industry are patient safety and the integration of cutting-edge technologies.

Distribution Channel Insights

In terms of revenue, specialty stores dominated the market with a share of 66.5% in 2021. The expansion of key players in emerging nations and cities is posing a driver in the growth of the market. For instance, in July 2022, Edina, Minneapolis- based bed manufacturer inaugurate their new concept store and reports state that 22 of its locations are likely to undergo renovation by the end of 2022. stores.

The online segment is estimated to grow with the fastest CAGR of 7.5% over the forecast period. Due to the presence of well-known smart home electronics manufacturers on online platforms, the online market is slated to showcase substantial growth. The rapid accessibility of goods across platforms, an abundance of discounts with cashback offers, and the ease of returns will all contribute to the segment's growth.

Regional Insights

North America dominated the smart bed market with a revenue share of 59.9% in 2021. The presence of a high-income population in the area that prefers a variety of intelligent home-lifestyle solutions for convenience and ease will drive the demand for smart beds. Buyers spend money on automation, security, and other regulated accessories thus helping the production of smart technologies. Additionally, the area has developed a significant IoT base spanning both residential and non-residential spaces.

Asia Pacific is expected to witness a CAGR of 8.0% from 2022 to 2030. The surge in purchasing power in developing nations like India, China, and Japan is what is driving this region's prosperity. The information and communication sector in Hong Kong generated USD 12.3 billion in revenue in 2019, as reported by the IMD World Competitiveness Ranking 2020, demonstrating the nation's adoption of digital technology.

Key Companies & Market Share Insights

The market is characterized by the presence of a few established players and new entrants. Many big players are increasing their focus on the growing trend of smart beds. Players in the market are diversifying their service offerings to maintain market share.

• For instance, in August 2020, Hi Interiors Srl introduced a four-poster bed connected with intriguing features such as HiAm to promote fun and well-being in the bedroom. The HiAm bed has a 70-inch screen, an audio system, ambient reading lights, and a 4K projector for entertainment while you're in bed.

• In January 2021, Corsicana Mattress Co. partnered with Retail Service Systems (RSS) to introduce Sleep2Win smart beds to customize sleep patterns.

Some of the key players operating in the global smart bed market include:

• PARAMOUNT BED CO., LTD.

• ReST

• Sleep Number Corporation

• Ascion, LLC.

• Hi-Interiors srl.

• Ultimate Smart Bed

• The BodiTrak

• Hill Rom Holdings Inc.

• Invacare Corporation

• Stryker Corporation.

Smart Bed Market Report Scope

Global Smart Bed Market Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest trends and opportunities in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the smart bed market report based on application, distribution channel, and region.

• Application Outlook (USD Million, 2017 - 2030)

  • Residential

  • Hospital

  • Hospitality

  • Others

• Distribution Channel Outlook (USD Million, 2017 - 2030)

  • Supermarkets/Hypermarkets

  • Specialty Stores

  • Online

  • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

  • Asia Pacific

    • China

    • India

    • Japan

  • Central & South America

    • Brazil

  • Middle East & Africa (MEA)

    • UAE