Smart Bed Market Size, Share & COVID-19 Impact Analysis, By Application (Residential, Healthcare, and Hospitality), and By Distribution Channel (Offline, and Online), and Regional Forecast, 2021-2028

The global smart bed market size was USD 2.82 billion in 2020. The market is projected to grow from USD 2.99 billion in 2021 to USD 4.44 billion in 2028 at a CAGR of 5.8% in 2021-2028. The global impact of COVID-19 has been unprecedented and staggering, with the smart bed products witnessing a positive impact across all regions amid the pandemic. Based on our analysis, the global market will exhibit a positive growth of 8.88% in 2020 as compared to the average year-on-year growth during 2017-2019. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.

Smart beds are integrated with innovative technological features that enhance users' comfort while providing health benefits. These beds are embedded with multiple innovative technologies for improving health, sleep, and comfort.  The features include sleep tracking, automatic mattress adjustment, climate control, anti-snoring feature, and IoT, along with smart home connectivity. These features sync with the user's sleep routine and help improve overall sleep quality.

The demand for smart home devices and gadgets is soaring and the escalating consumer interest towards such smart home gadgets is uplifting the consumption of such products across households. The ability of smart beds to deliver effective information on sleep quality and the convenience in pairing with smartphones and other gadgets are fueling the demand for these type of beds. Key manufacturers are focused on delivering the latest product offerings with high in-built technology and features to engage a broader audience. For instance, in December 2019, Xiaomi Corporation launched a smart electric water-resistant bed with a dual motor mechanism. It can be regulated with the help of buttons and voice controls.

COVID-19 IMPACT

COVID-19-Induced Lockdowns to Pose Major Roadblocks to Market Development  

With strict lockdown measures undertaken in most countries, many smart bed companies experienced difficulty in executing face-to-face meetings with their channel partners and closing their business deals. This significantly impacted the product revenues of major companies. Furthermore, the closure of retail outlets and electronics businesses combined with shortages in raw material supply largely hampered the product consumption rate during the pandemic period.

However, with more people preferring to spend their time indoors, a shift in purchase behavior is being observed, exhibiting an interest for online channels. An increase in product sales through online platforms may help the market witness a positive trend in its growth. Furthermore, the lockdown restrictions will shift consumer behavior towards well-being, personal care, and comfort at indoor places, fueling the demand for smart home accessories, including smart beds.

LATEST TRENDS

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Technological Advancements in Healthcare Sector to Boost Product Demand

Rapid technological changes in the healthcare sector have created a greater demand for smart technologies, including smart beds, to improve patient care and treatment quality. Smart hospitals have witnessed significant adoption of automation, digitization, and other technological advancements to deliver greater efficiency in treatment, boosting the consumption of smart beds to monitor the sleep quality and other health factors. The fast-paced technological shift towards care delivery has augmented the demand for advanced products. For instance, in July 2021, Forbes, an American business magazine, cited that advancements in medical technology allow healthcare organizations to provide more personalized care and become proactive in health emergencies. Also, these will help the medical facilities to have more testing opportunities.  Factors, such as, 3-D printing, telemedicine, AI, AR and VR, and other technologies are increasingly incorporated with the healthcare systems, and the paradigm has changed completely from the past.

For example, in March 2020, AT&T partnered with Elo Self-Service Solutions and LifeMedID to streamline patient registrations and check-ins, allowing the company to have the edge over the competitors in providing healthcare solutions.  The technologies adopted are anticipated to raise the consumption requirement of smart beds in smart hospitals.

DRIVING FACTORS

Increased Smart Home Tech Spending for Well-being and Comfort to Drive Smart Beds Consumption

Fast-paced developments in technology have inspired consumers to seek new ways to boost their lifestyles. This has driven the consumer's interest in adopting the latest technologies and smart solutions, which provide a plethora of benefits to the consumers. Increased consumer interest in creating a smart home ecosystem has fueled the consumption requirement for smart home accessories, including smart beds, which is expected to drive the product demand among residential spaces.  According to Xiaomi Corporation, since the onset of the pandemic in March 2020, 70 % of the people have started making changes in their living environment, and almost 51 % have purchased at least one smart home device during the pandemic.

Consumer preferences toward the adoption of smart technology devices across households have played a key role in enhancing the global demand for smart home products. As per the German Society for Consumer Research, the sales of smart products witnessed a spike of 24 % in 2020 compared to the previous year across European markets, including Germany, the U.K., France, Italy, Spain, Netherlands, and Belgium. 

Furthermore, an upsurge in the smart bed requirements from the hospitality sector, including healthcare and luxury hotels, to provide best-in-class facilities in services to the customers has boosted the product demand. According to the ArcGIS, a commercial software maintained by the Environmental Systems Research Institute, there were around 816,554 staffed bed requirements with smart features across the hospitals in the U.S. till Sept 2020.

Emerging Market players and their Cutting Edge Technology in Smart Devices and Home Automation to Fuel the Market Growth

The prominent manufacturers' product innovations have helped the market meet the demand from the hospitality sector. Stryker Corporation, in October 2020, launched a smart bed named 'ProCuity' that comes with smart embedded features and sensors, including Stryker's Secure Connect Technology for smart patient monitoring and to connect to nurse call systems wirelessly.

There are numerous fresh entrants who are laser-focused on meeting the changing consumer demands globally, and these companies have penetrated the online channels to gain an edge over the competitors in the market. The fast-paced competition has created ample options for consumers to select their products, which has shifted product purchase behavior.

RESTRAINING FACTORS

Selling of Sub-standard Products through Online Distribution Channels to Hamper the Product Demand

The manufacturing and selling of products under different trademarks can harm the image of a brand/company under which the product is being sold. Counterfeiters can enter the distribution channels and sell fake goods, which will affect consumer requirements, thereby limiting product demand. The rising prevalence of counterfeiters through online channels can play a key role in hampering the smart bed market growth. 

SEGMENTATION

By Application Analysis

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Healthcare Segment to be the Leading Segment Due to Rising Demand from Smart Hospitals

The worldwide market is segregated into residential, healthcare, and hospitality, based on the application.

The healthcare sector is expected to lead a dominant segmental share in the global market due to increasing comfort facilities and provisions in the healthcare sector. Also, improvements in healthcare technology have facilitated the medical sector to invest in opportunities for better healthcare, which has led to skyrocketing demand for advanced products across smart hospitals. The medical beds embedded with smart features have become significantly essential for monitoring patients and undergoing treatments, thereby uplifting the growth aspects of the global market. The smart beds in hospitals are anticipated to witness a surging growth globally, as these beds can undergo early detection of any critical signs in patients, thereby assisting the healthcare workers in the rapid response of the patient's health, and this has raised the adoption of smart beds in healthcare systems.

The residential market is also expected to expand progressively with the increasing consumer expenditure on smart home automation and Internet of Things (IoT) growth across the residential infrastructure. People with chronic sleep disorders can monitor their sleeping patterns by syncing smart beds with smart gadgets for convenience. This will propel the demand for such products across households. Also, increasing home healthcare supports product consumption since patients can treat themselves remotely by connecting to the medical teams and can save a considerable amount on their healthcare investments.  

Luxury hospitality service providers, including star-rated hotels and guest houses, focus on incorporating adjustable beds as a new standard for comfortable working, reading, entertainment, and sleeping for the visitors. The sophisticated customer services to build better relationships with customers surge the product consumption rate across luxurious guest accommodation services.

By Distribution Channel Analysis

Offline Channel to Hold the Leading Market Position during 2021-2028

The global market is segregated in terms of distribution channels by online and offline channels. The offline channel is expected to lead the global smart beds market segmental share due to the rising expansion of retail stores and electronic outlets in emerging countries. Also, consumers favor products from retail branded outlets due to several factors that may range from assistance from in-store salespersons to product testing and demos, which will allow the customers to opt for a better choice before purchase. The supermarkets/hypermarkets segment will capture a significant markt share during 2021-2028 owing to wide availability of smart home electronics under a single roof.

Online segment will record notable growth due to presence of notable smart home electronics makers on online platforms.  Ready availablability of products on multiple platforms and availability of numerous discounts with cashback offers and easy return will favor the growth of online segment.

REGIONAL INSIGHTS:

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This industry is segregated into the Asia Pacific, South American, North American, Middle East & African, and European regions.

The North American market size reached USD 0.90 billion in 2020. It is anticipated that the North America will exhibit a dominant market share due to smart homes' rapid penetration and increased consumer spending on comfort and luxury. According to the 10th annual Houzz & Home survey among 70,000 U.S people, home renovation activities, including kitchens, outdoor spaces, and other home furnishings and technologies, have witnessed a 15 % increase with over USD 85,000  in 2020, compared with USD 80,000 in two previous years. The region's high-income population favors a wide range of smart solutions for convenience and ease of their lifestyles at home. This has led the users to spend on automation, security, and other controlled accessories, ultimately attracting investments in such products. Additionally, the region has established a prominent base in IoT across residential and commercial places. There were around 49,000 family homes in the U.S., who had smart home features in their home construction out of 1.08 million single-family home constructions in the United States in 2020, as per the data by Omdia, a London-based consultancy firm.

Europe is expected to hold a significant market share of the global industry due to improved health care facilities in the UK, Germany, and other regions. Increased expenditures on healthcare have encapsulated the demand for smart type of beds. According to Eurostat, European statistics data in Dec 2020, healthcare expenditure accounted for a significant portion of Europe’s GDP in 2018. The largest shares in GDP  based on the healthcare expenditure were from Germany, representing 11.5 % of the total GDP, followed by France and Sweden with 11.3 % and 10.9 %, respectively.  Increased focus on supporting patients in hospitals with proper treatment and facilities has surged the adoption of smart beds across the medical sector in Europe. The region has witnessed significant expenditure on the healthcare sector, thereby bringing more investments into such products.  The health expenditures in Germany in 2019 accounted for a total of 410.8 billion euros as per the data issued by the Federal Statistics Office (Destatis) in April 2021. The overall healthcare care expenditure in the country rose by 4.9 %, i.e., 19.3 billion euros in 2019 from the previous year.

The Asia Pacific is also anticipated to grow progressively in the forecast period with a rising spending power in China, Japan, India, etc., and rapidly urbanizing towns and cities with fast pace penetration of internet services and smartphone users. According to IMD World Competitiveness Ranking 2020, the information and communication industry generated USD 12.3 billion in Hongkong in 2019, indicating Hong Kong’s excellence in digital technology adoption.

South America is also expected to witness noticeable market growth. Investment in hospitality and healthcare is expected to rise significantly from Brazil, Argentina, and other South American regions. A larger chunk of the hospitality providers focuses on providing value-added customer services.

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Furthermore, the Middle East & African region is slated to experience notable growth in the coming years. The region is expected to exhibit demand for advanced products due to changes in the standard of living coupled with the escalating growth of consumer electronics businesses, which may accelerate the growth aspects in smart home electronics across the region.

KEY INDUSTRY PLAYERS

Fragmented Industry Structure in Global Smart Bed Market

The global smart bed industry is highly fragmented, owing to emerging local and international players in the global marketplace. Manufacturers focus on introducing product innovations in terms of features and options, thereby creating growth opportunities worldwide and implementing user-friendly customer service and policies to gain a long-lasting customer relationship with the buyers. To meet increasing consumer demand, the key players/manufacturers create new campaigns and ads to uplift the customer interest in buying products.

LIST OF KEY COMPANIES PROFILED:

• Hi-Interiors Srl (Milano, Italy)


• Hill-Rom Holdings Inc. (Illinois, U.S.)


• Johnson & Johnson Inc. (Ohio, U.S.)


• Paramount Bed Holdings Co., Ltd. (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.) (Manitoba, Canada)

KEY INDUSTRY DEVELOPMENTS:

• August 2021- Hi-Interiors SRL introduced HiAm, a four-poster bed connected with interesting features to encourage entertainment and wellness in the sleeping space. The HiAm bed is equipped with ambient reading lights, an audio system, a 4K projector, along with a 70-inch screen for entertainment from the bed.


• January 2021-Corsicana Mattress Co. has partnered with Retail Service Systems (RSS) to introduce Sleep2Win Smart beds to customize sleep patterns.

REPORT COVERAGE:

An Infographic Representation of Smart Bed Market

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The global smart bed market research report analyzes the market in-depth and highlights crucial aspects such as prominent companies, distribution channels, and application areas. Besides this, the report provides insights into the market trends, competitive landscape, and highlights significant industry developments. In addition to the aspects mentioned earlier, the report encompasses several factors contributing to the market's growth over recent years.

Report Scope & Segmentation