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Global Smart Bed Market to Hit Sales of US$ 12,397.5 Million by 2031: Astute Analytica
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New Delhi, March 28, 2023 (GLOBE NEWSWIRE) — The global smart bed market is experiencing significant growth, driven by a combination of factors that are expected to further propel its expansion in the coming years. The global smart bed market was valued at USD 5,706.2 million in 2022 and is projected to reach USD 12,397.5 million by 2031, growing at a CAGR of 8.7% during the forecast period 2023-2031.
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Increased health awareness among consumers has led to a greater emphasis on the importance of quality sleep and its role in overall well-being. The growing prevalence of sleep disorders, such as sleep apnea and insomnia, has further heightened the demand for innovative sleep solutions like smart beds.
The steady rise in disposable income, especially in emerging economies, has enabled consumers to invest more in luxury and comfort products, including smart beds. The growing middle-class population, particularly in Asia-Pacific countries like China and India, has contributed significantly to this trend. As a result, the Asia-Pacific region is anticipated to exhibit the highest CAGR during the forecast period.
The widespread adoption of IoT technology has spurred the demand for smart homes, with consumers increasingly seeking interconnected devices and appliances that improve their living experience. Smart beds, equipped with advanced features like sleep monitoring, temperature control, and adjustable firmness, are well-positioned to cater to this smart bed market.
In the healthcare sector, smart beds have been gaining traction as an effective solution for monitoring patient health and improving sleep quality. The incorporation of advanced sensors and data analytics capabilities enables healthcare providers to track vital signs, movement, and sleep patterns, aiding in the early detection and treatment of potential health issues. As the global healthcare sector continues to invest in technological innovations to enhance patient care, the demand for smart beds in hospitals and other healthcare settings is expected to grow rapidly.
Current State of the Smart Bed Market is Lucrative
- North America is currently the largest market for smart beds, accounting for over 35% of the global market. However, the Asia-Pacific region is expected to experience the fastest growth rate due to the increasing adoption of smart technologies and rising disposable incomes in countries such as China, India, and Japan.
- In a survey conducted by the National Sleep Foundation, 29% of respondents reported being interested in purchasing a smart bed or mattress in the future, citing features such as adjustable firmness, temperature control, and sleep tracking as key factors in their decision.
- Sleep tracking and monitoring features are the most significant factors driving the growth of the smart bed market, with a market share of over 25%. Features such as adjustable firmness, temperature control, and anti-snore settings are also gaining popularity among consumers.
- The price of a smart bed ranges from around USD 1,000 to USD 5,000, with some high-end models costing over USD 20,000. However, the increasing demand for smart beds and the availability of financing options are expected to drive down the prices of smart beds in the coming years.
- The COVID-19 pandemic has had a significant impact on the demand for smart beds, with sales increasing by 30-50% in some regions due to the rise in remote work and the need for better sleep quality.
- Challenges and opportunities: The high cost of smart beds remains a key barrier for many consumers, limiting market penetration. However, the introduction of more affordable models and financing options may help overcome this challenge. Opportunities for growth include the integration of artificial intelligence and machine learning for personalized sleep recommendations, as well as the incorporation of wellness and fitness tracking features.
- Future trends: The smart bed market is expected to witness further growth as companies continue to invest in research and development to introduce new features and improve existing ones. The adoption of smart beds in healthcare and hospitality sectors is also anticipated to increase, thereby contributing to market growth.
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Residential Users to Contribute More than 50% to Global Smart Bed Market
The global smart bed market is witnessing a strong demand inflow coming from residential users due to improved sleep quality, personalized comfort, body monitoring, and environmental monitoring it offers. Most of the end users are preferring the products because it provide them with adjustable firmness settings, temperature control, customized support, and other features that make them more comfortable than traditional beds. Additionally, they have built-in sensors that monitor a person’s sleep patterns, heart rate, breathing, and temperature, providing users with information about their health and well-being.
As per Astute Analytica, consumers are likely to purchase smart beds from online platform due to their convenience and great selection. Also, many consumers are opting for financing options in order to purchase a smart bed. This allows them to pay for the bed over time, making it more affordable.
Smart Bed Market is Highly Fragmented Thanks to Strong Presence of Large Number of Local and international Players
The market is highly fragmented, with a large number of players operating in the market. Some of the key players in the market include Sleep Number, Invare Corporation, Hi-Interiors SRL, and Invacare Corporation, among others. These companies are focusing on developing innovative features and improving the overall sleep experience to gain a competitive edge in the market. As per Astute Analytica, top 4 players are holding more than 30% revenue share of the global smart bed market. Wherein, Stryker Corporation, Paramount Bed Co. Ltd., Hill Rom Holdings Inc. are leading contributors.
The market is highly fragmented and numerous companies operating in this space by developing innovative features and technologies to improve the overall sleep experience. For instance, Sleep Number has introduced a smart bed that adjusts its firmness to suit the user’s preferences and tracks their sleep patterns. In addition to these technological advancements, smart bed companies are also focusing on improving the design and aesthetics of their products. They are creating beds that are sleek and modern, with a focus on minimalist designs that blend seamlessly into any bedroom decor.
To gain a competitive edge in the smart bed market, these companies are also investing in marketing and advertising campaigns to increase brand awareness and attract more customers. They are partnering with influencers and celebrities to promote their products and hosting events to showcase their latest innovations.
Some of the Top Market Players Are:
- Paramount Bed Co. Ltd.
- Stryker Corporation
- Sleep Number
- Invacare Corporation
- Hill Rom Holdings Inc.
- Arjohuntleigh AB
- Ergomotion, Inc.
- Responsive Surface Technology LLC
- Hi-Interiors SRL
- Hilding Anders
- Other Prominent Players
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About Astute Analytica
Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
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