Global Smart Bed Market Valued at $3.42 Billion in 2023; Set to Reach $6.73 Billion by 2033

Posted on 2024-06-17 by Future Market Insights in Technology // 0 Comments

The global smart bed market size is expected to be valued at US$ 3.42 Billion in 2023. With the rise in the purchase of luxury and comfortable products, due to increasing disposable income, coupled with the rising awareness about the benefits of smart beds, the overall demand for smart beds is projected to grow at a CAGR of 7.0% between 2023 and 2033, totalling around US$ 6.73 Billion by 2033.

The increasing utilization of smart beds in the healthcare industry, due to the increasing automation and improving patient room technology is one of the major factors that is expected to boost the growth of the smart bed market during the forecast period.

In addition, rising investments in the healthcare sector by governing agencies of different countries, coupled with the growing geriatric population, have positively influenced the installation of smart beds across the globe. These beds provide a wide range of benefits, including smart fabric technology, automatic mattress firmness adjustments, anti-snoring features, adjustable bases, and smart-home connectivity, which is further anticipated to fuel overall sales.

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There are a huge number of 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 the consumers to select their products, which have shifted the product purchase behaviour.

Furthermore, 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.

Key Takeaways from the Market Study

Global smart bed market was valued at US$ 3.2 Billion by 2022-end
From 2018 to 2022, the market demand expanded at a CAGR of 7%
By application, the hospital segment of the market constitutes the bulk of the market with a market share of 32%
By distribution channel, the offline segment dominates the market with a share of 30%
From 2023 to 2033, Smart Bed sales are expected to flourish at a CAGR of 0%.
By 2033, the market value of Smart Bed is expected to reach US$ 73 Billion

“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,” remarks an FMI analyst.

Competitive Landscape

Players in the global Smart Bed Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:

In September 2021, Baxter International Inc., an American multinational health care company, acquired Hill-Rom Holdings, Inc. for a $10.5 billion total equity value. This acquisition by Baxter adds smart hospital beds to its existing product portfolio of patient monitoring and diagnostic products. Hill-Rom Holdings, Inc. is a medical device provider based in the USA.
In August 2020, Sleep Number made advancements to its 360 Smart Bed with SleepIQ technology. The beds are designed to conform more closely to the body for superior support and spinal alignment, increased pressure relief, and reduced motion transfer.
ReST and Purple Innovation, the innovators behind the renowned Purple Grid, partnered in July 2020. The ReST smart bed incorporates both smart technology and comfort technologies to create a different kind of sleep.

Know More About What the Smart Bed Market Report Covers

Future Market Insights offers an unbiased analysis of the global Smart Bed Market, providing historical data for 2018-2022 and forecast statistics from 2023-2033.

To understand opportunities in the smart bed market, the market is segmented on the basis of application, and distribution channels across five major regions.

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Key Segments Covered in the Smart Bed Industry Analysis

Smart Bed Market by Application:

Residential
Hospital
Hospitality
Others

Smart Bed Market by Distribution Channel:

Supermarkets/Hypermarkets
Specialty Stores
Online
Others

Smart Bed Market by Region:

North America
Europe
Asia Pacific
Central & South America
Middle East & Africa (MEA)

Author:

Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.

He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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