The global smart bed market is poised for substantial growth, projected to reach USD 4.44 billion by 2028, with a compound annual growth rate (CAGR) of 5.8% during the forecast period from 2024 to 2028. This growth is primarily attributed to the increasing demand for smart beds driven by the desire for enhanced health, comfort, and quality sleep experiences. Smart beds integrate advanced technologies such as climate control, sleep tracking, and anti-snoring features, catering to consumers' evolving needs and preferences.
Information Source: https://www.fortunebusinessinsights.com/smart-bed-market-106266
Top Leading Players in the Smart Bed Market:
- Hi-Interiors Srl (Milano, Italy)
- Hill-Rom Holdings Inc. (Chicago, Illinois, U.S.)
- Johnson & Johnson Inc. (Elyria, Ohio, U.S.)
- Paramount Bed Holdings Co., Ltd. (Higashisuna, 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.) (Canada, U.S.)
Report Coverage
A comprehensive analysis of the smart bed market has been conducted, leveraging both qualitative and quantitative assessments. Primary sources, including interviews with key opinion leaders, have enriched the understanding of market trends. Additionally, secondary sources such as press releases, annual reports, and SEC filings have been utilized. The report employs top-down and bottom-up approaches to estimate market size, revenues, and the growth trajectory of key market players.
Drivers and Restraints
The adoption of state-of-the-art devices presents lucrative growth opportunities for stakeholders, particularly amidst evolving market dynamics. Leading companies are expanding their product portfolios to meet shifting consumer demands. For instance, Stryker Corporation introduced an intelligent bed for smart patient monitoring in October 2020. Moreover, the COVID-19 pandemic has amplified the demand for smart solutions, particularly in healthcare and hospitality sectors, as consumers prioritize well-being. However, the proliferation of counterfeit products through online channels poses a challenge to market growth.
Segmentation
The market is segmented based on application into hospitality, healthcare, and residential sectors. Furthermore, distribution channels are divided into offline and online segments. Geographically, the market is segmented into North America, Asia Pacific, Europe, the Middle East Africa, and South America.
Regional Insights
North America is expected to witness significant investments in smart bed technologies, driven by increasing renovation activities and the growing adoption of IoT devices. Similarly, Asia Pacific is poised for substantial growth fueled by urbanization and rising purchasing power. Europe's market share is anticipated to rise due to increased healthcare expenditures and government initiatives to promote digital health technologies.
Competitive Landscape
Stakeholders are investing in strategic engagements to gain a competitive edge. Key players are focusing on mergers & acquisitions, research and development, and technological advancements. Notable developments include Eight Sleep raising USD 86 million in August 2021 and Sleep Number Corporation introducing the 'My Sleep Health' feature in September 2021.
Frequently Asked Questions (FAQs)
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Is the Smart Bed Industry growing?
- Yes, according to Fortune Business Insights, the market size is expected to grow from USD 2.82 billion in 2020 to USD 4.44 billion by 2028.
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Who are the key players in the Smart Bed Market?
- Hi-Interiors SRL, Hill-Rom Holdings Inc, and Invacare Corporation are among the top market players.
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What are the Key Factors Raising the Market?
- Increased spending on smart home technology for well-being and comfort is a key driver of market growth.
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