Smart Bed Market size to grow by USD 1,260.69 million from 2022 to 2027. Increasing demand for advanced furniture is boosting the market

NEW YORK, June 2, 2023 /PRNewswire/ -- The smart bed market size is estimated to grow at a CAGR of 7.91% between 2022 and 2027. The market size is forecast to increase by USD 1,260.69 million. Increasing demand for advanced furniture is notably driving the smart bed market growth. In addition, the growing demand for advanced features and innovative beds has increased the need for smart beds. These aesthetically enhanced smart beds are easy to use and have a variety of features that make these beds perfect for relaxing. Discover some insights on market size historic period (2017 to 2021) and Forecast (2023 to 2027) before buying the full report - Request a sample report

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Global competitiveness and key competitor positions

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Global Smart bed market – Vendor AnalysisVendor Landscape - The global smart bed market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer smart bed in the market are Arjo AB, Balluga Ltd., Baxter International Inc., Besco Medical Ltd., Boyd Sleep, CVB Inc., Dires LLC, Eight Sleep Inc., Invacare Corp., IOF srl, Joerns Healthcare LLC, LINET Group SE, PARAMOUNT BED HOLDINGS Co. Ltd., ReST, Rize Home, SK Furniture and Decoraters, Sleep Number Corp., Stryker Corp., The Sleep Co., and Ultimate Smart Bed and others.

Vendor Offerings -

Arjo AB: The company offers smart beds such as Prioma Medical Bed 600, Enterprise 8000X.

Balluga Ltd.: The company focuses on offering smart interactive beds.

Baxter International Inc.: The company offers smart beds through its subsidiary Hill Rom.

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Global Smart Bed Market - Segmentation AssessmentSegment OverviewTechnavio has segmented the market based on Application (Healthcare, Residential, and Hospitality), Distribution Channel (Offline and Online), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).

The market share of the healthcare sector is expected to grow significantly during the forecast period. The market is growing as the use of smart beds in the medical field has increased and patient care in hospitals has become better and more focused. Hospitals primarily use smart beds to improve patient management and support patient recovery. The healthcare sector market is growing significantly due to continuous advancements in smart bed technology that enables hospitals to provide better care to their patients. Rising government spending on hospitals to deploy cutting-edge technologies and smart beds is expected to positively accelerate the market expansion during the forecast period.

Geography OverviewBy geography, the global smart bed market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global smart bed market.

North America is estimated to contribute 38% to the growth of the global smart bed market during the forecast period. North America is gaining a large market share due to the rapid adoption of smart homes and rising demand for convenience and luxury. According to Houzz and Home's 10th annual survey of 70,000 U.S. residents, spending on home renovations, including kitchens, exteriors, and other fixtures and fittings, was USD 80,000 in 2019. , increased 15% to over USD 85,000 in 2020. People are spending money on home automation, security and other regulated amenities, and spending on smart home products like smart beds is on the rise. The smart bed can be connected to the Internet of Things (IoT), so the end user can control other smart home he devices such as TVs, coffee makers, thermostats and virtual assistants. With the spread of the Internet, the demand for smart beds is increasing in North America.

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Global Smart Bed Market – Market DynamicsLeading Drivers - Increasing demand for advanced furniture is notably driving the smart bed market growth: The growing demand for advanced features and innovative beds has increased the need for smart beds. The aesthetically pleasing smart bed is easy to use and has a variety of features that are perfect for relaxing. The intelligent bed also has several other value-added features. For example, users can use it to warm their feet, work, or improve their health (and sleep) by improving their posture while sleeping.The smart adjustable bed features smartphone connectivity, underbed lighting, multiple head and foot positions, and the ability to warm your feet. Such smart beds are gaining acceptance due to their easy-to-use interfaces, advanced features and beautiful designs. The advantages over non-smart/regular beds will attract more consumer purchases, leading to market growth during the forecast period.

Key Trends - Increasing integration of new features in smart beds is a key trend influencing the smart bed market growth: There is a growing trend to add new features to smart beds and help market players to acquire competitors to gain market share and enhance product functionality. For example, Sleep Number 360's latest smart his bed feature, My SleepHealth, aims to improve users' health and well-being by improving their sleep. This new technology feature shows users' sleep health trends on a weekly basis and provides actionable, personalized recommendations based on sleep duration, efficiency and timing.My Sleep Health's data-driven insights are combined with other features that help users sleep better. Such new developments and innovations in the market are expected to increase investments and advancements and propel the growth of the market during the forecast period.

Major Challenges - The long product replacement cycle is challenging the smart bed market growth: High-quality branded furniture and furnishings (such as smart beds) do not need to be replaced frequently. A quality smart bed made of quality wood or steel will have a longer replacement cycle than a poorly made adjustable slatted frame or bed set. Large businesses operating in the United States and other North American countries must comply with American National Standards Institute (ANSI) and Business and Institutional Furniture Manufacturers Association (BIFMA) safety standards. Therefore, smart bed manufacturers must produce high-quality products with long replacement cycles to meet these standards. Therefore, high initial costs and long replacement cycles hinder the market.

Drivers, Trends and challenges have an impact on market dynamics, which can impact businesses. Find more insights in the sample report!

What are the key data covered in this Smart Bed Market report?

CAGR of the market during the forecast period

Detailed information on factors that will drive the growth of the Smart Bed Market between 2023 and 2027

Precise estimation of the size of the Smart Bed Market size and its contribution to the market in focus on the parent market

Accurate predictions about upcoming trends and changes in consumer behavior

Growth of the Smart Bed Market industry across North America, Europe, APAC, South America, and Middle East and Africa

A thorough analysis of the market's competitive landscape and detailed information about vendors

Comprehensive analysis of factors that will challenge the growth of Smart Bed Market vendors

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Smart Bed Market Scope

Report Coverage

Details

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 7.91%

Market growth 2023-2027

USD 1,260.69 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

6.67

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 38%

Key countries

US, Canada, Japan, Germany, and UK, Canada, Mexico, Italy,Spain, India, Japan, Australia, and South Korea

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Arjo AB, Balluga Ltd., Baxter International Inc., Besco Medical Ltd., Boyd Sleep, CVB Inc., Dires LLC, Eight Sleep Inc., Invacare Corp., IOF srl, Joerns Healthcare LLC, LINET Group SE, PARAMOUNT BED HOLDINGS Co. Ltd., ReST, Rize Home, SK Furniture and Decoraters, Sleep Number Corp., Stryker Corp., The Sleep Co., and Ultimate Smart Bed

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Content

1 Executive Summary

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global smart bed market 2017 - 2021

4.2 Application Segment Analysis 2017 - 2021

4.3 Distribution Channel Segment Analysis 2017 - 2021

4.4 Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by Application

6.1 Market segments

6.2 Comparison by Application

6.3 Healthcare - Market size and forecast 2022-2027

6.4 Residential - Market size and forecast 2022-2027

6.5 Hospitality - Market size and forecast 2022-2027

6.6 Market opportunity by Application

7 Market Segmentation by Distribution Channel

7.1 Market segments

7.2 Comparison by Distribution Channel

7.3 Offline - Market size and forecast 2022-2027

7.4 Online - Market size and forecast 2022-2027

7.5 Market opportunity by Distribution Channel

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 North America - Market size and forecast 2022-2027

9.4 Europe - Market size and forecast 2022-2027

9.5 APAC - Market size and forecast 2022-2027

9.6 South America - Market size and forecast 2022-2027

9.7 Middle East and Africa - Market size and forecast 2022-2027

9.8 US - Market size and forecast 2022-2027

9.9 Germany - Market size and forecast 2022-2027

9.10 Canada - Market size and forecast 2022-2027

9.11 UK - Market size and forecast 2022-2027

9.12 Japan - Market size and forecast 2022-2027

9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 Arjo AB

12.4 Balluga Ltd.

12.5 Baxter International Inc.

12.6 Besco Medical Ltd.

12.7 Invacare Corp.

12.8 IOF srl

12.9 Joerns Healthcare LLC

12.10 LINET Group SE

12.11 PARAMOUNT BED HOLDINGS Co. Ltd.

12.12 ReST

12.13 SK Furniture and Decoraters

12.14 Sleep Number Corp.

12.15 Stryker Corp.

12.16 The Sleep Co.

12.17 Ultimate Smart Bed

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

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