New Delhi, Aug. 05, 2024 (GLOBE NEWSWIRE) -- The global smart bed market is projected to reach US$ 13.1 billion by 2032 from US$ 6.2 billion in 2023, growing at a CAGR of 8.7% during the forecast period 2024-2032.
The global smart bed market is witnessing robust growth, driven by technological advancements and increasing consumer awareness about health and wellness. The market is projected to grow significantly, with the healthcare sector being a major end-user. Hospitals and healthcare facilities account for a substantial portion of the demand due to the integration of smart beds that offer features like patient monitoring and automated adjustments, enhancing patient care and operational efficiency. The residential sector is also expanding, with consumers aged 25 to 54 showing a strong preference for smart beds that offer enhanced comfort and sleep quality. This demographic represents over 70% of the market, indicating a significant shift towards smart home technologies.
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Consumer behavior is increasingly favoring smart technologies that improve lifestyle and health, giving a boost to the smart bed market. Smart beds equipped with features such as sleep tracking, climate control, and IoT connectivity are becoming popular among tech-savvy consumers. The demand is further driven by the rising prevalence of sleep disorders and chronic conditions, which necessitate advanced sleep solutions. For instance, over 50 million Americans suffer from sleep disorders, highlighting the potential market for smart beds. However, the high cost of smart beds, which can be significantly more expensive than traditional beds, may limit their adoption to higher-income households. Despite this, the market is expected to grow as prices gradually decrease and more affordable options become available.
Major trends in the smart bed market include the integration of advanced technologies such as IoT, AI, and machine learning, which are driving product innovations. Companies like Sleep Number and Eight Sleep are leading the market with innovative products that offer personalized sleep experiences. The market is also seeing a rise in online sales, particularly in developing regions, as consumers increasingly prefer the convenience of online shopping. North America holds the largest market share, driven by high demand from the healthcare sector and tech-savvy consumers, while the Asia Pacific region is expected to witness the highest growth rate due to increasing disposable incomes and growing awareness about smart home technologies.
Key Findings in Smart Bed Market
| Market Forecast (2032) | US$ 13.1 Billion |
| CAGR | 8.7% |
| Largest Region (2023) | North America (27.6%) |
| By Type | Semi-automatic (36.3%) |
| By End Users | Residential (52.7%) |
| By Distribution Channel | Offline (75.1%) |
| Top Trends |
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| Top Drivers |
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| Top Challenges |
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Semiautomatic Beds are Most in Demand, Contribute Over 36.3% Market Revenue
The demand for semi-automatic smart bed markethas surged globally, outpacing other types of smart beds due to their unique blend of advanced features and user-friendly operation. These beds offer a balance between high-tech functionality and ease of use, making them accessible to a broader audience. Key features such as biometric monitoring, sleep tracking, and customizable settings for temperature and firmness are highly appealing to consumers who seek to enhance their sleep quality without the complexity of fully automated systems. Additionally, semi-automatic smart beds often come with mobile app connectivity, allowing users to adjust settings conveniently, which adds to their appeal. The ability to relieve pressure points and improve spinal alignment through advanced foam technology further enhances their attractiveness. These beds also cater to specific health needs, such as those of individuals with obstructive sleep apnea or severe rheumatoid arthritis, by allowing easy adjustments to bed positions.
Several factors contribute to the dominance and growth of semi-automatic type in the smart bed market. Wherein, their relatively lower price point compared to fully automated smart beds makes them more accessible to a wider range of consumers. The ease of setup and operation, often requiring minimal assembly and straightforward app integration, appeals to those who prefer a hassle-free experience. The integration of advanced features like dual-zone sensors for heart rate and breathing rate monitoring, and the ability to share data with other smart devices, enhances their functionality and user experience. Furthermore, the growing awareness of the importance of sleep health and the increasing prevalence of sleep disorders drive the demand for smart beds that offer personalized comfort and health benefits. The continuous innovation in smart bed technology, supported by extensive research and consumer feedback, ensures that these beds meet the evolving needs and preferences of users.
The Impact of High Costs on Smart Bed Demand
The high cost of smart beds presents a significant barrier to widespread consumer adoption, which is reflected in several telling statistics. As of 2023, the average price of a smart bed ranges from $2,500 to $7,000, with premium models exceeding $10,000. This steep pricing contrasts sharply with traditional mattresses, which average between $500 and $2,000. Consequently, the smart bed market penetration remains limited, with only 8% of households in the United States owning a smart bed, compared to 92% owning traditional beds. A survey by the Sleep Foundation reveals that 65% of potential buyers are deterred by the high cost, despite being interested in the technology.
Further analysis reveals that the high cost also affects consumer perception and prioritization of spending. For instance, 72% of consumers prioritize cost over features when purchasing a new bed, according to a survey by Statista. Additionally, the high initial investment is not the only financial consideration; maintenance costs can be significant, with replacement parts and software updates adding to the overall expense. This economic strain is evident in the fact that 58% of consumers would rather invest in other smart home devices, such as thermostats or security systems, which offer more immediate and perceivable benefits at lower costs. Furthermore, the average annual income of households owning smart beds is $100,000, highlighting the technology's appeal predominantly to higher-income demographics in the smart bed market. These financial dynamics underscore the critical challenge manufacturers face: balancing advanced features with affordability to broaden market appeal.
Residential Consumers are the Largest End Users of Smart Bed, Controls Over 52.7% Market Share
The dominance of residential consumers in the smart bed industry is driven by several key factors, reflecting the evolving lifestyle preferences and technological advancements that cater to individual comfort and health monitoring. One of the primary enablers of this trend is the increasing awareness and demand for personalized sleep solutions. Smart beds equipped with features such as adjustable firmness, sleep tracking, and temperature control have become highly attractive to consumers seeking to enhance their sleep quality. The integration of IoT (Internet of Things) technology allows users to monitor and optimize their sleep patterns via smartphone apps, making these beds a desirable addition to modern homes. Additionally, the rise of home automation systems has further propelled the adoption of smart beds, as they seamlessly integrate with other smart home devices, offering a cohesive smart living experience. The global market of electric and smart medical beds, both for healthcare facilities and residential use, reaches its highest degree of development in the United States and Europe, with the Asian market showing great potential for growth in the following years.
Moreover, the growing prevalence of sleep disorders and the increasing focus on health and wellness have significantly contributed to the popularity of smart beds among residential consumers. According to recent studies, over 70 million Americans suffer from sleep disorders, driving the demand for innovative sleep solutions. Companies like Sleep Number have reported a surge in sales, with their innovative 360 smart bed becoming a top choice for consumers. Additionally, the average spending on sleep-related products has seen a notable increase, with consumers willing to invest upwards of $1,500 for high-quality smart beds. The convenience of online shopping and the availability of financing options have also made it easier for consumers to purchase these advanced sleep systems. Furthermore, the COVID-19 pandemic has accelerated the adoption of smart home technologies, as people spend more time at home and prioritize creating a comfortable living environment. This shift in consumer behavior underscores the growing importance of smart beds in residential settings, driving the industry's expansion and innovation.
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Luxury Meets Technology: North America Redefines the Smart Bed Market
North America is the most prominent market for smart beds globally, driven by the region's high standard of living and disposable income levels, which enable consumers to invest in advanced sleep solutions. The increasing prevalence of sleep-related disorders, affecting over 30 million adults in the U.S., and chronic diseases, combined with an aging population projected to reach 80 million elderly individuals by 2040, have heightened the demand for smart beds that offer health monitoring features and improved sleep quality. The region's robust adoption of smart home technologies, with 80% of U.S. households expected to have smart home devices by 2024, and widespread internet access further facilitate the integration of smart beds into households. Additionally, significant investments in research and development by major market players, with 70% of smart bed manufacturers having R&D facilities in North America, contribute to the region's market dominance. In 2023, North America held a 60% share of smart bed sales globally.
The United States is the leading contributor to the regional smart bed market, driven by its advanced healthcare infrastructure and high healthcare spending per capita, which averages $12,530 annually. The U.S. market benefits from continuous technological advancements, such as the integration of cardiovascular monitoring devices in smart beds, expected to increase their market share by 10% annually. Moreover, increasing awareness about the importance of good sleep, with 45% of U.S. consumers prioritizing sleep quality over other health aspects, and the rising demand for luxurious sleeping solutions are significant drivers. Over 90% of smart beds sold in the US are equipped with health monitoring features. The presence of key players and a strong focus on innovation further bolster the growth of the smart bed market in the U.S., where 85% of smart bed users report improved sleep quality and health metrics, driving repeat purchases and market growth.
Global Smart Bed Market Key Players
- 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
Key Segmentation:
By Product Type:
- Manual
- Semi-automatic
- Fully automatic
By End User:
- Residential
- Healthcare
- Hospitality
- Transportation
- Others
By Distribution Channel:
- Offline
- Brand Stores
- Home Centers
- Online
By Region:
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
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