Global Smart Bed Market is Expected to Foresee Significant Growth During the Forecast Period. North America to Witness the Highest Growth

The global Smart Bed market is expected to grow significantly by 2027 expanding at a reasonable CAGR of around 5% during the forecast period (2021-2027).

A surge in the end user’s disposable income, rapid urbanization, and surging awareness about the benefits of the smart bed are some of the leading factors that are contributing to the growing market of Smart Bed, globally. Rising purchasing power in developing countries such as Australia, EU, Mexico, Brazil, India, Thailand, and China is projected to allow consumers to spend more on furniture including smart beds., As per OCED, the household spending in Canada, China, Denmark, European Union, France, and Germany reached to 1,021,459.5, 9,241,095.5, 139,229.8, 10,785,281.3, 1,561,879.9 and 2,288,541.1 US$ million, respectively.

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As per the World Bank, GDP per capita worldwide increased from US$ 10,249 in 2015 to US$11,433 in 2019. However, the GDP per capita witnessed a steep fall in 2020 due to the COVID-19 outbreak but it is expected that by the end of 2021 the global economy would get stabilized, and the market would be the same as it was earlier in 2019. Also, In 2021, Luxembourg has the fastest-growing economy with 5.86% and is the top country in GDP per capita (US$125,923) amongst the 10 richest economies.

A rise in GDP per capita signifies the increased standard of living. So, consumers in the developed and developing countries where per capita income is witnessing a rise can think of spending more on their home products including furniture. Also, a rise in awareness coupled with the availability of advanced smart beds s is gaining traction among consumers with high per capita income

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Data from UN’s Population Division shows that the world urban’s populations are growing fastest. In 1950, less than 20% of Africans and Asians lived in cities, that number had increased to 43% and 51%, respectively, by 2020 South America also increased urban populations majorly during the same period, arriving at an urban population share of more than 80%, higher than that of Europe. So, rapid urbanization is acting as a growth catalyst to the smart bed market.
The demand for smart beds witnessed a rise during the COVID-19 pandemic. Smart beds are connected with the EMRs that offer a range of medical data, including personal statistics, such as weight, heartbeat, blood, temperature, and other such vital signs. Several hospitals installed smart beds to continuously monitor patients’ respiratory and heart rates. However, due to imposed lockdown, halt in cross-border trade activities there were some disruptions in the supply chain, due hindered the market growth.

Based on the type, the market is fragmented into Manual, Semi-Automatic, and Automatic. The manual segment grabbed the major market share and dominated the market in 2020. The market of this segment would reach USD XX Mn by 2027. The key factors attributed to the growing market of this share are the benefits such as low price as compared to automatic or semi-automatic beds, wide availability, etc. However, with the rising disposable income and awareness, the automatic segment would proliferate in the forthcoming years.

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Based on the sales channel, the market is fragmented into supermarket/hypermarkets, Online Stores, Specialty Stores, and Others. The specialty stores segment grabbed XX% market share in 2020 and captured USD XX Mn the market. The advantages of specialty stores such as product demonstrations, a wide range of product categories, the assistance of skilled staff, and the immediate shipping of products are leading to the growing share. However, the online segment would witness exhibit growth in the coming years.

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Additionally, the report provides detailed initiatives that are being taken in the field of Artificial Plants. The market is classified into distinct regions including North America (the U.S, Canada, Rest of North America), Europe (Germany, France, Spain, Italy, and United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and the Rest of APAC), Rest of World has been conducted. North America region dominated the market and grabbed major market share in 2020. The rising aging population coupled with the increasing number of back or spine-related problems among end-users in the region is leading to the growing demand for smart beds. As per the North American Spine Society, nearly 40 million American workers suffer from chronic lower back pain as of 2019.

Global Smart Bed Market Segmentation

Market Insight, by Type

• Manual
• Semi-Automatic
• Automatic

Market Insight, by Application

• Healthcare
• Hospitality
• Residential
• Others

Market Insight, by Sales Channel

• Supermarket/hypermarket
• Online Stores
• Specialty Stores
• Others

Market Insight, by Region

• North America
  • United States
  • Canada
  • Rest of North America
• Europe
  • France
  • Germany
  • Spain
  • Italy
  • United Kingdom
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia-Pacific
• Rest of World

Top Company Profiles

• ArjoHuntleigh AB
• BodiTrak
• Hi-Interiors SRL
• Hill Rom Holdings Inc
• Invacare Corporation
• Joerns Healthcare LLC
• LINET spol. s r.o.
• Paramount Bed Co.Ltd
• Sleep Number Corporation
• Stryker Corporation