Smart Bed Market: Current Analysis and Forecast (2021-2027)

Report Description

The Global Smart Bed is Expected to Display an Elevated CAGR of ~5% over the forecast period (2021-2027)

The rise in disposable income, increase in the urbanization sector and rapidly changing lifestyle of consumers resulted in more inclination towards smart products including smart beds. As per OCED, the household disposable income across several countries such as Australia, Austria, Canada, France, and many others witnessed a significant rise during 2018-2019. In Canada, the gross adjusted household disposable income per capita was USD 39,005.5 in 2020, up from USD 35,892.5 in 2019

The rapid growth in the real estate sector due to 100% foreign direct investment for the township, smart cities, commercial buildings, and settlement development project is attracting investors in the real estate sector, which increase the quality of residential apartments, therefore emerging number of smart beds. In 2021, there were 258.54 million smart homes across the world. Moreover, By 2023, the smart home industry automation in US homes will be 53.9%.

The aging population is one of the major consumers of smart beds as they are more prone to suffer from back pain and other spine-related problems. Smart beds are technologically advanced beds that allow users to expand the capabilities of their beds beyond their basic functionalities by automatically adjusting the settings of beds for the comfort of users. Thus, the demand for smart beds is witnessing an uptick as the geriatric population is increasing all over the world and is also anticipated to overtake the infant population in the upcoming years. For instance, the number of people aged 65 or more will be 795.78 million surpassing the population of infants aged 0-4 (690.19 million) by 2023.

Household Disposable Income Net, Annual Growth Rate (%), By Selected Countries, 2017 – 2019

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, etc., are some of the prominent players operating in the Smart Bed market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.

Insights Presented in the Report

“Amongst type, manual segment holds the major share”

Based on type, the market is fragmented into Manual, Semi-Automatic, and Automatic. The manual segment grabbed the major market share in 2020 and dominated the market. The low cost of manual beds as compared to automatic and semi-automatic beds is one of the prominent factors which is driving the demand. However, the emerging disposable income of the end-users would lead the automatic and semi-automatic segment to grow in the forthcoming years.

“Amongst application, residential segment to grab considerable market share”

Based on the application, the market is fragmented into Healthcare, Hospitality, Residential, and Others. The residential 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 trending concept of smart homes and smart cities are boosting the demand for smart beds from the residential sector.

“Amongst sales channel, specialty stores segment to grab considerable market share”

Based on the sales channel, the market is fragmented into supermarkets/hypermarkets, Online Stores, Specialty Stores, and Others. The specialty store segment grabbed XX% market share and captured USD XX Mn market in 2020. However, the online store segment would witness the robust CAGR during the forthcoming years

“North America represents one of the largest markets of Smart Bed market”

For a better understanding of the market dynamics of the Smart Bed market, a detailed analysis was conducted for different regions across the globe including North America, Europe, Asia Pacific, and the Rest of the world. North America dominated the market and generated the leading revenue share in 2020 owing to rising disposable income and emerging demand from the healthcare sector.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Smart Bed Market were the three major steps undertaken to create and analyze the demand for Smart Bed across major regions. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Smart Bed market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/ bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Smart Bed through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Smart Bed market, we conducted a detailed secondary analysis to gather historical market insights and share for type, application, sales channel for major regions. Major segments included in the report are type and application. Further region and country-level analyses were conducted to evaluate the overall adoption of Smart Bed across the globe.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Smart Bed. Further, we conducted factor analysis using dependent and independent variables such as the rising disposable income, surging demand from healthcare facilities, etc., A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Smart Bed industry across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Smart Bed market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weightage was assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. bottom-up/ top-down approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of Smart Bed across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Smart Bed market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Smart Bed market. Data was split into several segments sub-segments post studying various parameters and trends in the areas of type, application, the sales channel of the Smart Bed market.

Main Objective of the Smart Bed Market Study

The current & future market trends of Smart Bed were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Smart Bed in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type, application, and sales channel
• Define and analysis of the regulatory framework for the Smart Bed industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Smart Bed market for the major countries
• The major region studied in the report includes North America, Europe, Asia- Pacific, and the Rest of the World.
• Company profiles of the Smart Bed market and the growth strategies adopted by the market players to sustain in the fast-growing market

Deep dive regional level analysis of the industry