Global Smart Bed Market Size to Surge On account of COVID-19 and Growing State-of-the-art Healthcare
Published | August 2020
According to BlueWeaves Consulting, the Global Smart Bed Market is expected to reach USD 4.74 billion in 2026 from USD 1.93 billion in 2019 at CAGR of 13.7% during the period 2020-2026. The requests for smart beds in healthcare and the growing need for convenience, comfort and sound sleep in households drive the Global Smart Bed Market growth. Even the luxury hotels add smart bed as a new feature in their amenities to attract more occupants. Besides, at present, the different governments encourage investment in smart beds as part of a healthcare facility. The market holds tremendous potential because of the current prevalence of pandemic and other diseases as well as rising tech-savvy young population and increasing disposable income.
Smart beds are manufactured with precise technical features to help monitor the vital statistics of patients and allow smooth movement of the patient. The medical beds come with sensors which detect the variations in heart rates, BP, etc. and help monitor patient’s condition. Some smart beds are built with Wi-Fi, microphones, smart alarm and anti-snore functionality for the young population.
Global Smart Bed Market is segmented by Type into Manual, Semi-Automatic and Fully-Automatic, by Components into Sensors, Automation, Controllers and Software, by End-Users into Residential, Hospitals and Premium Hotels.
“Semi-Automatic Smart Beds and Smart Beds with Sensors Dominate the Global Smart Bed Market.”
Semi-Automatic Smart Beds hold the significant market share due to their ample availability and usage in healthcare and is expected to maintain its position in the forthcoming period while smart beds with sensors are anticipated to witness highest CAGR during the upcoming time. By End-Use, the healthcare sector will continue to rule the market while the residential sector will also register a reasonable growth rate during the projection period.
“The major growth drivers of the Global Smart Bed Market are Rising Adoption of Smart Beds in Healthcare, Demand for Increased Ease & Comfort in Developed Countries and Change in Demography & Rising Disposable Income.”
More and more healthcare facilities worldwide are adopting smart beds for intensive patient care as part of their state-of-the-art infrastructure. Besides, the automated features of smart beds attract many individuals towards the same for increased ease and convenience, augmenting their demand. Also, the population of tech-savvy, financially well-off youth, has increased triggering the demand for smart beds having features such as Wi-Fi, microphones, etc.
“Lack of Manufacturing Expertise restrains Market Growth.”
The market growth is hindered by the lack of expertise in the smart bed manufacturing as its optimum production does not take place according to the needs of customers. However, it offers tremendous growth potential.
“North America Dominates the Global Smart Bed Market Followed by Asia-Pacific.”
Quick adoption and implementation of technology make North America dominant player in the Global Smart Bed Market. It will continue to dominate the market in the projection period. Asia-Pacific is the second primary market due to rising adoption of IoT, increased healthcare outlay from government and rising disposable income. Besides, the innovations by market players in China, Korea and Japan are enhancing the market growth in this region. Europe is also expected to register accelerated growth during the upcoming period.
“The leading players” in the Global Smart Bed Market are Stryker Corporation (US), Hill-Rom Holdings Inc (US), Getinge AB (Sweden), Paramount Bed Holdings (Japan), The BodiTrak, Invacare Corporation, Responsive Surface Technology, BAM Labs, Sleep number, ArjoHuntleigh AB and others.
The in-depth analysis of the report provides the growth potential, upcoming trends, and statistics of the Global Smart Bed Market size & forecast. The report provides insights about state-of-the-art technology of Global Smart Bed Market and industry, which help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the market drivers, challenges, and competitive scenario of the market.