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Healthcare Smart Beds Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global healthcare smart beds products market was valued at USD 2.2 billion in 2022 and is projected to expand at a CAGR of 11.3% from 2023 to 2030. Smart beds are medical beds that are equipped with advanced features, such as sensors and motors, that enable the bed to adjust its position remotely. Smart beds also have the ability to perform functions, such as monitoring the patient’s vital signs and providing comfort to the patient. Smart beds can be used in healthcare settings, such as hospitals, nursing homes, and home care, to improve the comfort and safety of patients.
Growing demand for patient-centric healthcare services is expected to drive the market for healthcare smart beds. Smart beds are designed to improve the comfort and safety of patients in healthcare settings. For instance, technologically advanced beds can be used to monitor vital signs and adjust the bed position based on the patient’s needs. Furthermore, the rising prevalence of obesity and lifestyle diseases is expected to further boost the demand for healthcare smart beds.
In addition, the increasing demand for better patient care and safety is driving the adoption of healthcare smart beds. Hospital beds equipped with sensors enable healthcare providers to monitor the patient’s vital signs continuously. Furthermore, the rising demand for connected care and telemedicine is expected to propel the demand for healthcare smart beds. Smart beds are integrated with connected devices and systems, such as EMR, Bluetooth, and Wi-Fi, to provide real-time data, which facilitates the diagnosis and monitoring of patients.
Furthermore, governments across a number of countries are investing in the development of healthcare infrastructure, which is likely to drive the demand for healthcare smart beds. For instance, in December 2021, the Government of India announced the launch of the National Health Stack, which is a comprehensive healthcare system that will enable the delivery of healthcare services through technology. The National Health Stack is expected to boost the demand for healthcare smart beds in the country.
Moreover, the advent of advanced technologies, such as artificial intelligence (AI) and machine learning (ML), is expected to further drive the demand for healthcare smart beds. AI- and ML-based systems are being used to monitor patient’s vital signs and detect abnormalities, which is likely to fuel the demand for healthcare smart beds in the coming years. Additionally, the development of robotic beds is expected to open up new opportunities for the market. Furthermore, the increasing demand for hospital beds is expected to drive the growth of the market in the coming years.
Product Insights
The adjustable beds segment led the market and accounted for a share of around 45.3% in 2022. Smart beds are gaining traction among consumers owing to the increasing number of elderly population and increasing demand for home healthcare products. According to a study published by the U.S. Department of Health & Human Services in May 2020, the population aged 65 and older is projected to nearly double from 52 million in 2018 to 95 million by 2060. In addition, rising technological advancements in healthcare industry globally is further driving the market growth.
The hospital beds segment is expected to expand at the fastest CAGR of 10.4% over the forecast period. Smart hospital beds are gaining traction among healthcare providers due to its various advantages such as improved patient care and comfort, and enhanced safety features. According to a study published by the National Institutes of Health in October 2018, hospital beds are increasingly being equipped with features such as fall prevention, patient monitoring, and mobility. Furthermore, rising demand for technologically advanced hospital beds is expected to drive the market growth.
Distribution Channel Insights
The hospitals and clinics segment dominated the global healthcare smart beds market in 2021 and is expected to maintain its position during the forecast period. The increasing number of hospitals and clinics coupled with rising awareness about the benefits of smart beds among both healthcare professionals and patients is driving the growth of the segment. Furthermore, the increasing number of hospital beds worldwide is also contributing to the segment growth. According to the World Health Organization, the global number of hospital beds was estimated to be around 7.7 million in 2020.
The online segment is expected to expand at the highest CAGR of 12.3% during the forecast period. The rising penetration of internet and e-commerce platforms across the world has been driving the growth of the segment. Additionally, the growing number of online stores selling healthcare smart beds is also contributing to the growth of the segment. For instance, in 2021, Amazon launched a new online store for healthcare smart beds. The store offers a wide range of beds from leading brands.
Type Insights
The manual segment accounted for the largest market share in the year 2022. This is due to the low cost and easy availability of manual beds in healthcare facilities. Furthermore, manual beds provide flexibility in the form of adjustable height, backrest, and headrest. This encourages their usage in the healthcare sector.
The electric segment is expected to expand at the highest CAGR of 8.2% during the forecast period. This is mainly due to the increasing number of elderly people in need of assistance in getting out of bed and the growing demand for beds with advanced features such as adjustable height, massage, and automatic turning. The rising demand for smart beds, which provide comfort and convenience, is also propelling the growth of the electric segment. For instance, in July 2020, Invacare Corporation launched a new range of smart beds with advanced features such as a touch screen remote and automatic turning.
Regional Insights
North America is expected to dominate the market and accounted for the largest revenue share of over 39.0% in 2022. Increasing demand for healthcare smart beds due to the presence of the large number of healthcare facilities and the availability of advanced healthcare infrastructure are the major factors driving the market in the region. Moreover, the presence of prominent players, such as Hill-Rom and Getinge Group, is expected to accelerate the growth of the market. For instance, in May 2021, Hill-Rom launched its new connected care platform, which features a comprehensive suite of connected care solutions to help hospitals better manage their patient flow.
Europe is expected to witness the second-fastest growth in the coming years. Rapidly increasing geriatric population in the region is expected to uplift the demand for healthcare services, which, in turn, is projected to boost the growth of the market. In addition, the emergence of numerous startups that are offering intelligent beds is anticipated to further drive the growth of the market in Europe during the forecast period. For instance, in August 2021, Italian startup X-Bed launched a new smart bed with adjustable height, temperature, and massage functions.
Financial Projections
In this part of the healthcare smart beds products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your smart beds business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a healthcare smart beds business comes from the sale of smart beds and related products. Here you will find a list with a description of each of these products and other possible sources of profit such as the sale of accessories, consulting services, and the leasing of beds.
Projecting Expenses
In this section, all the regular expenses related to keeping the healthcare smart beds business running will be described. The list of operating expenses includes salaries, marketing expenses, research and development, insurance policies, utilities, maintenance and repairs, and others.
Key companies & market share insights
Some of the key companies operating in the healthcare smart beds market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In November 2022, Hill-Rom launched the CareAssist ES Smart Bed, a bed designed to monitor the patient’s vital signs and provide alerts in case of any changes.
– In January 2022, Stryker Corporation launched the iBed Smart Bed, which is integrated with a patient monitoring system and includes several safety features.
– In April 2022, Invacare Corporation launched the Invacare Smart Bed, which is integrated with sensors and software to monitor the patient’s vital signs in real-time.
Some of the prominent players in the healthcare smart beds market include:
– Hill-Rom
– Stryker Corporation
– Invacare Corporation
– Getinge Group
– Panasonic Corporation
– Paramount Bed Co., Ltd.
– Span America Medical System, Inc.
– Stiegelmeyer GmbH & Co. KG
– Arjo
– Biodex Medical Systems, Inc.
Global Healthcare Smart Beds Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global healthcare smart beds market based on product, technology, end user, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Electric Beds
– Semi-Electric Beds
– Manual Beds
2. Technology Outlook (Revenue, USD Million, 2017 – 2030)
– Connected Beds
– Non-Connected Beds
3. End User Outlook (Revenue, USD Million, 2017 – 2030)
– Hospitals
– Homecare
– Others
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Key Drivers of the Healthcare Smart Beds Market?
[A]: The key drivers of the healthcare smart beds market include the increasing prevalence of chronic diseases, the rising geriatric population, the growing acceptance of smart technology in the healthcare sector, and the increasing demand for patient-centric beds.
[Q]: Who are the Major Participants in the Healthcare Smart Beds Market?
[A]: The major participants in the healthcare smart beds market include Stryker Corporation, Hill-Rom Holdings Inc., Invacare Corporation, Paramount Bed Co. Ltd., Span-America Medical Systems, Inc., Getinge AB, Arjo AB, Stiegelmeyer GmbH & Co. KG, and Malvestio S.p.A.
[Q]: What are the Benefits of Smart Beds for Patients?
[A]: Smart beds provide a number of benefits for patients, such as improved comfort, improved sleep quality, better patient monitoring, and improved safety. Smart beds can also help reduce the risk of pressure ulcers, reduce the need for manual lifting and repositioning, improve patient-provider communication, and reduce the risk of hospital-acquired infections.
[Q]: What are the Benefits of Smart Beds for Healthcare Providers?
[A]: Smart beds provide a number of benefits for healthcare providers, such as improved patient monitoring, reduced costs associated with manual lifting and repositioning, improved communication between healthcare providers and patients, and improved safety. Smart beds can also help reduce the risk of nosocomial infections and pressure ulcers, while providing more accurate and timely data.
[Q]: What are the Potential Opportunities in the Healthcare Smart Beds Market?
[A]: The potential opportunities in the healthcare smart beds market include the increasing prevalence of chronic diseases, the growing acceptance of smart technology in the healthcare sector, and the increasing demand for patient-centric beds. Additionally, the market is expected to benefit from advances in technology, such as the development of sensors that can detect the patient’s vital signs and provide real-time data to healthcare providers.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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