Market Size of Europe Smart Bed Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 5.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Smart Bed Market Analysis
Europe Smart Bed Market is expected to achieve a CAGR of 5% during the forecast period.
Increased healthcare expenses have fuelled the need for smart beds. According to Eurostat, healthcare expenditure accounted for around 9% of Europe's GDP in 2021. The largest GDP shares based on healthcare expenditures were from Germany, representing 12.8% of the total GDP, followed by France and the United Kingdom, with 12.2% and 12 %, respectively. Due to enhanced healthcare facilities in the United Kingdom, Germany, and other countries, Europe is likely to hold a significant market share worldwide.
In Europe, due to COVID-19, most of the smart bed companies struggled to hold in-person meetings with their channel partners and close business commitments, which significantly impacted their product revenues. The closure of retail outlets and electronics firms, along with raw material supply limitations, slowed the rate of product consumption during the pandemic.
However, since an increasing number of individuals are choosing to spend more time indoors, there has been a shift in purchasing behavior toward online outlets. Rising product sales via online platforms may assist the industry in identifying a positive potential for expansion. The lockdown restrictions also shifted consumer focus toward well-being, personal care, and comfort, thus boosting the demand for smart home accessories, including smart beds.
Increased focus on supporting patients in hospitals with proper treatment and facilities also surged the adoption of smart beds across the medical sector in Europe. The region witnessed significant expenditure on the healthcare sector, thereby bringing more investments into such products.
