Healthcare Smart Beds Market

Market Overview

The global healthcare smart beds market size was valued at USD 474.30 million in 2022. It is estimated to reach USD 901.19 million by 2031, growing at a CAGR of 7.4% during the forecast period (2023–2031). Factors such as Rising Home Healthcare Services Across the Globe and Technological Developments, significantly drives the healthcare smart beds market demand by 2031.

Hospital beds are the most frequently used component. Patients spend extensive amounts of time on these beds; therefore, hospitals, nursing homes, and other healthcare facilities must guarantee the quality and comfort of these beds to promote patients' speedy recovery. In recent years, the introduction and incorporation of smart technologies into hospital beds have vastly aided nursing and healthcare personnel in recording, monitoring, and analyzing minute details of a patient's health to provide effective patient care.

Smart beds are connected to electronic health records (EHR) or electronic medical records (EMR), which contain a vast array of medical information, such as personal statistics such as body temperature, weight, heartbeat, oxygen, blood, and other vital signs, medication, laboratory test results, allergies, immunization status, and much more. With access to pertinent patient medical history information, doctors can determine the next action, and nurses can help enhance patient care.

Highlights        

• Hospital dominates the application segment
• North America is the highest shareholder in the global market

Market Dynamics

Global Healthcare Smart Beds Market Drivers:

Rising Home Healthcare Services Across the Globe

There is a sizable price difference between home and hospital medical facilities. This is driving an increasing number of people, particularly in developed countries like the U.K., the U.S., and Germany, to opt for home healthcare services over lengthy hospital stays. As per statistics provided by the Centers for Medicare & Medicaid Services (CMS), in 2018, home healthcare spending in the U.S. accounted for around 2.8% of the total U.S. healthcare spending. Such spending patterns are anticipated to pave the way for home healthcare services and boost the demand for smart beds for proper and precise monitoring of patients at home without incurring massive costs.

Additionally, the COVID-19 outbreak has presented the home-based medical care industry with numerous opportunities, particularly the smart bed market, owing to its ability to monitor and track the health of people most vulnerable to the safety of their homes. With the increasing demand for home healthcare services globally, the job opportunities for caregivers in this market are also likely to rise significantly. As per statistics from the U.S. Bureau of Labor Statistics, home health aide and personal care aide jobs are anticipated to register a CAGR of 34.0% from 2019 to 2029. This scenario opens up various growth avenues for manufacturers of smart beds for home healthcare.

Worldwide Increase in Ambulatory Surgery Centers (ASC)

Ambulatory surgery centers or ambulatory surgical centers (ASC) have witnessed a significant increase in demand in recent years owing to the growing prevalence of chronic diseases, rising geriatric population, surging healthcare costs, and technological developments in the healthcare sector. ASCs are specialized in same-day diagnostics, surgery, and preventive procedures, which reduces the overall cost of treatment while also maximizing the efficiency and quality of outpatient treatments.

According to the Ambulatory Surgery Center Association (ASCA), Medicare saves an average of more than USD 4.2 billion annually when surgical procedures are performed at ambulatory surgery centers (ASCs) rather than hospital outpatient departments (HOPDs). This large cost reduction in diagnosis, surgical operations, and preventative care is anticipated to encourage ASCs and increase demand for smart beds over the forecast period. Rising government expenditure for developing ambulatory facilities to increase accessibility and reduce treatment costs is also expected to propel the healthcare smart bed market.

Global Healthcare Smart Beds Market Restraints:

High Price and Low Awareness Restrain Adoption in Emerging Economies

Although smart beds have many benefits for the healthcare sector, they are too expensive compared to other hospital beds. For instance, a smart bed from a renowned company such as Hill-Rom can cost more than USD 16,000; however, ordinary hospital beds are available anywhere between USD 1000 to USD 8000. This huge price difference leads to higher adoption of ordinary beds over smart beds. Several consumers from emerging economies across the Asia-Pacific, the Middle East and Africa, and Latin America have low awareness regarding smart beds and their key advantages over traditional ones.

In addition, high maintenance costs and a lack of skilled nursing staff discourage hospitals and healthcare centers in the regions mentioned above from opting for smart beds. Besides this, most hospitals in these countries have strict budgets for infrastructure and are unwilling to invest significantly in high-end products such as smart healthcare beds. These factors are foreseen to create significant restraints for healthcare smart beds market growth.

Global Healthcare Smart Beds Market Opportunities:

Technological Developments

Rising technological developments in the field have resulted in the introduction of smart beds with advanced features. These products aim to improve the overall monitoring of bedridden patients and are likely to pave the way for numerous growth opportunities in the industry. Therefore, manufacturers focus on significant R&D investments to develop more efficient products. For instance, in January 2021, Hill-Rom Holdings, Inc. announced a collaboration with Microsoft for R&D to bring advanced and actionable real-time data and solutions to caregivers and healthcare provider organizations. Both companies plan to use Microsoft Azure software to dynamically analyze real-time sensing data from medical devices and historical medical record information and communicate the potential patient risks and hospital protocol actions directly to caregivers.

Smart beds combine medical equipment such as an oximeter, sphygmomanometer, heart rate monitor (HRM), plethysmograph, capacitive accelerometer, and piezometer, which reduces the cost of buying other equipment. These key features of smart beds are creating opportunities for their market growth.

Regional Analysis

Based on region, the global healthcare smart beds market share is bifurcated into North America and Europe.

North America Dominates the Global Market

North America is the most significant global healthcare smart beds market shareholder and is estimated to exhibit a CAGR of 7.11% during the forecast period. Several hospitals in North America are considering smart beds to be a worthwhile investment, as they assist medical personnel by tracking and monitoring several data points, including patients' weight, body temperature, heartbeat, etc. According to a blog published by The Augusta Chronicle, in March 2020, University Hospital invested in smart bed technology to prevent falls and improve patients' safety. The University Hospital bought around 100 Centrella smart beds in 2019, and its board voted in 2020 to add 100 more for USD 1.6 million. Centrella smart beds at the University Hospital include new features to address patient satisfaction, patient safety, and caregiver efficiency. These factors are expected to expedite the market growth in the coming years. In addition, the growing older population in the U.S., with complex care needs, increases the demand for more expensive medical treatments. For instance, as per a blog published by Business Insider in January 2021, by 2030, every Baby Boomer will be 65 or older, suggesting that one out of every five U.S. citizens will be of retirement age. As a result, the demand for smart healthcare equipment is expected to increase.

Furthermore, the products launched by several key players operating in the market will likely support market growth in the coming years. In October 2020, Stryker Corporation announced the global launch of the industry's first and only completely wireless hospital bed, ProCuity. This smart bed is intended to help decrease in-hospital patient falls at all levels of understanding, surging nursing workflow efficiency and safety, and assist in reducing hospital expenses. It is currently the only bed in the market that can wirelessly connect to nurse call systems.

Europe is predicted to exhibit a CAGR of 7.6% over the forecast period. The healthcare system in Europe is dealing with several opposing trends, including the short- and long-term effects of financial and economic constraints, rising demands from an aging and constantly expanding population, which increases the number of chronic patients, and rising demand for and accessibility of technological innovations. Several regional hospitals are switching from established hospital-centric models to more creative and adaptable ones to resolve these contradictory situations. They are investing in smart technologies to precisely treat patients, accelerate medical care, and speed up recovery. In the upcoming years, this trend will likely impact the healthcare smart beds market.

Additionally, Germany dominates the regional market growth. The demand for various healthcare services has grown in Germany, especially during crises such as the ongoing COVID-19 pandemic. Patients' expectations about the safety and quality of healthcare treatments and services have also been increasing, and many hospitals have been focusing on addressing these concerns and demands. Digitalization and smart technologies, such as smart beds, improve medical care for patients, doctors, and nurses. The increasing popularity of smart hospitals in the country will drive the demand for smart healthcare beds in the coming years. As per a report published by Germany Trade & Invest (GTAI) in 2019, by the end of 2021, all Germans will likely have an electronic medical record (EMR) that stores medical data compiled by physicians and clinics.

Segmental Analysis

The global healthcare smart beds market is segmented by application.

Based on application, the global market is segmented into hospitals, outpatient clinics, medical nursing homes, and medical laboratories and research. 

The hospital segment owns the highest market share and is estimated to exhibit a CAGR of 6.9% during the forecast period. The increased need for beds characterizes the hospital segment due to the COVID-19 pandemic across the globe, wherein nearly 17.69 thousand smart beds accounted for hospitals during the same year. As per the Centers for Disease Control and Prevention (CDC), hospital bed occupancy increased to 543,132 in July 2020 from 416,064 in April 2020 due to COVID-19. In addition, the rising incidences of inpatient admissions due to chronic diseases such as cancer, kidney failure, and heart disease also contribute to the growth of this segment. The Global Cancer Observatory stated that a projected 19.31 million new cancer cases were diagnosed worldwide in 2020, indicating a rising incidence rate worldwide. These prevalent trends are anticipated to increase the demand for intelligent hospital beds, as these beds can improve caregiver workflow efficiencies and shorten overall inpatient stays.

Outpatient clinics serve as the primary diagnosis and initial point of care for patients worldwide. Enhancing healthcare standards in Asian, African, and South American nations has been essential to expanding primary healthcare facilities and, as a result, their prevalence in rural areas of these regions. In addition, the prevalence of acute diseases such as influenza, fevers, and bronchitis has significantly driven the global population to visit outpatient clinics. According to World Health Organization (WHO) data, outpatient contacts per person in Europe ranged from 1.9 to 13.1 in 2011 and peaked between 2.6 and 13.5 in 2018.

In medical nursing homes, the number of smart beds was estimated at 2.4 thousand in 2020. The aging population across developed economies, particularly in North American and European countries, is a key factor driving the growth of medical nursing care facilities. As per U.S. Centers for Disease Control and Prevention (CDC), the expenditure on nursing care facilities grew at an average yearly rate of 2.8% from 2010 to 2018, estimated at USD 181.4 billion in 2019.

Similarly, the aging population in Europe has been driving the need for inpatient nursing and rehabilitating services, thereby driving the growth of medical nursing homes. According to Eurostat, the average of long-term care beds in nursing and residential care facilities was 697.3 per 100,000 inhabitants in 2013, and this number increased to 721.1 per 100,000 inhabitants in 2018, signifying the importance of long-term care for the growing elderly population. Smart beds continuously monitor a care receiver's health, record the person's movements and prevent accidental falls. With the growing emphasis on the quality of inpatient care, the market value for smart beds in medical nursing homes is expected to grow.

The demand for smart beds has increased significantly as more emphasis is placed on enhancing medical technologies and therapeutic methods. Medical laboratories and research facilities provide experimental treatment of prevailing diseases, development of new vaccines, and adoption of new medical procedures. Smart beds provide constant monitoring of vitals and pilot tests of a new line of treatment procedures, along with acting as an integrated source of data for research purposes. The medical laboratory and research segment accounted for 1.07 thousand smart beds in 2020 and is expected to register a CAGR of 5.3% to reach 1.63 thousand smart beds by 2028. This segment's growth is attributable to the increasing spending on microscopic, biologic, immunologic, bacteriologic, hematologic, and chemical tests.

Recent Developments

• April 2023- Sleep Number Corporation, a leader in wellness technology, introduced its next-generation Sleep Number® smart beds and Lifestyle Furniture. The innovations, sold separately but most effective when used together, are designed to help sleepers get the best possible rest and realize their maximum potential at every life stage.

• June 2023- Severance Hospital implemented an innovative smart bed management system, utilizing Wi-Fi technology and e-Paper to efficiently manage room occupancy records and patient identification.