South Korea Smart Bed Market Size and Industry Growth
The ‘South Korea Smart Bed Market Size, Share, Growth, Analysis, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the South Korea smart bed market, assessing the market on the basis of its segments like type, application, and distribution channels.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
South Korea Smart Bed Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 127.60 million
- Forecast CAGR (2023-2028): 4.1%
- Forecast Market Size (2028): USD 159.90 million
Increasing popularity of exhibitions and festas displaying smart beds is driving the growth of the South Korea smart bed market. Emergence of smart homes along with increasing disposable incomes is contributing towards the market growth as more and more individuals are financially able to invest in updating their households with modern equipment.
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Higher standards of living and rapid urbanisation have led to the growth of real estate sector which in turn has increased the demands for smart beds. With increase in the awareness level of the population, the demand for smart beds has also increased as they are able to provide better quality sleep, regulate sleep cycles, and aid in combating insomnia. Additionally, the surging tourism, particularly skincare tourism in South Korea, is expected to have a positive impact on the growth of the market as an increasing number of hotels are likely to switch to smart furniture options to meet this influx of tourists.
Increase in number of people suffering from chronic sleep disorders and those in need of home healthcare is further expected to drive the South Korea smart bed market growth. This can be attributed to the role of smart beds in helping determine the cause of sleep loss by monitoring sleep patterns as well as improve the quality of sleep for the chronically ill.
South Korea Smart Bed Industry Definition and Major Segments
Smart beds are beds that employ sensors along with other technologies to gather data about the sleep cycles of the user so as to improve the quality of their sleep by altering settings automatically. Some of the common features of smart beds include, automatic bed adjustment, climate control, smart home networking, and anti-snoring technology.
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Based on type, the market is segmented into:
On the basis of application, the market is divided into:
Based on distribution channels, the market is classified into:
- Specialty Stores
- Online Stores
South Korea Smart Bed Market Trends
Increasing prevalence of sleep disorders coupled with growing percentage of geriatric population sensitive to such ailments is a crucial trend contributing towards the growth of South Korea smart bed market. Additionally, increasing investments by the South Korean government in the healthcare sector has led to escalation in installation of smart beds in several clinics and hospitals, further contributing towards market growth. Usage of smart beds in hospitals and other healthcare facilities aid in facilitating the movements of the patients and help them in regaining normal movements faster.
Widespread knowledge regarding the health benefits provided by smart beds is another key trend bolstering the South Korea smart bed market growth. The smart fabric technology along with automatic firmness adjustments, sleep tracking, anti-snoring features and climate control offer tremendous benefits in regulating REM sleep cycles as well as combating sleep disorders.
Economic benefits coupled with growing demands have resulted in increase in investments by the key market players to improve and introduce several new features such as blood pressure monitoring, and thermostats. Rising investments and research and development activities by the key players are further expected to contribute towards the growth of the market.
Key Market Players
The major players in the South Korea smart bed market report are:
- Vista Medical LTD.
- Hill-Rom Holdings, Inc.
- 3H Co.,Ltd
- Stryker Corporation
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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