South Korea Smart Bed Market Report and Forecast 2024-2032

South Korea Smart Bed Market Outlook

The South Korea smart bed market size reached a value of more than USD 132.83 million in 2023. The South Korea smart beds industry is expected to grow at a CAGR of 3.9% between 2024 and 2032, reaching a value of USD 187.78 million by 2032.

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Key Trends in the South Korea Smart Bed Market

Smart beds are technologically advanced, sophisticated beds that enable users to go beyond the fundamental functions of their beds by automatically altering the settings of the beds to the users' comfort. These functions include smart home networking, automated bed adjustment, anti-snoring technology, climate control, and IoT. These functions work in tandem with users' sleep schedules to enhance overall sleep quality. In addition to improving user comfort, smart beds are beneficial to health. 

Numerous health issues developed among people as a result of the COVID-19 outbreak, which compelled them to spend more time inside their homes. Because of isolation, many individuals found innovative methods to work, relax, pass the time, and use their beds as both personal spaces and workstations at home which augmented the smart bed market.

Health Benefits Due to Innovative technological Developments are driving the Smart Bed Market in South Korea

A vital component of daily living that is directly linked to health is sleep. Sleep deprivation can harm one's mental well-being. Sleep is crucial for our physiology, in addition to being critical for mental wellness. Cell development and immunological performance, for instance, are improved during sleep. The most active hormone released by people when they are sleeping is melatonin, which is crucial for regulating biorhythm. Additionally, active oxygen, which accelerates ageing and has antitumor properties, is detoxified by melatonin by oxidising cells. These health benefits attract aware and financially well-off consumers as a considerable proportion of the Korean population suffers from sleep deprivation.

The technology in smart beds is now much more innovative and accurate. The person's movements, sleep duration, respiration rate, peaceful and restless sleep, heart rate, and other factors can all be picked up by the sensor that is included within the bed. There is no need for wearable technology like smart watches or keeping mobile phones beside while sleeping. Rising disposable income and hectic lifestyle are propelling the demand for smart beds among Korean consumers, which is boosting the growth of the market in South Korea.

Events such as Korea Sleep Festa Aid the Accomplished as Well as Start-up Companies, which is Aiding the Development of the Smart Bed Market of South Korea

Conducting events such as the 'Korea Sleep Festa’ in 2023 gave the visitors the opportunity to view a variety of sleep solutions implemented with artificial intelligence (AI) and Internet of Things (IoT)-based technologies, including sleep-inducing smart devices and sleep information systems based on big data. In addition, technologically based deep sleep aids such as scented candles, body care, diffusers, and home goods, among others, that promote restful sleep and a soothing bedroom environment were also presented. Additionally, there were opportunities to explore a variety of smart home goods and examine the most recent developments in sleep research. Such events help provide a platform for budding companies to showcase their innovation and grow their brand, which in turn augment the smart bed industry in South Korea.

Sophisticated Technology at Hospitals Helps in Monitoring the Vital Signs of Patients Via Smart Beds, Which Aids its Market Growth

With the existence of monitoring systems that notify the medical staff when the patient moves and leaves the bed and the availability of side rails, smart beds are made to let the patient move more easily and help them regain their normal movement more steadily. Elderly health may also be tracked by sensors, and wireless gadgets can motivate users to live healthy lives. Moreover, healthcare providers benefit from the availability of smart beds because they are spared the trouble of occasionally shifting the patient's position and help decrease the injuries they are exposed to as bed technology maintains the patient in an ideal position during bed movement, enabling hospital personnel and healthcare providers to perform their duties to the greatest extent. This in turn contributes to a decrease in medical errors in hospitals, which in turn boosts the growth of the smart bed market in South Korea. 

Market Analysis

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Based on type, the South Korea smart bed market is segmented into manual, semi-automatic, and automatic. Based on application, the smart bed market of South Korea is divided into hospitality, healthcare, and residential, among others. On the basis of distribution channels, the South Korea smart bed market is bifurcated into supermarket/ hypermarket, specialty stores, and online stores, among others.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the South Korea smart bed market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans. 

• Vista Medical LTD.

• Hill-Rom Holdings, Inc.

• 3H Co., Ltd

• Stryker Corporation

• Others

Market Share by Type

The market for all three segments is expected to proliferate during the forecast period, and factors like innovations and technological developments aid the growth of all segments, thereby augmenting the smart bed industry of South Korea. 

Manual smart beds are best suited for simple procedures that demand a lot of caution and human involvement. A smart bed that is manually operated allows people or businesses to operate in an economical way. Additionally, semi-automatic beds are relatively affordable, simple to use, and feature a number of connectivity methods outside the internet, such as Bluetooth and NFC. The usage of semiautomatic beds in transportation is increasing.

In surgical facilities, hospitals, and clinics alike, automated beds are employed. People who are unable to change positions or carry out basic tasks on their own often regain their confidence and independence by utilising an automated hospital bed. A hospital bed with an autonomous system enables patients who spend a significant amount of time in bed to control their movements and increase their comfort. The majority of electrical profiling beds have automated height adjustments, which simplifies and streamlines treatment.

Market Share by Application

Rising disposable income and higher living standards are providing significant impetus to the South Korea smart bed industry. Several five-star hotels partner with brands to provide their guests with high-end and technologically advanced facilities, which is also boosting the smart bed market. The growing trend of smart homes with all of their modern modular kitchens and furniture has accelerated developments in the residential sector. Moreover, the South Korean population is much inclined towards technology and automation, which is also quite evident in the healthcare industry as the patient monitoring process is now simplified due to IoT, Bluetooth, and artificial intelligence (AI). These factors have greatly improved the efficiency of the medical staff, thereby bolstering the market for smart beds in South Korea. Therefore, due to the higher demand for smart beds, all the segments are anticipated to secure a significant share of the market.

Market Share by Distribution Channel

Due to the presence of renowned smart home electronics manufacturers on online platforms, the online market is expected to showcase substantial growth. The rapid accessibility of goods across platforms, an abundance of discounts with cashback offers, and the ease of returns will all contribute to the segment's growth. The specialty stores segment held a significant share of the smart bed market. The expansion of supermarkets and hypermarkets is attributed to the ability to choose and compare products and the rise in the affluent population in Korea.

The online market is expected to experience significant development since well-known smart home electronics companies are present on online marketplaces. The category will develop as a result of the easy accessibility of items across platforms, the variety of deals with cashback incentives, and the simplicity of returns. A sizeable portion of the smart bed market was occupied by the specialty retail industry. The capacity to pick and compare items, as well as the development of Korea's affluent population, is ascribed to the proliferation of supermarkets, hypermarkets, and specialty stores.

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Competitive Landscape

Vista Medical LTD - Solutions for wireless pressure mapping are produced by Vista Medical (BodiTrak). Its offerings also include bed systems, wheelchairs, smart systems, and standing balance and treadmill gaits. The business offers services to medical, sporting goods, consumer goods, and other sectors. BodiTrak sensors are the SMART in ReST Smart Beds and are used to enhance nursing care, prevent bed sores, boost athletic performance, and monitor concussions. ReST is a smart bed that adapts to your movements during the night to support you. The company was established in 1992 and is based in Manitoba, Canada.

Stryker Corporation - Medical technology firm Stryker Corp. (Stryker) works via two segments: MedSurg and Neurotechnology and Spine and Orthopaedics. The area of orthopaedics and spine offers implants for use in procedures for the extremities, trauma, and hip and knee replacements. The MedSurg and Neurotechnology segment provides disposable products for intensive care units, reprocessed and remanufactured surgical navigation systems, surgical equipment, medical devices, endoscopic and communications systems, patient handling, emergency medical equipment, and other products used in a variety of medical specialities. Through wholly owned branches, subsidiaries, as well as independent dealers and distributors, the business offers its goods to medical professionals, hospitals, and other healthcare institutions in around 75 different countries. The Stryker Corporation was established in 1941 and has its corporate headquarters in Michigan, USA.

Key Highlights of the Report