Baby Monitoring System Market to Register Substantial Expansion by 2024
According to the new market research “Baby Monitoring System Market by Type (Baby Monitor (Sensor & Wearable), Pressure Ulcer, Elderly Monitor (Fall Prevention), Sleep Monitor), End User (Home Care, Nursing Home & Assisted Living Facilities) – Global Forecast to 2024″, analyzes and studies the major market drivers, restraints/challenges, and opportunities. The market for bed monitoring system & baby monitoring system is expected to grow from USD 1.3 billion in 2019 to USD 1.9 billion by 2024, at a CAGR of 7.9% during the forecast period.
The global Baby Monitoring System market is segmented based on type, end user and regions.
Based on type, the bed monitoring system & baby monitoring system market is divided into baby monitoring, elderly monitoring, bedsore monitoring, and sleep monitoring. The baby monitoring segment accounted for the largest share of the bed monitoring system & baby monitoring system market in 2018. The large share of this segment is attributed the availability of new products, increasing awareness among parents, and growing adoption of baby monitors in homecare settings.
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By end-user type, the bed monitoring system & baby monitoring system market is segmented into homecare settings, hospitals, nursing home, and assisted living facilities. The homecare settings segment dominated the bed monitoring system & baby monitoring system market in 2018. This segment is expected to grow at the highest rate during the forecast period, mainly due to the increasing use of sleep monitoring devices and baby monitors in homecare settings and the growing adoption for unobtrusive monitors in home care for the elderly population.
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In 2018, North America held the largest share of the bed monitoring system & baby monitoring system market. However, Asia Pacific is estimated to grow at the highest CAGR during the forecast period. The rapid growth in the healthcare industry, widespread policy reforms, the rapidly growing middle-class population with increasing purchasing power, and significant investments in infrastructural development are supporting the growth of the Asia Pacific bed monitoring system & baby monitoring system market.
The key players in the Baby Monitoring System market are Early Sense (US), EMFIT (Finland), Eight Sleep (US), Smart Caregiver Corporation (US), Wellsense (US), Tekscan (US), Lenovo Group (Hong Kong) and Sleep Number Corporation (US).
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