According to a new market research report published by Credence Research “Bed Monitoring System & Baby Monitoring System Market (Product – Pressure Ulcer, Baby monitoring, Elderly Monitoring, Sleep Monitoring; Application –Homecare, Nursing Homes and Assisted Living Facilities) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall bed monitoring system & baby monitoring system market worldwide is set to grow with a CAGR of 8.5% during the forecast period and was valued at USD 1.19 Bn in 2018.
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The overall bed monitoring system & baby monitoring system market is highly driven by the rapidly growing demand for effective healthcare infrastructure. Backed by increasing investments in healthcare, increase in numbers of senior residents and young working class the sales of bed monitoring system & baby monitoring system equipment shall be on a rise. Due to growing concern of people towards the security of babies coupled with ease of access to technology, the people are widely accepting these products. As a result of these features, we are expecting high growth in bed monitoring system & baby monitoring system market during the forecast period.
Based on application, homecare segment led the market with a significant contribution in bed monitoring system & baby monitoring system market revenue. The large share of this segment is attributed to the availability of new products, increased awareness among parents, and the rising adoption of baby monitors in homecare settings. The incraesed popularity of baby monitors as a vital parenting product and the development of advanced bed monitoring systems has encouraged the demand for these products in the homecare segment. On account of all these factors, we are expecting the homecare segment to continue led the market throughout the forecast period.
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Based on the geography, North America dominates the market for bed monitoring system & baby monitoring system. With increasing adoption of technological products in North America, the region has the highest market share. Asia Pacific is set to demonstrate the fastest growth in the market over the forecast period. Rising disposable income and changes in lifestyle of people is driving the growth of the bed monitoring system & baby monitoring system market. Further, the growth of healthcare infrastructure in the region is driving the growth for the bed monitoring system & baby monitoring system market. As a result of these factors, we are expecting Asia Pacific to grow with the highest CAGR during the forecast period.
Some of the major companies profiled in the report include Smart Caregiver Corporation, Early Sense, Eight Sleep, EMFIT, Wellsense, Tekscan, Lenovo Group, Sleep Number Corporation and others.