[86 Pages Report] The bed monitoring system market 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 overall bed monitoring system & baby monitoring system market is expected to grow rapidly owing to increasing investments in healthcare infrastructural development, increasing elderly population, rising adoption of unobtrusive monitoring solutions, increasing focus on reducing the cost of pressure ulcer & fall injuries treatment and increasing online availability & purchase of products. However, lack of awareness and acceptance of the products in developing countries is expected to restrain the growth of this market during the forecast period.
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Baby monitoring segment accounted for the largest share of the bed monitoring system & baby monitoring system market in 2018
By type, the sleep monitoring solutions segment is expected to be the fastest-growing segment in the Baby Monitoring System Market during the forecast period. People are becoming increasingly aware of monitoring and regulating their sleep patterns. Factors such as growing awareness of sleep as a health concern, increasing occurrences of sleep-related health problems such as obesity, rising personal disposable income are pushing consumers to adopt sleep monitoring solutions. This will help this market to grow significantly in the coming years.
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The homecare settings end-user segment is expected to grow in the near future
The homecare settings segment is projected to grow at the highest rate in the Baby Monitoring System Market, by the end-user. This growth can be attributed to the increasing use of sleep monitoring devices and baby monitors in homecare settings and the growing adoption of unobtrusive monitors in home care for the elderly population.
APAC market is projected to grow at the highest CAGR during the forecast period
The bed monitoring system market is divided into five major segments—North America, Europe, Asia Pacific, GCC Countries, and the Rest of the World (RoW). In 2018, North America accounted for the largest share of this market, followed by Europe. The APAC market is projected to grow at the highest CAGR during the forecast period. Growth in this market can primarily be attributed to the rapid growth in the healthcare industry, widespread policy reforms, the rapidly growing middle-class population with increasing purchasing power, and rising investments in infrastructural development.
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Key Baby Monitoring System Market Players:
The key players operating in the global Bed 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).