Understand How The Bed Monitoring System And Baby Monitoring System Market Is Poised To Grow Through 2024-2033
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033
As per The Business Research Company’s Bed Monitoring System And Baby Monitoring System Global Market Report 2024, the bed monitoring system and baby monitoring system market is expected to show significant growth in the forecast period.
The bed monitoring system and baby monitoring system market have witnessed robust growth, evolving into essential components of the healthcare and parenting sectors. In 2023, the market size reached $1.84 billion, set to grow further to $2.01 billion in 2024, with a Compound Annual Growth Rate (CAGR) of 9.2%. This surge is attributed to an aging population, increased healthcare expenditure, regulatory compliance, patient safety initiatives, and a rise in birth rates.
Anticipating Strong Growth: Projections and Trends The momentum in the bed and baby monitoring systems market is poised to continue its upward trajectory. Projections for 2028 forecast a substantial growth, reaching $2.91 billion with a CAGR of 9.7%. This anticipated growth is linked to factors such as parental convenience, safety concerns, the rise in working parents, and the impact of rapid urbanization. Notable trends in this period include the integration of telehealth, wireless connectivity, AI-powered insights, enhanced camera technology, and fall detection and prevention mechanisms.
Expanding Healthcare Infrastructure Investments Fuel Growth In Bed Monitoring System And Baby Monitoring System Market
Infrastructure Boom: Catalyst for Growth The burgeoning investment in healthcare infrastructure development is a key driver propelling the growth of the bed monitoring system and baby monitoring system market. Governments globally are launching initiatives to enhance hospital infrastructure, especially in underserved areas. Notably, the Build Back Better Act in the United States is injecting significant funds into public health infrastructure, creating a demand for monitoring systems.
Key Players in the Market Major companies contributing to the growth of this market include Wellsens Inc., XSENSOR Technology Corporation, Smart Caregiver Corporation, Koninklijke Philips N.V., Motorola Mobility LLC, iBaby Labs Inc., Hisense Ltd., Sleep Number Corporation, Angelcare Monitors Inc., and many more. These companies are at the forefront of developing innovative monitoring solutions to meet the evolving needs of healthcare and parenting.
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Advancements In Home Baby Monitoring Systems
Home is Where the Tech Is Innovation in the bed and baby monitoring system market is evident through the development of home baby monitoring systems. These systems, designed to cater to a broader customer base, enhance sales, and increase revenue, offer parents a comprehensive way to monitor their infants. An exemplary product is the Masimo Stork, launched by Masimo Corporation in May 2023. It provides valuable health insights, high-resolution 2K QHD camera capabilities, exceptional nighttime vision, two-way audio functionality, and room condition monitoring. This integration fosters a deeper connection between parents and their babies.
Hill-Rom Holdings Inc. Acquired Earlysense
Strategic Moves: Industry Acquisitions In February 2021, Hill-Rom Holdings Inc., a leading medical technology provider, made a significant move by acquiring contact-free continuous monitoring technology from EarlySense for $30 million. This acquisition highlights Hillrom’s commitment to developing connected solutions to enhance patient outcomes. EarlySense, an Israel-based medical device company, operates in the baby monitoring systems sector, emphasizing the industry’s strategic collaborations and acquisitions.
Segmentation of the Market The bed monitoring system and baby monitoring system market is segmented based on various criteria:
- By Type:Bedsore Monitoring Solutions, Baby Monitoring Solutions, Elderly Monitoring Solutions, Sleep Monitoring Solutions
- By End-User:Homecare Settings, Hospitals, Nursing Homes, Assisted Living Facilities
Regional Dynamics: North America Takes the Lead In 2023, North America emerged as the largest region in the bed monitoring system and baby monitoring system market. However, Asia-Pacific is anticipated to be the fastest-growing region in the forecast period, indicating a shift in market dynamics towards emerging economies.
Conclusion: Monitoring Tomorrow As the bed and baby monitoring system market continues its upward trajectory, driven by technological advancements and strategic investments in healthcare infrastructure, it becomes a pivotal component in ensuring patient safety and easing parental concerns. The integration of cutting-edge technologies and strategic acquisitions propels the industry towards a future where monitoring systems play a crucial role in healthcare and parenting practices. Watch this space for further innovations and transformative developments in the world of bed and baby monitoring systems.
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