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Bed Monitoring & Baby Monitoring Systems Market Report 2024 - Market Growth And Demand in Monitoring Systems
Bed Monitoring & Baby Monitoring Systems Market
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According to The Business Research Company's, The bed monitoring system & baby monitoring system market size has grown strongly in recent years. It will grow from $1.84 billion in 2023 to $2.01 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to aging population, rise in healthcare expenditure, regulatory compliance, patient safety initiatives, rise in birth rates.
The bed monitoring system & baby monitoring system market size is expected to see strong growth in the next few years. It will grow to $2.91 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to parental convenience, safety concerns, rise in working parents, rapid urbanization. Major trends in the forecast period include telehealth integration, wireless connectivity, ai-powered insights, enhanced camera technology, fall detection and prevention.
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Market Drivers and Trends:
The growing investment in healthcare infrastructural development is expected to propel the growth of the bed monitoring system & baby monitoring system market going forward. Governments across the globe are launching several hospital infrastructure investment initiatives to boost healthcare development in impoverished areas, which would create the demand for bed monitoring systems and baby monitoring systems. For instance, according to the Commonwealth Fund Commission of the United States, the US government introduced the Build Back Better Act (BBBA), which would invest more than $2 billion in basic public health infrastructure and increase the ability of the healthcare system to respond to infectious and chronic diseases and environmental threats. The BBBA is expected to include $100 million in 2022, $150 million in 2023, and $500 million in 2024-2026 for public health efforts at the Centers for Disease Control and Prevention (CDC). Therefore, the growing investment in healthcare infrastructural development is driving the bed monitoring system & baby monitoring system market growth.
Technological advancements have emerged as the key trend gaining popularity in the bed monitoring system & baby monitoring system market. Major companies operating in the bed monitoring system and baby monitoring system sector are focused on introducing technological innovations to reinforce their positions. For instance, in August 2023, Dozee and Midmark India launched India's first connected bed platform for automating patient monitoring in hospital beds. The new offering is very helpful for monitoring beds in HDU, step down ICUs, and non-ICU wards. It is powered by cloud and artificial intelligence technology and uses next generation sensors to monitor the patient
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Major Key Players of the Market:
Wellsens Inc., XSENSOR Technology Corporation, SensorCare Systems Ltd., Smart Caregiver Corporation, Eight Sleep Inc., Infant Optics Inc., Lenovo Group Limited, Koninklijke Philips N.V., VTech Communications Inc., Nanit Inc., iBaby Labs Inc., Withings Inc., Hisense Ltd., Motorola Mobility LLC, Capsule Technologies Inc., Emfit Ltd., Hisense USA Corporation, EarlySense Inc., Tekscan Inc., Sleep Number Corporation, Fresenius Medical Care Holdings Inc., Angelcare Monitors Inc., Owlet Baby Care Inc., Samsung Electronics Co. Ltd., Summer Infant Inc., Levana LLC, Safety 1st Inc., Mobi Technologies Inc., Graco Children's Products Inc., Lorex Technology Inc., Arlo Technologies Inc., Cocoon Cam Inc., Lollipop Baby Camera Inc., Cubo AI Inc., Snuzy Baby Inc., MonDevices Inc., Bluebell Baby Inc.
Bed Monitoring System & Baby Monitoring System Market 2024 Key Insights:
• The bed monitoring system & baby monitoring system market size is expected to see strong growth in the next few years. It will grow to $2.91 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%.
• Expanding Healthcare Infrastructure Investments Fuel Growth In Bed Monitoring System And Baby Monitoring System Market
• Pervasive Technological Advancements Reshaping The Bed Monitoring System & Baby Monitoring System Market
• North America was the largest region in the bed monitoring system and baby monitoring system market in 2023
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