Baby Monitoring Devices Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends

"The Business Research Company recently released a comprehensive report on the Global Baby Monitoring Devices Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The baby monitoring devices market size has grown strongly in recent years. It will grow from $4.48 billion in 2023 to $4.9 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to economic growth and affordability, rise in nuclear families, integration of health monitoring, urbanization and limited living spaces, changing work dynamics.

The baby monitoring devices market size is expected to see rapid growth in the next few years. It will grow to $7.18 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to security and privacy features, customization and personalization, stress and anxiety reduction for parents, healthcare awareness and early detection, rising disposable income. Major trends in the forecast period include parental concerns for child safety, rise in working parents, urbanization and smaller living spaces, health monitoring and wellness, connectivity and smart home integration.

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Market Drivers and Trends:

The growing child population is expected to propel the growth of the baby monitoring device market going forward. Child population refers to the number of individuals aged 0-17 years living in a certain place, such as a village, city, state, province, country, or continent. Baby monitoring devices are commonly used among parents to ensure the safety and well-being of their infants. These devices are often considered essential for newborns and infants, providing parents with a sense of security and allowing them to respond quickly to their baby's needs. For instance, in May 2023, according to the State of America's Children report published by The Children's Defense Fund, a US-based non-profit organization, the number of children in the United States reached 74 million in 2021, which accounts for 22% of our nation's population. Therefore, the growing child population is driving the growth of the baby monitoring device market.

Product innovation is a key trend gaining popularity in the baby monitoring devices market. Major companies operating in the baby monitoring devices market are focused on developing innovative products to strengthen their position. For instance, in August 2023, Masimo Corporation, a US-based medical technology company, launched the Stork smart home baby monitoring system in the US. The baby monitor system features several components, such as Stork Vitals+ and Vitals. The Stork Vitals+ has a mobile app, a boot with a sensor, and a video camera. Parents can hear and converse with their babies thanks to the high-resolution camera's improved night vision and high-quality two-way audio. With the use of the company's noninvasive hospital neonate monitoring technology, Stork offers a number of features, including continuous health data tracking, a parent-tested mobile app, safe and encrypted connectivity, and 2K quad-high definition video. With the launch of Stork, parents now have access to a technology that was once created for the most difficult patients in hospitals. The user interface of the device is similar to a straightforward smartphone app.

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Major Key Players of the Market:

Dorel Industries Inc., Samsung Electronics Co. Ltd., Angelcare Monitors Inc., Motorola Solutions Inc., iBaby Labs Inc., VTech Holdings Limited, Lorex Technology Inc., Summer Infant Inc., Nanit Inc., Owlet Baby Care Inc., Respisense, Safetosleep, Evoz Pharmaceutical Private Limited, Anker Innovations Technology Co. Ltd., Miku Inc., Infant Optics, MOBI Technologies Inc., Panasonic Corporation, Levana Infotech Pvt. Ltd., Baby Delight Inc., Invidyo LLC, FLIR Systems Inc., The Procter & Gamble Company, Snuza Inc., Hanwha Techwin Co. Ltd., The Holding Angelcare Inc., Hisense Electrical Co. Ltd., Mayborn Group Limited, Arlo Technologies Inc.

Baby Monitoring Devices Market 2024 Key Insights:

• The baby monitoring devices market size is expected to see rapid growth in the next few years. It will grow to $7.18 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%.
• Rising Working Women Boost Baby Monitoring Devices Market Growth
• Masimo Revolutionizes Baby Monitoring With An Innovative Smart Home System
• Asia-Pacific was the largest region in the baby monitoring devices market in 2023

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This release was published on openPR.