(PharmaNewsWire.Com, June 03, 2020 ) According to the latest research report “Bed Monitoring System Market by Type (Baby Monitor (Sensor & Wearable), Pressure Ulcer, Elderly Monitor (Fall Prevention), Sleep Monitor), End User (Home Care, Nursing Home & Assisted Living Facilities) - Global Forecast to 2024” published by MarketsandMarkets.
The market for bed monitoring system & baby monitoring system 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 report covered sensor pads or smart mattresses embedded with the sensors for bedsore monitoring, baby monitoring, elderly monitoring, and sleep monitoring. The growth of this market is driven primarily by factors such as growing investments in healthcare infrastructural development, increasing elderly population, rising adoption of unobtrusive monitoring solutions, increasing focus on reducing the treatment cost of pressure ulcer & fall injuries 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.
By type, the sleep monitoring solutions segment is expected to be the fastest-growing segment in the 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.
The homecare settings segment is projected to grow at the highest rate in the 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 the bed monitoring system & baby 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.
Key Market Players
The prominent players in this market include 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).
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