Bed Monitoring System Market growing at CAGR of 7.9% and Worth Reach USD 1.9 billion by 2024

According to MarketsandMarkets latest research report "Bed Monitoring System & Baby 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"

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 report covered sensor pads or smart mattresses embedded with the sensors for bedsore monitoring, baby monitoring, elderly monitoring, and sleep monitoring.

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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.

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.

Baby monitoring segment accounted for the largest share of the bed monitoring system & baby monitoring system marketin 2018

Based on type, the bed monitoring system & baby monitoring system market is divided into baby monitoring, elderly monitoring, bedsore monitoring, and sleep monitoring. The baby monitoring segment accounted for the largest share of the bed monitoring system & baby monitoring system market in 2018. The large share of this segment is attributed the availability of new products, increasing awareness among parents, and growing adoption of baby monitors in homecare settings.

Geographically Detailed Analysis of Bed Monitoring System & Baby Monitoring System Market :-

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).

Recent Developments:

• In 2019, Hill-Rom and Wells Fargo Strategic Capital raised USD 39 million to accelerate the global expansion of Early Sense’s contact-free sensing and analytics solution.
• In 2019, Eight Sleep launched the Eight Sleep Pod, a smart bed for sleep tracking with dynamic temperature control.

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