Bed and baby monitoring systems are technical devices that employ a centralized software network to detect sleeping habits. They are available in various types such as smart mattresses embedded in sensors for bedsore monitoring, elderly monitory, sensor pads, sleep monitoring, and baby monitoring.
The market growth is primarily driven by increasing investment in infrastructural development in the healthcare sector. Furthermore, the growing number of patients admitted to hospitals along with the increasing number of sleep disorders cases, have made continuous monitoring systems essential. Technological advancement and continuous product innovation in this field also spur market growth. Other factors such as the growing adoption of obtrusive monitoring solutions, and the rising elderly population are also contributing to the growing demand for bed and baby monitoring systems.
However, the lack of knowledge and acceptance of such types of products especially in developing economies is anticipated to restrain the growth of the bed and baby monitoring systems market during the forecast period.
Rising investment in the healthcare sector to spur market growth
One of the prime factors boosting the growth of bed monitoring and baby monitoring system is the rising investment in infrastructural development in the healthcare sector. Multiple government funds and non-government organizations in healthcare are increasing their investment. For instance, taking the example of India, the healthcare sector in India is expanding at a brisk pace, especially since the government has allowed foreign direct investment (FDI) in the industry. According to the World Health Organization (WHO), in Vietnam for every 1% increase in per capita GDP, public spending on healthcare has surged by 1.7% since 2000. Increasing cases of patients with sleeping disorders have boosted the sales of bed monitoring systems. According to the American Sleep Association, over 50-70 million adults in the U.S. have a sleep disorder.
People are increasingly embracing monitoring systems as a result of growing worried about the safety of babies and easy access to technology. This is expected to have a beneficial impact on market growth. Furthermore, the growing geriatric population prone to chronic diseases such as neurological and cardiovascular disorders is likely to drive market expansion. The integration of advanced technologies such as AI, and IoT and the introduction of smart monitoring systems and real-time data systems will further accelerate the growth of the market. For instance, in February 2019, Eight Sleep unveiled the Pod, a high-tech cutting-edge technology-based bed built exclusively to help people achieve maximum sleep fitness.
North America is anticipated to hold a significant amount of the market share during the forecast period
North America will witness a surge in this market during the projected period. North American region will hold a significant amount of market share in bed monitoring and baby monitoring. The presence of key players in the North American region along with the well-established healthcare including the pharmaceutical region is the few driving factors leading towards the dominance of North America in the bed monitoring and baby monitoring systems market. The rising admission of patients in hospitals and increasing funding by the government including key healthcare expenditures and lastly the growing awareness of technological developments are regarded to be major reasons which are imperatively driving the North American bed and baby monitoring systems market towards growth. The US is said to account for a higher sales value in the region which is further driven by the presence of multiple healthcare facilities.
Market Key Developments
Segmentation: