Bed Monitoring System & Baby Monitoring System Market: Overview
Rising adoption of unobtrusive monitoring solutions and rising investment of healthcare infrastructure have strengthened the bed monitoring system & baby monitoring system market’s expansion. Moreover, continuous monitoring systems have become imperative with the rising number of patients admitted to hospitals. It is highly cumbersome to keep a track of changes in the heart and respiratory rates of each patient. This calls for need to adopt a system that provides real-time alerts pertaining to the patients’ health.
The rising popularity of baby monitors as an essential parenting product and the development of advanced bed monitoring systems has encouraged TMR analysts to conduct exhaustive research on the bed monitoring system & baby monitoring system market. In its latest study TMR highlights the latest trends, opportunities, and developments in the market.
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Bed Monitoring System & Baby Monitoring System Market: Notable Developments and Competitive Analysis
The companies operating in the bed monitoring system & baby monitoring system market are focused on new product developments and strategic collaborations to enhance their technological strength. Listed below are a few notable developments in the market:
- In April 2019, EarlySense, a leader in contact-free continuous monitoring solutions announced the launch of its advanced sleep analysis engine and sleep sensor into Real Sleep in collaboration with KDDI Corporation. This EarlySense sensor is connected to the Real Sleep app that helps in accurately measuring the user’s sleep score, sleep time, and sleep depth. This collaboration is a part of the cooperative research and development between Japan and Israel.
- In 2019, Hill-Rom Inc. and Wells Fargo Strategic Capital participated in $39 million round for EarlySense. Hill-Rom and EarlySense engaged in a partnership aimed at integrating EarlSense’s monitoring technology in Hill-Rom’s smart beds. The Israel Innovation Authority also participated in the investment round for EarlySense.
- In 2019, Eight Sleep launched a new smart mattress called the Pod that adjusts its temperature throughout the night in accordance with your sleep habits. Moreover, it also allows you to track your sleep and integrate smart home devices such as Alexa, Philip Hue smart lights, and Nest.
Leading companies functioning in the bed monitoring system & baby monitoring system market include:
- Eight Sleep
- Smart Caregiver Corporation
Bed Monitoring System & Baby Monitoring System Market: Key Drivers
Rising emphasis on reducing the cost of fall injuries and pressure ulcers treatment is one of the leading causes of the market’s expansion. The sleep monitoring solutions are expected to fetch maximum revenue benefits for the bed monitoring system & baby monitoring system market. This is mainly because of growing awareness regarding monitoring sleep patterns. Moreover, people are increasingly using baby monitors and sleep monitors in homecare settings.
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Furthermore, development of smart bed monitoring solutions and rising sleep-related disrorders have contributed to the market’s growth. Lack of awareness regarding the use of sleep monitoring solutions in developing regions may confine the bed monitoring system & baby monitoring system market’s growth. However, robust marketing campaigns launched by the manufacturers may offset the effect of the restraint.
Bed Monitoring System & Baby Monitoring System Market: Regional Analysis
North America is expected to dominate the global bed monitoring system & baby monitoring system market due to the rising cases of sleep-related health problems and rising awareness pertaining to bed monitoring and baby monitoring solutions. The market in Asia Pacific is expected to grow at the fastest pace due to rising expenditure on healthcare and favorable medical insurance policies.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.