Global Baby Safety Products Market is valued at approximately USD 108.76 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 5.00% over the forecast period 2022-2029. An increase in government initiatives to halt the growing infant mortality rate has fueled the industry. The apparent desire for nuclear families, rising consumer spending power, heightened expectations and awareness of child safety, and rising infant death rates are the main factors driving the global market. Additionally, as internet retail platforms gain popularity, more individuals are purchasing baby monitors. The industry is anticipated to grow in popularity as working professionals accept these gadgets more and more. Players gradually use the online retail network to boost their visibility and maintain competition.
The United Nations Economic Commission of Europe (UNECE) Regulations No. 44 and No. 129 have established the requirements for child restraint systems in Europe, and each infant car seat must adhere to these requirements. For the majority of baby safety goods, including mattresses, cribs, and strollers, European governments have established regulations. Along with features such as lullaby tracks, temperature sensors, and a clock, the Willcare Newborn Baby Monitor has a long-range monitor and night vision. However, a lack of awareness in the market is stifling market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Baby Safety Products Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. Due to the dominance of branded products and the rising prevalence of diseases in the region, North America dominated the market in terms of revenue. In 2020, there will be approximately 37.3 million diabetics in the United States, including 28.7 million instances that have been diagnosed and 8.5 million cases that have not. Due to factors like growing geriatric and target populations, an increase in the number of collaborations for biosimilar development, geographic expansion of key players, and active participation of governmental and nonprofit organizations in the market, the Asia Pacific is anticipated to grow at the highest CAGR during the forecast period.
Major market players included in this report are:
Novo Nordisk A/S
Eli Lilly and Company
Sanofi
Biocon Ltd
Wockhardt
Boehringer Ingelheim International GmbH
Julphar
United Laboratories International Holdings Limited
Tonghua Dongbao Pharmaceutical Co., Ltd.
Pfizer, Inc.