This hi-tech baby monitor has 3,000 perfect reviews -- and may literally save lives

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Baby monitors are a staple on every new parent's registry, but one product has taken things to the next level.

Whereas some devices may perform the most basic functions, it seems that the Owlet Smart Sock is outranking all other monitors on the market and has been hailed as a "life-saver" for new parents and their newborns as well. Literally.

Here's how it works: The sock wraps around your baby's foot to track oxygen levels, heart rate and sleep levels through pulse oximetry. The readings are sent straight to the parents' phone and will light up with sounds if the infant's rating is out of range.

Many customers contend the device has even saved their child's life.

"I truly feel if it wasn't for this monitor my son could be dead. This alerted my husband which saved his life," wrote one customer of a scare with her eight-month-old.

Another customer revealed that the device led her to her pediatric cardiologist, who noticed alarming signs in her one-month-old and readmitted him to the hospital. "His cardiologist and all of his nurses have spoken so highly of the Owlet and said that this device is making their jobs a little easier and catching things, like heart conditions, that may not would have been caught until something bad happened," the buyer explained.

Walmart

With over 3,000 reviews on Walmart, many customers say the benefits of the smart device outweigh its $300 price tag. "You want to check that they are ok without disturbing them, and this sock gives you an easy way to do that. We think it is well worth the money," wrote one reviewer.

No matter if you're shopping for a gift for a new parent or for your own child, it seems that the Owlet is worth the investment. You can read more about how it works here.

Related: Check out these celebrity babies