Home Sleep Screening Devices Market - Key Research Findings
- Global home sleep screening devices market size in 2017 – nearly US$ 2,148.0 Mn
- The home sleep screening devices market is expected to expand at an 8.4% CAGR over 2018-2028
- According to the recent statistical data of the American Academy of Sleep Medicine (AASM):
- A large patient population group suffers from the most common sleep disorders such as sleep apnea, insomnia, and sleep deprivation
- Insomnia is very common among young adults, and over 25% of the population of the U.S. alone is affected by it
- Insomnia is also among the major causes of lost productivity. According to the data from CDC, deprived productivity and performance due to insomnia amounts to approximately US$ 64 billion lost per annum in US alone
The high prevalence of sleep apnea signifies high demand for sleep tracking and Home Sleep Test (HST) devices, such as home sleep screening devices, worldwide, particularly in the US.
- The North America home sleep screening devices market and the Europe home sleep screening devices market, followed by the East Asia home sleep screening devices market, are expected to remain the largest regional markets in the global home sleep screening devices market.
- The rapid changes in the lifestyle choices and the high prevalence of insomnia among the adults and the elderly is increasing the patient pool. The growing presence of the manufacturers of innovative products for the treatment of sleep disorders in the region is also expected to fuel the demand for home sleep screening devices.
- East Asia and South Asia hold a high growth potential for the home sleep screening devices market.
- Rapid technological advancements in Japan as well as in the fast-progressing economies, such as China and India, and an increase in the focus of the manufacturers of home sleep screening devices in these regions as well as the low cost of labour are among factors attracting the entry of new home sleep screaming devices manufacturers to these regions. These factors are estimated to offer lucrative growth opportunities for regional manufacturers in the home sleep screening devices market.
- Wearable home sleep tracking and screening devices will remain the most preferred home sleep screening devices.
- The convenience of using wearable home sleep screen devices and their easy portability as compared to other non-wearable home sleep screening devices is boosting the sales of wearable home sleep screening devices. Moreover, the economic cost of these devices is another major factor that is boosting the adoption of wearable home sleep screening devices.
Top 3 Factors Shaping Home Sleep Screening Devices Market
Increasing prevalence of sleep disorders is contributing to the growing adoption of home sleep screening devices
Regular Periods of activity and sleep. The incidence of sleepiness and sleep deprivation is common among people who work in shifts, and this has led to several sleep-related disorders. Problems such as insomnia, obstructive sleep apnea, sleep walking, narcolepsy, and jet lag are some of the sleep related disorders, most among which remain undiagnosed.
According to the American Sleep Association, almost 80-90% of obstructive sleep apnea cases remain undiagnosed, which has led to an increase in the prevalence of Obstructive Sleep Apnea (OSA) cases worldwide.
Increasing usage of fitness/activity trackers for sleep tracking are trending in the mainstream home sleep screening devices
Majority of home sleep screening devices, especially fitness/activity trackers, also track sleep, owing to which they are preferred over devices that only track sleep patterns. There has been a consistent shift towards fitness/activity trackers for analysing sleep because they not only track sleep, but also track other fitness aspects for a healthy body. Fitness/activity trackers track the calories consumed, distance walked, heart & breathing rate, oxygen levels, as well as provide tips for managing the fitness routine and sleep cycle. Owing to these factors, the home sleep screening devices market is expected to witness significant growth during the forecast period.
The ability of home sleep tracking devices to accurately indicate sleep apnea is likely to be an asset for the home sleep screening device market
Sleep trackers track sleep patterns based on movement monitoring. Trackers that have a heart rate monitor track sleep patterns based on the movement as well as heart rate. Sleep trackers analyse the sleep activity of a person and night and record how often the person was awake and restless.
Normal tossing while sleep is considered to be approximately 10-30 times in a night, however, tossing these many times in an hour is likely to indicate sleep apnea because of the low flow of breathing. Optical sensors are being designed to record such indications to accurately identify sleep apnea. This is estimated to create new growth opportunities for the home sleep screening devices market.
Home Sleep Screening Devices Market Structure Analysis
- The global home sleep screening devices market represents a fragmented competition landscape, wherein Tier 1 companies hold a revenue share of more than 65%
- Some of the major companies in the home sleep screening devices market include Koninklijke Philips N.V., Fitbit, Inc., Huami Corporation, Garmin Ltd., Fossil Group, Inc., Huawei Technologies Co., Ltd., ResMed Inc., Responsive Surface Technology, LLC, and Simmons Bedding Company LLC
- The high adoption rate of home sleep screening devices and a strong consumer base is segregating key market players in the developed region. the report offer key technological aspect impacting the development strategies for companies
- While most of the key players maintain a strategic focus on the North America and Western Europe markets, the report underscores that technology assessment will be an important developmental strategy for companies
- Major players in the home sleep screening devices market are focusing on observing the changes taking place in the lifestyle of people as well as the growing trend of fashionable sleep trackers. However, the technological advantages provided by these products are among the primary competitive factors
- Important entrants in the home sleep screening devices market, such as Dreams and Sleep Number Corporation, are aiming to launch new products, such as the Dreams Sleeppal Sleep Tracker wearable home sleep screening Device and VirtuOx, Inc.’s VPOD Ultra wearable home sleep screening device, among others, to boost their product offerings
- The manufacturers of fitness and activity trackers, such as Fitbit, Huawei Technologies Co., Ltd., and Fossil Group, Inc. have been substantially contributing to the revenue growth of the home sleep screening devices market
- The growing trend of monitoring sleep for effective sleep management is creating high demand for wearable home sleep screening devices and increasing the number of new entrants in the market
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Home Sleep Screening Devices – Redefining the ‘Sleep-Health’ Space
Sleep insufficiency takes a heavy toll on both physical and mental well-being of an individual, which makes it one of the crucial areas to be addressed. Prevalence of sleep insufficiency is on a continual increase, owing to varying physical and psychological reasons. Home sleep screening devices have emerged as a major breakthrough in the space of ‘sleep-health’, wherein they help with effective diagnosis of sleep apnea and insomnia with the help of sleep apnea diagnostic systems in the comfort of one’s own home.
Market to See Steep Growth as Sleep Disorders Continue to Prevail
Cases of sleep insufficiency are increasing at an unprecedented rate, with a high possibility of resulting in short- and long-term health problems. As consumers are becoming highly aware of economical, mental, and physical costs of sleep insufficiency, they are increasingly turning to home sleep screening devices.
North America & East Asia to Lead the Adoption Race
Customers across North America and East Asia have become increasingly aware of sleep insufficiency and their aftermath, which extrapolates a positive outlook for the North American home sleep screening devices market in future. In addition, massive transition towards home based healthcare systems in the Eu5 countries of Europe is also creating favorable grounds for growth of the regional home sleep screening devices market.
How Growth will Unfold
Adoption of home sleep screening devices is expanding for other application areas as well, some of them being narcolepsy, sleep deprivation, and circadian rhythm sleep disorders. The best way forward for the market players for expanding their customer pool is to strengthen marketing strategies by understanding the types and pattern of sleep disorders.
The global home sleep screening devices market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach in front of the reader.
By Product Type
- Sleep Monitors
- Smart Sleep Equipment
- Sleep Apnea
- Sleep Deprivation
- Circadian Rhythm Disorders
By Distribution Channel
- Retail Stores
- Online Sales
- Hypermarkets and Supermarkets
- North America
- Latin America
- South Asia
- East Asia