Concerns Related to Increasing Prevalence of Sleep Disorders to Drive Sleep Monitoring Devices Market Growth
Growing concerns related to sleep disorders are driving demand for devices that can monitor sleep hours, sleep breaks and variations. This has triggered the adoption of sleep monitoring devices that help in understanding sleeping patterns of individuals and map details apropos to variations in sleep and understand pathophysiology and sleep physiology. Similar to physical activities and nutrition, proper sleep is a crucial determinant of well being and health quality. Loss of sleep or untreated sleep related disorders have a negative impact on human behaviour that affects interpersonal growth. In the wake of treating sleep disorders, it becomes imperative to monitor sleep patterns, which is expected to influence growth of sleep monitoring devices market. According to EIN (European Insomnia Network), insomnia, a sleep related disorder, affects over 10% of the European population and is considered as the most chronic and frequently occurring sleep disorder in the region. Likewise, according to analysis of American Sleep Association, in 2020, around 50-70 million individuals in the United States suffer from some type of sleep related disorders, and the count is likely to grow in the coming years on the back of lifestyle changes and diseases related to lifestyle that cause sleep disorder such as diabetes and hypertension. Moreover, increase in geriatric population worldwide is another aspect driving demand for sleep monitoring devices. As per the World Health Organization, by 2050, world population of individuals aged 60 and more is likely to touch 2 billion. In this backdrop, the sleep monitoring devices market is expected to witness significant growth in the years to follow.
IoT to Influence Growth of Sleep Monitoring Devices Market
Pervasiveness of technology has drastically transformed the medical field. With adoption of Internet of Things (IoT) across various facets in the healthcare industry, the sleep monitoring devices area is also being positively disrupted to a significant extent. As IoT purports the preamble to develop a cost effective and consistent monitoring system, the sleep monitoring devices market growth is likely to get influenced with the introduction of IoT in sleep analysis. Using COS (Commercial off the Shelf) sensors, the system revolving around sleep monitoring devices and IoT can analyze and monitor sleep patterns of individuals along with displaying predictive analysis based on current individual information.
COVID-19 impact Likely to Shape the Sleep Monitoring Devices Market in the Coming Years
Outbreak of COVID-19 pandemic had a significant impact on individual minds, particularly during lockdown and self quarantine situations. Major impact was on mental health and sleep duration of people given the anxiety related to acquiring the virus. This translated into huge opportunities for manufacturers of sleep monitoring devices. In addition, according to ESRS (European Sleep Research Society), insomnia symptoms could be associated with various psychosocial aspects and confinement, which was the main clause during the pandemic. During quarter one of 2020, companies manufacturing sleep monitoring devices faced few issues related to operations and logistic challenges due to lockdown imposition worldwide. However, as restrictions ease, the supply chain workflow is improving, which is expected to result in a continual production of sleep monitoring devices. Albeit the adverse effects of COVID-19, it did provide potential opportunities for manufacturers of sleep monitoring devices by carrying out distribution of their products via e-commerce channels. In addition, given the lowering of restrictions and availability of vaccination for the virus, the sleep monitoring devices market is expected to witness an upswing in the coming years.
North America to Provide an Impetus to the Sleep Monitoring Devices Market in the Coming Years
North America is expected to be at the vanguard of growth in the global sleep monitoring devices market. This can be attributed towards growing inclination of individuals towards adoption of smart wearables to track health and fitness and moreover to overcome sleep disorders by carrying out efficient monitoring. With innovations in the sleep monitoring devices coupled with higher purchasing power parity in the developed countries in the region, the sleep monitoring devices market is likely to witness an impetus in the coming years.
Sleep Monitoring Devices Market: Competitive Landscape
Manufacturers of sleep monitoring devices have been focusing on expanding their geographical footprint and share by introducing new product launches and developments and initiating strategic partnerships. For instance, in 2021, Nyxoah SA, a company that manufactures OSA (Obstructive Sleep Apnea) neurostimulator devices, entered into a strategic partnership with the Vanderbilt University to develop new neurostimulation platforms for carrying out OSA treatments. In the same year, Oventus Medical introduced 02Vent Optima that is essentially a customizable therapeutic device which is an alternative to the CPAP therapy. Likewise, in 2020, Panthera Dental and Dentsply Sirona collaborated to develop a completely digital workflow for customized sleep monitoring devices.
Few of the key players in the sleep monitoring devices market include ResMed, Curative Medical, Philips Respironics, Invacare Corporation, Oura, BigHealth, and Loona.
Key Elements Included In The Study: Global Sleep Monitoring Devices Market
Post Sale Support, Research Updates & Offerings
We value the trust shown by our customers in Fairfield Market Research. We support our clients through our post sale support, research updates and offerings.
Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.View Methodology