According to the most recent research from Future Market Insights (FMI), global sales of home sleep screening devices market surpassed US$ 2.3 billion in 2018. FMI anticipates a robust increase in revenue of approximately 7% in 2019. According to the report, retail stores will generate the majority of revenue from home sleep device sales, making them the preferred distribution channel for home sleep screening device manufacturers, followed by the online sales segment.
In terms of revenue, wearable sleep screening devices account for more than 65 percent of the total home sleep screening devices market. The increasing affordability and adoption of non-wearable devices for continuous sleep tracking without physical contact with the device, on the other hand, is expected to fuel the growth of the non-wearable home sleep screening devices segment in the near future.
Although insurance reimbursement rates for home sleep studies are low, the convenience and portability of these devices compensate for the lack of reimbursement. A growing trend of using wearables as lifestyle devices is fueling demand for home sleep screening devices, which is one of the factors driving revenue generation in the home sleep screening devices market.
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The Prevalence of Sleep Disorders and A Growing Number of Manufacturers Are Accelerating the Reach of The Home Sleep Screening Device Market
The growing prescription numbers for home sleep tracking can be attributed to the rising demand for sleep studies using home sleep screening devices. Sleep disorders affect a large population, which has increased public awareness of these and other related ailments. The rise in the prevalence of sleep disorders has resulted in an increase in the number of private care centres and hospitals. These sleep centres have raised public awareness about the importance of tracking sleep patterns for better sleep. This is increasing the use of home sleep screening devices for sleep disorder cases, and thus the revenue generation of the home sleep screening devices market.
The growing number of manufacturers in the home sleep screening devices landscape, as well as growing patient awareness about sleep-related disorders, will drive global demand for home sleep screening devices. The number of local manufacturers of sleep tracker systems, as well as the availability of various types of trackers such as wristbands, headbands, tracker masks, and ring devices, has steadily increased. Customers can choose from a variety of products based on the data they want to analyse and the type of wearable they prefer, and they can choose a product based on affordability as well as medical feasibility. This is significantly contributing to the growth of the market for home sleep screening devices.
Advancing Sleep Tracking Technology to Uplift Sales Potential of Sleep Screening Devices
The technology used in home sleep screening devices is based on mapping REM sleep, healing rate, respiration patterns, and deep sleep. New home sleep screening devices, on the other hand, use the same technology as Actigraphy and polysomnography devices. The growing trend of using a sleep tracker as a lifestyle accessory is expected to boost the market for home sleep screening devices.
Technological advancements in smart home sleep screening devices have resulted in the development of hybrid devices that track not only activity but also sleeping patterns. These smart home sleep screening devices can track fitness aspects like distance walked, calories consumed, heart rate monitoring, and sleep patterns like deep & light sleep and REM.
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Fitbit, Inc.’s Fitbit Ionic, for example, tracks fitness/activity as well as sleep patterns. It can track REM, deep, and light sleep, as well as provide recommendations for effective sleeping patterns based on an individual’s lifestyle. Similar technological trends are expected to eliminate the barriers to the growth of the home sleep screening devices market.
The Consumer Electronics Association has joined forces with The National Sleep Foundation to form “The Wearable Sleep Monitoring Equipment Group,” which aims to accelerate the development of sleep technologies. This is also expected to improve the quality of wearable home sleep screening devices, allowing for better data collection and storage. The introduction of certain new advancements and technologies is expected to create growth opportunities for the home sleep screening device market.
Fitbit, Inc., Koninklijke Philips N.V., Huami Corporation, Fossil Group, Inc., Garmin Ltd., Huawei Technologies Co., Ltd., ResMed Inc., Responsive Surface Technology, LLC, and Simmons Bedding Company LLC are among the key companies covered in the report.
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