Pune, India, Oct. 25, 2023 (GLOBE NEWSWIRE) -- According to our new research study on “Sleep Tech Devices Market covers analysis By Product Type [Wearable (Smart Watches & Bands and Others), Non-Wearable (Sleep Monitors, Beds, and Others)], Application (Insomnia, Obstructive Sleep Apnea, Narcolepsy, and Others), Distribution Channel (Sleep Centers & Fitness Centers, Hypermarkets & Supermarkets, E-Commerce, Pharmacy & Retail Stores, and Others), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America)”; the global sleep tech devices market size is projected to grow from $17.20 billion in 2022 to $69.20 billion by 2030; it is projected to record a CAGR of 18.5% from 2022 to 2030.
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Global Sleep Tech Devices Market: Competitive Landscape and Key Developments
Google, Apple Inc, Koninklijke Philips N.V., SleepScore Labs, Withings, Casper, Compumedics, Nihon Koden Corporation, Huawei Technologies Co., Ltd., and Eight Sleep are among the leading companies operating in the sleep tech devices market. These players are focusing on expanding and diversifying their market presence and acquiring a novel customer base, thereby tapping prevailing business opportunities in the sleep tech devices market. Many market players are launching innovative products with advanced features in the sleep tech devices market.
In September 2019, Koninklijke Philips N.V. announced launching of "Philips NightBalance", a new prescription-based sleep position therapy device designed for patients suffering from OSA. The new product is clinically-validated positional therapy utilizing gentle vibrations to encourage users to alter their sleep positions and prevent different apneas.
In August 2020, Nihon Koden, announced launching of "Polysmith 12 Polysomnography Software". The new product's version 12 of the Polysmith software involves more than 40 market-driven features for sleep specialists to improve workflow analysis and outcomes. The features involve:
Scheduling, prioritizing, and email notification capabilities for proper sleep.
Ability to track patient progress to improve sleeping outcomes.
Growing Demand for Sleep Apnea Diagnostic Devices and Therapeutic Solutions:
Medical devices are essential for preventing, diagnosing, treating, and rehabilitating a medical condition. The medical device industry is witnessing continuous innovations and technological advancements, which, in turn, is driving the healthcare sector in the Americas. Polysomnography (PSG) devices, home sleep testing devices, oximeters, actigraphy monitoring devices, and sleep apnea screening devices are the most widely used diagnostic devices for diagnosing and assessing sleep disorders.
According to the American Academy of Sleep Medicine report, a study conducted and reviewed by the Minnesota Regional Sleep Disorders Center showed a high rate of depression among people suffering from OSA in both community and clinical settings. Fatigue and drowsiness are the two main OSA symptoms associated with mental health conditions. Additionally, data published in the American Journal of Epidemiology reveals that the estimated prevalence rates of OSA have substantially increased over the last two decades, majorly due to the obesity epidemic. It is further estimated that 26% of adults in the US aged between 30 and 70 years suffer from sleep apnea. According to a neuroimaging study published in the Journal Sleep article, the participants suffering from severe, untreated sleep apnea significantly reduced white matter fiber integrity in multiple brain areas, accompanied by impairment of cognition, mood, and daytime alertness. However, after one year of continuous positive airway pressure (CPAP) therapy, patients have recovered from brain damage.
Likewise, sleep apnea may lead to enormous health issues, as most of the population remains undiagnosed. According to a report published by Infosys, ~18 million Americans suffer from moderate to severe obstructive sleep apnea (OSA), with 85% left undiagnosed. Several manufacturers are developing innovative sleep apnea diagnostic devices. Also, companies launching innovative products enhances the adoption of sleep tech devices. The "NovaSom" technology for the testing of OSA at home works with a proprietary operating system named "MediTrack," which allows a role-based collaboration in compliance with the Health Insurance Portability and Accountability Act (HIPAA) to achieve integrated patient care. This innovative diagnostic solution enables cost reduction and improves testing speed, accuracy, and efficiency. Thus, the growing demand for sleep apnea diagnostic devices and therapeutic solutions is driving the market growth.
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Global Sleep Tech Devices Market: Segmental Overview
The “Global Sleep Tech Devices Market” is segmented on the basis of product type, application, distribution channel, and geography. Based on product type, the global sleep tech devices market is bifurcated into wearable and non-wearable. Wearable segment is further sub-segmented as smart watches & bands, and others. Non-wearable segment is further sub-segmented as sleep monitors, beds, and others. The wearable segment will account for a larger market share in 2022 and is anticipated to register a higher CAGR during the forecast period. Based on distribution channel, the global sleep tech devices market is segmented into sleep centers & fitness centers, hypermarkets & supermarkets, e-commerce, pharmacy & retail stores, and others. The sleep centers & fitness centers segment held a larger market share in 2022 for global sleep tech devices market. Based on application, the global sleep tech devices market is segmented into insomnia, obstructive sleep apnea, narcolepsy, and others. The insomnia segment held a larger market share in 2022 for global sleep tech devices market.
Go through further research published by The Insight Partners:
Sleep Monitoring Devices Market - Global Analysis and Forecast to 2030
Sleep Aids Market - Global Analysis and Forecast to 2030
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