Sleep Evaluation Devices Market Estimated to Have High Growth Potential During Forecast Period

  • 20 Jun 2019

Global sleep evaluation market to value over US$ 7 billion by 2026, and register a CAGR of over 10% during 2019-2026. 

To collect information, record and analyse sleep schedules has always been an important element in medical sciences. The laboratory polysomnography has been the set standard to analyse sleeping pattern. There was a wide scope to explore the domain of portable monitoring devices that assess sleep schedules in real-world environments. These portable instruments allow easy data collection and recognise patterns. The portable devices incorporate technology such as touch-free life care system, Bioharness, health vest (smart life tech), Radiofrequency monitor, smart shirt, wrist device (AMON) and Zio, etc.

The most common sleeping disorder is Apnea which raised more concern and demand for the products of this specific market. It is a disorder where the body and brain receive insufficient oxygen and breathing process is disrupted during sleep. Obstructive Sleep Apnea (OSA) is the most common form of apnea which is caused by blockage of the air passage. In order to prevent this and find a cure, it is necessary for patients to undergo diagnostic tests and use therapeutic devices for complete analysis and severity of the problem. This disorder is prevalent in the elderly population, giving the geriatric tendency, and remains underdiagnosed owing to factors like lack of awareness and non-specific presentation of the disease.
The initiatives to make the public more aware and increasing prevalence of sleep disorders along with the need for the efficient diagnosis will promote revenue growth. Introduction of technological advancements in the sphere of patient safety is expected to increase device reach and business especially in the developed markets of North America. High market penetration along with new government initiatives aimed at minimising healthcare expenditure are some factors expected to drive regional market growth during the forecast period.

 

The National Healthy Sleep Awareness Project states that obstructive sleep disorders affect more than 25 million people in the U.S. and is a chronic disease that adversely affects public health and is a primary health concern. The major factors driving the growth of the sleep evaluation devices market are primarily a large pool of undiagnosed sleep apnea patients, growing awareness about the ill effects of untreated sleep apnea, technological advancements in manufacturing devices, considerable venture capital funding, and an increasing number of companies venturing into sleep apnea and oral appliances markets.

Sleep disorders increase with an increase in age. According to estimates published in 2012 by the UN, the global geriatric population was nearly 809.4 million and is expected to grow more than double by 2050. Thus the patients affected by sleep disorders is also expected to increase leading to demand sleep evaluation devices as well. 

Sleep Evaluation Devices Market: Restraints
+ Lack of Awareness
+ General Ignorance
+ Non-specification of Disorders

Sleep Evaluation Devices Market Segmentation
By Product Type

+ Polysomnography Device
+ CPAP/BiPAP devices
+ ECG Devices
+ Pulse Oximeter
+  Snore microphone
+ Electroencephalogram

By End User
+ Hospitals
+ Sleep Centres
+ Clinics
+  Others

On the basis of end user, the sleep apnea devices market has been segmented into sleep laboratories & hospitals and home care settings/individuals. The sleep laboratories & hospitals segment accounted for the largest share of the market in 2018, while home care settings/individuals end-user segment is projected to grow at the highest CAGR during the forecast period. This high growth is likely driven by factors such as the rising preference for home sleep testing by both patients and private insurance companies, along with the favourable reimbursement scenario for home sleep testing.

By Region
+ North America
+ Latin America
+ Europe
+ Asia Pacific
+ Rest of the World
In 2018, North America accounted for the largest share of the global sleep evaluation devices market, whereas, the Asia Pacific region is predicted to register the highest CAGR during the forecast period. North American accounted for the largest share owing to factors like an increase in the number of patients, growth in awareness initiatives being taken by various government and non-government organizations, availability of adequate funding for research and development.

Competitive Landscape:  
+ Tier 1 players- established companies in the market with a major market share
+ Tier 2 players- Emerging players which are growing rapidly 
+ New Entrants  

Sleep Evaluation Devices market players include Allengers, Somno Medics, Cadwell, Natus, CleveMed, Medatec, Nox Medical, Neurosoft, and others
The stringent regulations to be followed in the manufacturing of these devices has created entry barriers for new firms. There exists a fierce competition among already established market players, who are focused on expanding their geographic reach and strengthen their customer database through new product development.

FutureWise Key Takeaways 
+ Growth prospects
+ SWOT analysis 
+ Key trends 
+ Key data-points affecting market growth 

Objectives of the Study: 
+ To provide with an exhaustive analysis on the global Sleep Evaluation Devices Market by Product Type, by End-User, and by Region
+ To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
+ To evaluate and forecast micro-markets and the overall market 
+ To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East
+ To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
+ Profiling of companies to evaluate their market shares, strategies, financials and core competencies

 

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