According to the latest research by Future Market Insights (FMI), global sales of home sleep screening devices exceeded the revenues worth US$ 2.3 billion in 2018. Toward 2019, FMI expects the revenue to observe robust increase by around 7%. According to the report, a majority of revenue through sales of home sleep devices will be generated by retail stores, the most preferred distribution channel for home sleep screening devices manufacturers, followed by the online sales segment.
In terms of revenue, the wearable sleep screening devices account for the revenue share of over 65% in the overall home sleep screening devices market. However, the increasing affordability and adoption of non-wearable devices for continuous sleep tracking without physical contact with the device is estimated to fuel the growth of the non-wearable home sleep screening devices segment in the near future.
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Despite the fact that the rates of insurance reimbursement for home sleep studies are low, the convenience and portability offered by these devices compensate for the lack of reimbursement. A growing trend of using wearables as lifestyle devices is facilitating the demand for home sleep screening devices, and this is among the factors boosting the revenue generation of the home sleep screening devices market.
Prevalence of Sleep Related Disorders & Rising Number of Manufacturing Players Accelerating Market Reach of Home Sleep Screening Devices
The growing demand for sleep studies with home sleep screening devices can be attributed to the growing prescription numbers for home sleep tracking. Sleep disorders are affecting a large pool of population, which has boosted the awareness about these disorders and other related ailments. Increase in the prevalence of sleep disorders has led to an expansion of private care centres and hospitals. These sleep centres have increased awareness among people about the importance of tracking sleep patterns for better sleep. This is driving the usage of home sleep screening devices for sleep disorder cases, and subsequently increasing the revenue generation of the home sleep screening devices market.
Increasing number of manufacturers in the home sleep screening devices landscape and growing awareness among patients about sleep-related disorders will fuel the demand for home sleep screening devices across the globe. There has been a consistent increase in the number of local manufacturers of sleep tracker systems, as well as the availability of different types of trackers such as wristbands, headbands, tracker masks, and ring devices. This enables customers to choose from a range of products depending on the data they want to analyze and the type of wearable preferred by them, based on which they can opt for a product based on their affordability as well as medical feasibility. This is majorly contributing to the growth of the home sleep screening devices market.
Advancing Sleep Tracking Technology to Uplift Sales Potential of Sleep Screening Devices
The technology utilised in home sleep screening devices is based on the mapping of the REM sleep, heal rate, respiration patterns, and deep sleep. However, new home sleep screening devices are incorporating the same technology as the one used in Actigraphy and polysomnography devices. The growing trend of utilising a sleep tracker as a lifestyle accessory is estimated to promote the growth of the home sleep screening devices market.
Technological advancements in smart home sleep screening devices have led to the creation of hybrid devices that not only track activity, but also track sleeping patterns. These smart home sleep screening devices are capable of tracking fitness aspects such as the distance walked, calories consumed, heart rate monitoring, and can also track sleep patterns such as deep & light sleep and REM.
For instance, Fitbit, Inc.’s product Fitbit Ionic tracks fitness/activity as well as sleep patterns. It can record the REM, deep & light sleep, as well as provide tips for efficient sleeping patterns based on an individual’s lifestyle. Similar technological trends are estimated to eliminate the factors restraining the growth of the home sleep screening devices market.
The Consumer Electronics Association has collaborated with The National Sleep Foundation and formed “The Wearable Sleep Monitoring Equipment Group,” which is aimed at boosting the development of sleep technologies. This is also expected to improve the quality of wearable home sleep screening devices to ensure better data collection and storage. The introduction of certain new advancements and technologies are expected to create growth opportunities for the home sleep screening device market.
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The report tracks some of the key companies operating in the home sleep screening devices market, which include 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.