Home Care Sleep Screening Devices Market to Reach USD 550.17 Million by 2026 at a CAGR of 7.1%

Fri, 26 July 2019 7:43

With the changing lifestyle and growing urbanization, people around the globe are facing numerous health issues like obesity, diabetes, and difficulty in sleeping, among others. In the past few years, the prevalence of sleep disorders has significantly increased, which can be attributed to a range of physical and psychological habits and activities. Moreover, lack of sleep takes a heavy toll on both physical and mental well-being of an individual.  To address this issue, many players active in the market are offering several sleep monitoring solutions such as home sleep screening devices, which enables effective diagnosis of sleep apnea and insomnia at home. 

Today, the demand for efficient and effective sleep monitoring devices is flourishing the market as a result of increasing awareness among consumers about the economic, mental, and physical effects of sleep insufficiency. Moreover, patients suffering from insomnia and sleep apnea are looking for multi-model sleep health products and services, offering a growth opportunity for the market players in years to come.

Future of European Home Sleep Screening Devices Market

Currently, Europe is the second leading sleep screening devices market globally. A huge number of Europeans are finding it difficult to achieve adequate sleep as a result of changing lifestyle, increasing psychosocial stress, surging use of electronic gadgets like mobile phones, growing intake of unbalanced diet, and declining attention to physical activity. The prevalence of sleep apnea is more dominant in Europe. For instance, around 24.3% people in Norway are at a high risk of developing obstructive sleep apnea (OSA). Around 667,000, accounting for 45% of the 1.5 million people estimated to be living with OSA in the U.K, the British Lung Foundation.

However, on-time diagnosis of sleep disorders can save millions to organizations in Europe. The U.K can save up to USD 62.4 million annually if people suffering from severe OSA are properly diagnosed. In addition, with the increasing diagnosis and treatment rates, around 45% of OSA patients can save up to USD 31.8 million. According to the Office of Health Economics found that investing more in awareness, diagnosis, and treatment of obstructive sleep apnea (OSA) could save USD 31.8 million and prevent up to 40,000 road traffic accidents per year.

Lastly, lack of sleep costs Germany approximately USD 60 billion each year, which is 1.56% of its GDP, the RAND Corporation. For instance, around 0.7% to 31.4% of the German population is suffering from OSA. Sleep disorders affect a person’s ability at work, and it costs over 200,000 working days to the U.K and Germany.

Middle East to Offer Growth Opportunity for Home Sleep Screening Device Manufactures

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Middle East is an emerging market for home sleep screening devices. This can be attributed to the increasing prevalence of obesity, hypertension, and heart diseases. Some of the Middle East countries like Kuwait and Saudi Arabia, Qatar, Lebanon, the UAE, and Iraq have highest obesity rate i.e., 37.90%, 35.40%, 35.1%,32%,31.7%, 30.4%, and 25.8% respectively.  In addition, the Middle East is less aware of sleep apnea, with 0.9% to 15% of the population is likely to be the victim of sleep disorder. It has been found in a study that inadequate sleep has increased the number of road accidents in the Middle East. For instance, around 3500 such fatalities are noted each year in Saudi Arabia alone.

On the other hands, most of the African countries are facing many challenges, such as fewer funds and poor healthcare infrastructure. South Africa has an excellent level of private care, but public healthcare is not on par as compared to other countries. For instance, 70% of the doctor’s work in private healthcare, and only 20% of the population uses private care. Moreover, most of the African countries are still suffering from basic health care facilities. Thus, the region is offering limited opportunity for the home sleep screening devices manufacturers.

Market Influencers

ResMed is engaged in manufacturing and distributing medicines and sleep screening devices. The company sells products in about 120 countries. Moreover, to keep up with the ongoing competition, it invested around USD 155.1 million in research activities in 2018, which was 6.6% of total revenue.

ApneaMed is a provider of masks, hoses, filters and auto PAP units, and sleep tests. Moreover, it is also engaged in providing screening tools, education, and home sleep testing and devices for people suffering from sleep apnea.

Other market dominators are NovaSom, Somno medics, NihonKohden, Dymedix, VirtuOx Inc., Dreams LTD, Cleveland Medical Devices INC, and Koninlijke Philips N.V

" Crucial Insights The Report Provides:"

* Known and Unknown Adjacencies Influencing the Growth of Market

* Explorable Revenue Sources

* Customer Behaviour Analysis

* Target Partners

* Customized Geographical Data Based on Customers as well as Competitors

* Analysis of Market Size and CAGR between the Forecast Periods

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