The global home care sleep screening devices market size is expected to reach USD 550.17 million in 2026 from USD 319.65 million in 2018 at a healthy CAGR of 7.1% during the forecast period 2019–2026
Changing sleep patterns and growing stress are negatively affecting the health of an individual and leading to weight gain, mood swing, and hormone level. It has been found that chronic sleep disorder can cause insomnia, sleep apnea, restless leg syndrome, chronic fatigue, and narcolepsy. In the U.S. alone, insomnia, sleep apnea, and restless leg syndrome are affecting 47%, 12%, and 12.1% population respectively. Moreover, a global study indicates that up to 50% population is suffering from insomnia, and 3 million of the population suffers from narcolepsy.
However, with the increasing awareness about the importance of good sleep, the demand for home sleep screening devices is growing at a healthy CAGR, and it is more evident in countries like the U.S., U.K, and Germany. Governments of these countries are also taking initiatives to reduce the prevalence of sleep disorders and their adverse effects. With increased awareness, consumers have started looking for solutions and devices that can monitor sleep and provide a highly accurate diagnosis of consumers’ sleeping patterns, pulse, oxygen saturation, nasal flow, snoring, and sleep apnea and breathing disorder.
For a better understanding of the global care home sleep screening device market, we have segmented the market by types and sales channel.
By type, the market is segmented into wearables and non-wearables.
Global wearable technology market is worth USD 56.8 billion. This can be attributed to the increasing adoption of wearable devices for wellbeing, sport, and fitness. From the past few years, the number of health-conscious population has been increasing at an exponential rate. Concurrently, many players are trying to seize this opportunity by introducing a range of devices that can monitor their health and sleep pattern. Most of the key players have launched wearable sleep screening devices to meet the consumer demand for portable and always available devices. The demand is further supported by the increasing prevalence of sleep apnea and insomnia among adults. For instance, about 100 million people are suffering from sleep apnea, which further leads to depression and anxiety. In the U.S., 50–70 million Americans are suffering from sleep disorders, and approximately 18 million people are suffering from sleep apnea, with 80% of the cases remain undiagnosed.
The global non-wearable sleep screening devices segment is projected to grow at the CAGR of 5.7% during the forecasted period. Currently, several non-wearable sleep screening devices available in the market are equipped with a range of features, sensors, and technology. Some of them also advise end-users to change room temperature and lightning for proper sleep. Moreover, they can be paired with smartphones and accessed through apps. This, in turn, offers end users the freedom of not wearing any device while sleeping. In addition to this, more consumers are likely to prefer these devices because of their lower price than wearable devices.
It is not hidden that physical availability and instant purchase are driving the retail market, but the trend is changing, and it is more visible in developed and some of the developing countries like India and China. Around 3800 retail stores have been closed by the end of 2019, and the brand retail store segment is experiencing a downfall since 2016 due to shifting consumer inclination towards e-commerce, in the U.S. RetailNext data, provided by Cowen, shows an even bigger decline in overall retail traffic, averaging -7% from January 2017 through August 2018 monthly year-over-year. However, consumers using home care sleep screening devices are expected to shift towards retail stores segment for claiming warranty if anything goes wrong.
On the other hand, online sales increased from USD 57 million to USD 2,600 million in 2016. The channel witnessed massive growth, owing to increasing internet penetration and growing trust of buyers on e-commerce sites like Amazon, eBay, and Flipkart in the Middle East and Africa, Asia Pacific, and Latin America during 2017–2018. Some of the e-retailers are offering a huge discount on products, which helped them to expand by 11.4% in 2018 as compared to 2017. The growth is expected to surge by 27% in the years to come. In addition, subscription services from online sales companies are gaining the attention of consumers.
To answer this question, we have segmented the global home care sleep screening device market by North America, Asia Pacific, Europe, and the Middle East and Africa.
A study suggests that sleep disorders are often associated with obesity, stress, anxiety, and depression. In the U.S. about 32.2% of men and 35.5% of women are suffering from obesity; 18.1% adults are suffering from anxiety; 16.2 million people are suffering from depression, 30% adults are suffering from insomnia, and 22 million people are suffering from sleep apnea. Now, it is evident that the country has a high prevalence of sleep disorders, which is likely to drive the demand for sleep screening devices to a great extent. Moreover, the U.S. spends around USD 3.5 trillion on healthcare, almost 18% of GDP. Currently, underdiagnosis and under-treatment of obstructive sleep disorders (OSA), owing to underappreciation of the seriousness of the condition, lack of education, and healthcare system more focused on acute illness is costing the U.S. healthcare system for billions of dollars, while millions of patients suffer the chronic effects of this sleep disorder. About 6 million people are diagnosed with OSA, but more than 23 million are remained undiagnosed, American Academy of Sleep Medicine. Moreover, the prevalence of OSA increases with increasing obesity.
Asia Pacific sleep screening devices market is expected to grow rapidly at the CAGR of 8.1% during the forecasted period. This can be attributed to the increasing prevalence of sleep apnea and other sleep-related disorders in the geriatric population. For instance, 20%–40% of the Chinese geriatric population is suffering from sleep apnea. In Japan, sleep disorder costs around USD 138 billion, which is 2.92% of its GDP, RAND. In India, 90% of the population suffers from insufficient sleep, and if the situation gets worse, this could turn into serious health complications. Moreover, the prevalence of the sleeping disorder is highest among South Korea (43%), Brazil (33%), and China (32%). In Australia, poor alertness has caused some serious implications and is responsible for 10,000 serious workplace injuries and more than 25,000 road crash injuries. Thus, inadequate sleep has put a hefty price tag on the country, which is accounted for around USD 66.3 billion annually.
Europe is the second leading region in the global home sleep screening device market. This is the result of excessive use of electronic gadgets, consumption of unbalanced diet, and less attention to physical activity. Sleep apnea is one of the major health issues in Europe as a huge population is suffering from it. For instance, around 667,000 people living in the U.K have OSA, whereas 25% of the European population suffers from depression and anxiety.
The Middle East is emerging in the global home sleep screening device market. This can be attributed to the increasing prevalence of obesity, hypertension, and heart disease. For instance, about 30% of the Middle East population is obese, and around 54% of the Middle East population die from cardiovascular diseases.
List of key global home care sleep screening devices market manufacturers
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