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Actigraphy Sensors & PSG Devices Market Indicates Notable CAGR growth by 2027 | Key Players are Garmin Ltd., Aetna Inc., ResMed Inc., BMC Medical Co. Ltd., Activinsights Ltd., etc.
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Tier I Companies Hold a Whopping 70% Revenue Share in the Actigraphy Sensor and PSG Devices Market
The actigraphy sensor and PSG devices market is witnessing positive growth with the frontrunners accounting for nearly two-third of the total revenue in the market. Frontrunners in the actigraphy sensor and PSG devices market, including Koninklijke Philips N.V., Fitbit, Inc., Garmin Ltd., and ResMed Inc., have maintained a strong foothold in the market.
Apart from the launch of next-generation actigraphy sensor and PSG devices, inorganic growth strategies have been instrumental in driving the market share of Tier I companies. Large companies, including ResMed, Fitbit Inc., and Garmin Ltd., have been collaborating with or acquiring small and medium enterprises in the actigraphy sensor and PSG devices market for consolidating their position. Further, challenges associated with regulatory compliance have meant that actigraphy sensor manufacturing has remained highly consolidated.
Growing Prevalence of Sleep Disorders Triggering Demand
The modern lifestyle has altered sleeping patterns, leading to an increase in the prevalence of various sleep disorders. Right from minor sleep disturbances to major problems, such as insomnia, chronic sleep disorders have adverse impacts on consumers’ quality of life. As actigraphy sensor and PSG devices make it simpler for users to monitor their sleep duration with more convenience and accuracy, it helps in diagnosing sleep diseases reliably and makes treatments more effective.
Thereby, consumers are seeking diagnostic services for the accurate treatments of sleep disorders, which is creating a high demand for actigraphy sensor and PSG devices in the healthcare sector. Furthermore, ongoing research in the field of sleep disorder management to discover more efficient medicine and treatments for life-threatening sleep disorders is providing a boost to the applications of actigraphy sensor and PSG devices.
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In order to ensure consumers’ health and safety of devices, governing bodies across the globe have regulated the use of actigraphy sensor and PSG devices with strict guidelines and high standards for accreditation. For instance, the American Academy of Sleep Medicine (AASM) recently published clinical practice guideline for the applications of actigraphy sensors in sleep monitoring devices.
Furthermore, it is mandatory for stakeholders in the actigraphy sensor and PSG devices market to conform to various regulatory requirements such as licensing requirements and Medical Code of Conduct. Complying with various strict regulatory policies in various regions is exhorting actigraphy sensor and PSG devices market players to realign some of their business strategies, which, in turn, may have an impact of pricing structure and supply chains of the business.
Emergence of Advanced Technologies to Boost Availability of Smart Actigraphy Sensor and PSG Devices
With the healthcare industry taking a leap with technological transformations, manufacturers in the actigraphy sensor and PSG devices market are bolstering their use of advanced technologies in manufacturing processes. Needs for accuracy and reliability in diagnostics are the primary triggers for the increased applications of next-generation technologies, such as Internet of Things (IoT), to improve salient features of actigraphy sensor and PSG devices.
Manufacturers in the actigraphy sensor and PSG devices market are experimenting with various technologies, such as radar technology, to discover the most accurate and reliable method for sleep analysis. Leading market players shifting their focus on increasing the use of technologies to launch innovative and more efficient actigraphy sensor and PSG devices to scale up on the competitive landscape in the diagnostics industry.
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