Sleep Tech Devices & Diagnostic Tools Market to Witness Comprehensive Growth by 2025
Major factors driving the growth of the global Sleep Tech Devices & Diagnostic Tools Market are continuous rise of wearable devices, increasing mergers and acquisitions among medical device companies, and new changes to regulatory requirements. In 2015 and early 2016, more than 150 major medical device companies were involved in acquisitions and mergers. Other factors that are anticipated to drive the global market growth include growing number of domestic and global players entering the market with new products, which has substantially resulted in decreased prices of wearable devices, along with increasing hospital consolidation. However, factors such as new and tough regulatory requirements for medical devices and strict consolidation approval process criteria are projected to restrain the market growth during the forecast period.
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The global sleep tech devices & diagnostic tools market is segmented on the basis of product type, end-user, and region. In terms of product type, the market is segmented into sleep monitoring devices, sleep wearables, sleep trackers, sleep gadgets, and digital application tools. In terms of end-user, the global market has been categorized into home care settings, hospitals, and sleep laboratories. The home care settings segment accounted for a significant share of the market in 2016 due to increasing number of diagnostic procedures for obstructive sleep apnea and introduction of cost-effective and portable devices for sleep apnea. Rise in geriatric population is projected to increase the incidence of sleep disorders, especially in emerging economies such as China, Brazil, and India. This is likely to propel the growth of the market in these countries.
Geographically, the global market for sleep tech devices & diagnostic tools is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to dominate the global market during the forecast period. According to an article published in 2017 from the American Sleep Apnea Association, it is estimated that 22 million people in the U.S. suffer from sleep apnea, and 80% of the cases of moderate and severe obstructive sleep apnea are undiagnosed. Furthermore, growing prevalence of obesity and rising geriatric population, especially in developed and other developing countries such as Australia, China, and India respectively, have led to increasing prevalence of obstructive sleep apnea.
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Stanford Medicine states that more than 100 different types of sleep disorder range from difficulty sleeping at night to excessive daytime sleepiness. As per the Anxiety and Depression Association of America and the National Institutes of Health, more than 40 million people in the U.S. suffer from chronic, long-term sleep disorders. The incidence of anxiety disorder, chronic insomnia, and other sleep disorders is rising in Asia Pacific due to increase in physical, mental, and emotional functioning of the brain, which is also known as stress or anxiety. This, in turn, is anticipated to fuel the demand for wearable sleep tech devices or diagnostic tools. Hence, these factors are projected to drive the market growth in Asia Pacific during the forecast period.
Key players operating in the global sleep tech devices & diagnostic tools market include Compumedics Limited, Nihon Kohden Corporation, Masimo Corporation, Autonomic Technologies (ATI), Baxter Healthcare Corporation, Bionano Genomics, Inovio Pharmaceuticals, Inc., Infraredx, Inc., and Neovasc Inc.
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