December 9, 2023

Rising Concerns Over Sleep Disorders Drive Surge in Sleep Monitoring Devices Market

The global market for sleep monitoring devices market is experiencing significant growth driven by the increasing prevalence of sleep disorders and the need for effective monitoring solutions. These devices play a vital role in understanding individual sleeping patterns, helping individuals and healthcare professionals gain insights into variations in sleep quality, and addressing the pathophysiology of sleep disorders.

Addressing the Importance of Quality Sleep

Proper sleep is a cornerstone of well-being and overall health. Insufficient or untreated sleep-related disorders can have detrimental effects on behavior, interpersonal relationships, and overall quality of life. As a result, the demand for sleep monitoring devices is on the rise.

The Impact of Sleep Disorders

According to the European Insomnia Network (EIN), insomnia, a common sleep disorder, affects over 10% of the European population, making it one of the most chronic sleep disorders in the region. Similarly, the American Sleep Association reported that in 2020, approximately 50-70 million individuals in the United States suffered from various sleep-related disorders, with this number expected to grow due to lifestyle changes and conditions such as diabetes and hypertension. Additionally, the global increase in the elderly population, projected to reach 2 billion by 2050 according to the World Health Organization, is contributing to the growing demand for sleep monitoring devices.

IoT Revolutionizing Sleep Monitoring

The integration of Internet of Things (IoT) technology is significantly impacting the sleep monitoring devices market. IoT enables cost-effective and consistent monitoring systems that can analyze and monitor sleep patterns using Commercial off the Shelf (COS) sensors. These systems provide predictive analysis based on real-time individual data, enhancing the effectiveness of sleep analysis.

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COVID-19’s Influence on Sleep Monitoring Devices Market

The outbreak of the COVID-19 pandemic had a profound impact on individuals’ mental health and sleep patterns, particularly during lockdowns and quarantine periods. The resulting anxiety and stress created opportunities for sleep monitoring device manufacturers as people sought ways to manage their sleep quality. Despite initial operational and logistic challenges due to lockdowns, companies have adapted to the evolving situation, and the supply chain is improving. E-commerce channels have also played a significant role in distributing sleep monitoring devices.

North America Leading the Way

North America is emerging as a key driver of growth in the global sleep monitoring devices market. The region’s residents are increasingly adopting smart wearables to monitor their health and fitness, including managing sleep disorders. With ongoing innovations in sleep monitoring technology and higher purchasing power in developed countries, the North American market is poised for substantial growth.

Competitive Landscape

Key players in the sleep monitoring devices market are expanding their reach through product launches, developments, and strategic partnerships. For example, Nyxoah SA partnered with Vanderbilt University to develop new neurostimulation platforms for obstructive sleep apnea treatments. Oventus Medical introduced the 02Vent Optima, a customizable therapeutic device as an alternative to CPAP therapy. Panthera Dental and Dentsply Sirona collaborated to develop a fully digital workflow for customized sleep monitoring devices.

Notable companies in the market include ResMed, Curative Medical, Philips Respironics, Invacare Corporation, Oura, BigHealth, and Loona.

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This press release first seen on Brilad