Sleep monitoring device market expected to reach over $17.5 billion by 2033, growing at 6.6% per year

The global fight against sleep is driving significant growth in the sleep monitoring device market. According to a recent analysis by Future Market Insights (FMI), the market is experiencing extraordinary growth and its value is expected to increase from an estimated $8.73 billion in 2022 to a stunning $9.30 billion in 2023. This means an impressive an increase of over $560 million and Compound annual growth rate (CAGR) of 6.6%.

The increase in demand due to the increasing number of sleep disorders worldwide is responsible for this remarkable expansion. The growing awareness of the importance of sleep health and the increase in disposable income are important factors driving the growth of the sleep testing device market.

The comprehensive business report by Future Market Insights delves into the historical and current panorama of the global Sleep Monitoring Devices industry, offering in-depth insights into trends in production, consumption, volume, and value. The report meticulously analyzes the market, segmenting it on the basis of demand patterns, growth prospects, regions, and key players.

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The Sleep Research Devices market report comprises key insights and forecasted statistics that will provide both existing and new market participants with essential information that will help them develop long-term strategies and maintain business continuity during crises such as the ongoing COVID-19 pandemic.

Analysis of the impact of COVID-19 on the sleep testing market

The recent outbreak of COVID-19 has focused attention on the healthcare industry, impacting the global sleep device industry. Severe shortages of essential medical supplies coupled with the rise in COVID-19 cases have led to a revolution, not an evolution, in healthcare ecosystems. As a result, the impact is visible in the sleep device market.

Physicians are delaying or postponing elective procedures unless absolutely necessary to prevent the spread of the virus to people with underlying or chronic conditions, in line with government measures, particularly social distancing norms and stay-at-home orders. In addition, travel restrictions and supply chain disruptions have created a logistical nightmare for market participants, resulting in severe product shortages in the global market.

The FMI report includes an interesting chapter on the initial impact of COVID-19 on the Sleep Monitoring Devices market. This enables both leading as well as emerging market players to understand the market scenario during the crisis and make apt decisions to gain a distinct competitive edge.

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Sleep Monitoring Devices Market: Segmentation

The valuable information contained in the FMI Sleep Research Devices market report has been divided into key segments and sub-segments.

By product type:

Sleep monitors
Type IV
Type III
Type II
Wearable devices
Headband devices
Wristbands and wristbands Devices
Ring Devices
Sleep Mask Trackers
Unworn
Devices not worn at the bedside
Under the Non-Wearable Devices sheet
Devices not worn under the mattress
Smart Sleep Equipment
Smart mattresses and pillows
Smart beds

By application:

By distribution channel:

Hypermarkets and Supermarkets
Retail stores
Pharmacy
on-line

Sleep Monitoring Devices Market: Competitive Analysis

FMI study presents a comprehensive analysis of global, regional and country players operating in the Sleep Screening Devices market. Competitive intelligence detailed in the Sleep Screening Devices market report is based on innovative product launches, distribution channels, local networks, industrial penetration, manufacturing methods and revenue generation of each market player. Moreover, growth strategies and merger and acquisition (M&A) activities related to the players are included in the Global Sleep Screening Devices Industry report.

Key players covered in the report include:

Dream of dreams
NewSom
VirtuOx
Philips Consoles
Working in sleep mode
Itamar Medical (ZOLL Medical)
ApneaMed
Garmin
ResMed
Medical Devices in Cleveland

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Important Questions Answered in the Sleep Monitoring Devices Market Report

Which end user continues to generate the most revenue in each regional market?
At what rate did the global sleep monitoring industry grow during the forecast period?
What will the global sleep monitoring devices market look like at the end of the forecast period?
What innovative strategies do sleep monitoring companies use to stay ahead of the competition?
What constraints are affecting the growth of the global sleep research industry?

Key elements of the report

Growth Drivers and Opportunities: Comprehensive analysis of growth drivers and opportunities for market participants across regional markets
Latest Trends and Forecasts: Detailed assessment of the latest trends, technological developments and forecasts for the next 5 or 10 years.
Segmental Analysis: Detailed analysis of each segment and factors differentiating the role of these segments in market revenue forecasts and growth rate analysis
Regional Market Forecast: Detailed analysis of each regional market to equip stakeholders with the information they need to make critical decisions
Competitive Landscape: Comprehensive insights into leading and emerging players competing for a share of the sleep testing devices market

Author

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) has over 12 years of experience in the healthcare, medical devices and pharmaceutical industries. His curious and analytical nature has helped shape his career as a researcher.

Identifying key challenges faced by clients and developing robust, hypothesis-driven solutions to equip them with strategic decision-making capabilities comes naturally to him. His primary experience includes go-to-market and expansion strategy, feasibility studies, competitive intelligence, and strategic transformation.

Sabyasachi, who holds a degree in microbiology, has published extensively in journals such as The Journal of mHealth, ITN Online and Spinal Surgery News.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award winner and member of the Greater New York Chamber of Commerce) offers in-depth insights into the factors driving market demand. FMI is a leading global provider of market intelligence, advisory services, consulting and events for the packaging, food and beverage, consumer technology, healthcare, industrial and chemical markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional and local expertise on various industry disciplines and trends in over 110 countries.

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