Sleep Monitoring Devices Market 2022 Global Key Players, Challenges, Industry Size, Growth Opportunities And Forecast TO 2027

Changing lifestyles of people have left a significant impact on the lives of people. World over, sleep disorders such as parasomnia, circadian rhythm sleep disorders, sleep apnea, insomnia, narcolepsy, and restless leg syndrome have surged to great extent. The rise in the incidence of sleeping disorders has provided momentum to the global sleep monitoring devices market.

The demand for sleep tracker devices is triggered by increased awareness on assessing sleep patterns, an urge to determine health-related issues and sleep timing. Sleep trackers are categorized as wearable and non-wearable. A sensor is attached to the human body that helps in discerning sleep patterns and sleep cycles. With an uptick in sleeping disorders, the demand for devices to monitor sleep breaks, variations, and hours is expecting an influx. Furthermore, with cutting-edge advancements, these devices have grown to be comfortable, compact, and efficient which stepped up their game in the market. Consequently, in the near future, the demand for sleep tracker devices is expected to grow at a robust pace.

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Predictive Analytics and Improved Monitoring Systems Result in Deployment of IoT in Sleep Monitoring Devices

The market for sleep monitoring devices is rich with opportunities for manufacturers to enhance the productivity of devices. These sleep monitoring devices are further bifurcated as diagnostic devices and therapeutic devices. Recently, the healthcare industry has observed a rapid adoption of the Internet of Things (IoT) on many fronts. The incorporation of latest technologies such as IoT and artificial intelligence has initiated shifts in the medical industry. Over the study period, accelerated adoption of IoT in sleep monitoring devices is posed to strengthen the market position of sleep tracking devices. IoT-enabled sleep monitoring devices provide stability in monitoring systems and better sleep analysis. Moreover, the low-cost development offers scope for advancements in devices and makes them more easily accessible to end-users. The system revolving around sleep monitoring devices and IoT may evaluate and monitor sleep patterns of individuals while also showing predictive analysis based on current individual information using COS (Commercial off the Shelf) sensors.

North America to Outdo the Sales of All Other Regional Sleep Monitoring Devices Markets

North America is leading the regional segment of sleep monitoring devices across the globe. People in this region are more health-conscious and are widely opting for smart wearables to keep a track of their health and fitness, sleep patterns. Furthermore, the cutting-edge developments in sleep monitoring devices and strong customer base in the developed countries of North America are expected to bode well for the sleep monitoring devices market in the region.

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Key Market Players are Expanding Geographical Footprint and Share Through Strategic Collaborations

The manufacturers across the global sleep monitoring devices market are diversifying their reach through strategic partnerships and rolling out new products. For example, In 2021, Oventus Medical launched 02Vent Optima, a customizable therapeutic device that is an alternative to CPAP therapy. Further, Nyxoah SA joined hands with Vanderbilt University for the development of new neurostimulation platforms to carry out OSA treatments.

On the whole, Oura, Curative Medical, ResMed, Invacare Corporation, Philips Respironics, BigHealth, and Loona are prominent players in the sleep monitoring devices market.

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