According to the latest research by Future Market Insights (FMI), global sales of home sleep screening devices exceeded the revenues worth US$ 2.3 billion in 2018. Toward 2019, FMI expects the revenue to observe robust increase by around 7%. According to the report, a majority of revenue through sales of home sleep devices will be generated by retail stores, the most preferred distribution channel for home sleep screening devices manufacturers, followed by the online sales segment.
In terms of revenue, the wearable sleep screening devices account for the revenue share of over 65% in the overall home sleep screening devices market. However, the increasing affordability and adoption of non-wearable devices for continuous sleep tracking without physical contact with the device is estimated to fuel the growth of the non-wearable home sleep screening devices segment in the near future.
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Despite the fact that the rates of insurance reimbursement for home sleep studies are low, the convenience and portability offered by these devices compensate for the lack of reimbursement. A growing trend of using wearables as lifestyle devices is facilitating the demand for home sleep screening devices, and this is among the factors boosting the revenue generation of the home sleep screening devices market.
Prevalence of Sleep Related Disorders & Rising Number of Manufacturing Players Accelerating Market Reach of Home Sleep Screening Devices
The growing demand for sleep studies with home sleep screening devices can be attributed to the growing prescription numbers for home sleep tracking. Sleep disorders are affecting a large pool of population, which has boosted the awareness about these disorders and other related ailments. Increase in the prevalence of sleep disorders has led to an expansion of private care centres and hospitals. These sleep centres have increased awareness among people about the importance of tracking sleep patterns for better sleep. This is driving the usage of home sleep screening devices for sleep disorder cases, and subsequently increasing the revenue generation of the home sleep screening devices market.
Increasing number of manufacturers in the home sleep screening devices landscape and growing awareness among patients about sleep-related disorders will fuel the demand for home sleep screening devices across the globe. There has been a consistent increase in the number of local manufacturers of sleep tracker systems, as well as the availability of different types of trackers such as wristbands, headbands, tracker masks, and ring devices. This enables customers to choose from a range of products depending on the data they want to analyze and the type of wearable preferred by them, based on which they can opt for a product based on their affordability as well as medical feasibility. This is majorly contributing to the growth of the home sleep screening devices market.
Advancing Sleep Tracking Technology to Uplift Sales Potential of Sleep Screening Devices
The technology utilised in home sleep screening devices is based on the mapping of the REM sleep, heal rate, respiration patterns, and deep sleep. However, new home sleep screening devices are incorporating the same technology as the one used in Actigraphy and polysomnography devices. The growing trend of utilising a sleep tracker as a lifestyle accessory is estimated to promote the growth of the home sleep screening devices market.
Technological advancements in smart home sleep screening devices have led to the creation of hybrid devices that not only track activity, but also track sleeping patterns. These smart home sleep screening devices are capable of tracking fitness aspects such as the distance walked, calories consumed, heart rate monitoring, and can also track sleep patterns such as deep & light sleep and REM.
For instance, Fitbit, Inc.’s product Fitbit Ionic tracks fitness/activity as well as sleep patterns. It can record the REM, deep & light sleep, as well as provide tips for efficient sleeping patterns based on an individual’s lifestyle. Similar technological trends are estimated to eliminate the factors restraining the growth of the home sleep screening devices market.
The Consumer Electronics Association has collaborated with The National Sleep Foundation and formed “The Wearable Sleep Monitoring Equipment Group,” which is aimed at boosting the development of sleep technologies. This is also expected to improve the quality of wearable home sleep screening devices to ensure better data collection and storage. The introduction of certain new advancements and technologies are expected to create growth opportunities for the home sleep screening device market.
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The report tracks some of the key companies operating in the home sleep screening devices market, which include Fitbit, Inc., Koninklijke Philips N.V., Huami Corporation, Fossil Group, Inc., Garmin Ltd., Huawei Technologies Co., Ltd., ResMed Inc., Responsive Surface Technology, LLC, and Simmons Bedding Company LLC.
Global Actigraphy sensors and polysomnography devices Market by Type, Application, Regions and by Key Players, Forecast to 2026 documents an overview of the market trends, competitive structure, market shares of the competitors, market demands, market drivers, market restraints, and product analysis, and.
The report presents a detailed analysis of global Actigraphy sensors and polysomnography devices market size on regional and country-level, recent developments, segmentation market growth, strategic market growth analysis, opportunities analysis, and product launches.
Competitive landscape provides details by vendors, including company overview, global presence, company financials, market share, market potential, sales and revenue generated, price, consumption and production sales, SWOT analysis.DOWNLOAD SAMPLE REPORT: https://www.reportcrux.com/request-sample-report/Global-ACTIGRAPHY-SENSORS-AND-POLYSOMNOGRAPHY-DEVICES-MarketThe report highlights in-depth quantitative as well as qualitative insights, historical data, and market size projections till 2026.
It also gives a perspective on manufacturers, associations, specific organizations, industries, companies, and suppliers that work to expand their business worldwide.
Value chain analysis of the industry is explained in detail this providing a clear view of key mediators involved.
Key market players in the global Actigraphy sensors and polysomnography devices market, consist of Koninklijke PhilipsFitbitGarminAetnaResMedBMC MedicalActivinsightsSOMNOmedics GmbHRecorders & Medicare SystemsCompumedicsNatus MedicalActiGraph, LLCNox MedicalCleveland Medical DevicesCidelecMedicom MTDiHealth Labs Request for Research Methodology: https://www.reportcrux.com/research-methodology/Global-ACTIGRAPHY-SENSORS-AND-POLYSOMNOGRAPHY-DEVICES-MarketRegional Analysis:Based on region, the market report is segmented into five main regions i.e.
Instacart is the largest online grocery delivery platform serving more than 5500 cities throughout the USA and Canada.
With 45,000 retail store partners selling more than 500 million products on the platform, it generated a whopping revenue of $1.5 billion in 2020.
Instacart’s current market valuation has crossed $39 billion.
Users can order a variety of fruits, vegetables, dairy products, beauty care items, alcohol, beverages, seafood, office supplies, and other household essentials at affordable prices from the platform.Let us analyze how an app like Instacart maintains a high level of efficiency in order processingDue to the skyrocketing demand for grocery deliveries from customers, Instacart expanded its total workforce to 500,000 which was double the previous year.The backend systems of the platform were completely revamped to provide a seamless online grocery shopping experience.The chances of order cancellation were minimized by ensuring that the same goods available in the retail stores were also displayed on the app like Instacart.Low-stock items were filtered on a real-time basis to facilitate adequate inventory levels.New features such as “Leave at My Door Delivery”, “Order Ahead”, and “Mobile Checkout” were introduced to offer flexible shopping options for the customers.Additional guidelines were included related to safety measures, shipping, and injury protection.
The delivery executives were given additional incentives like a bonus program, better chances of promotion, and health insurance.Quantile regression techniques were utilized to ensure the timely delivery of groceries to the shoppers.
The fulfilment algorithm automatically updates itself with each new order.Artificial Intelligence (AI) was implemented to predict the future shopping behaviour and purchasing patterns of customers.How entrepreneurs benefit from Instacart Clone App Development?Developing a top-notch grocery ordering and delivery platform similar to Instacart will compel the entrepreneurs to spend a huge investment and time.
