Home Sleep Screening Devices Market Trend, Share, Growth, Size, Analysis and Forecast 2030

Home Sleep Screening Devices Industry Prospective:

The global home sleep screening devices market size was evaluated at $11 billion in 2022 and is slated to hit $15 billion by the end of 2030 with a CAGR of nearly 5.7% between 2023 and 2030.

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Home Sleep Screening Devices Market: Overview

Home sleep screening equipment is portable and user-friendly equipment utilized for monitoring & assessing the quality of sleep as well as sleep disorders in people. Furthermore, escalating demand for cost-efficient diagnostic alternatives has contributed majorly towards the size of the global home sleep screening devices market. Moreover, this equipment is used for detecting key sleep disorders including sleep apnea. Reportedly, these devices make use of sensors for measuring the parameters including oxygen saturation levels, heart rate, sleep movements, and breathing patterns.

Key Insights

• As per the analysis shared by our research analyst, the global home sleep screening devices market is projected to expand annually at the annual growth rate of around 5.7% over the forecast timespan (2023-2030)
• In terms of revenue, the global home sleep screening devices market size was evaluated at nearly $11 billion in 2022 and is expected to reach $15 billion by 2030.
• The global home sleep screening devices market is anticipated to grow rapidly over the forecast timeline owing to a rise in the cases of sleep apnea disorders.
• In terms of product type, the wearable segment is slated to register the highest CAGR over the analysis period.
• Based on indication, the obstructive sleep apnea segment is expected to dominate the segmental growth over the assessment timeline.
• Based on distribution channel, the online segment is expected to register fastest growth over the forecast timeline.
• Region-wise, the Asia-Pacific home sleep screening devices industry is projected to register the fastest CAGR during the assessment timeline.

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Home Sleep Screening Devices Market: Growth Factors

Surge in the frequency of sleep apnea diseases will proliferate the size of the global market by 2023

Rise in the cases of sleep apnea disorders is predicted to scale up the expansion of the home sleep screening devices market across the globe. Additionally, people having sleep disorders suffer from headaches, insomnia, hypersomnia, & snoring and this has translated into humungous demand for home sleep screening devices in recent years. An increase in the number of new players in the home sleep screening devices business has prompted the global market demand. In addition to this, a rise in the demand for wearable sleep monitoring equipment for home purposes will embellish the global market trends. New product launches are likely to contribute notably towards the global market proceeds in the years ahead. For instance, in May 2023, Acurable, a UK-based medical device firm, decided to launch AcuPebble equipment for diagnosing obstructive sleep apnea in the U.S. after receiving approval for the device from the U.S. FDA.

Home Sleep Screening Devices Market: Restraints

Lack of accurate diagnosis of sleep disorders can pose a threat to the global industry expansion by 2030

Probability of inaccurate diagnosis can tamper the growth of the global home sleep screening devices industry. Apart from this, unfavorable compensation policies of governments in the emerging economies can further shrink the growth of the industry across the globe.

Home Sleep Screening Devices Market: Opportunities

A surge in the aging populace susceptible to sleep ailments can generate new growth vistas for the market across the globe

A prominent rise in the geriatric population prone to sleep disorders can offer new opportunities for growth for the home sleep screening devices market globally in the years ahead.

Home Sleep Screening Devices Market: Challenges

Stringent regulations over product sales can impede the global industry surge over 2023-2030

Strict laws pertaining to the sale and use of the product can pose a huge challenge for the global home sleep screening devices industry in the years ahead.

Home Sleep Screening Devices Market: Segmentation

The global home sleep screening devices market is sectored into product type, indication, distribution channel, and region.        

In product type terms, the global home sleep screening devices market is segregated into sleep monitors, non-wearable, smart sleep equipment, and wearable segments. Furthermore, the wearable segment, which garnered nearly 61% of the global market revenue in 2022, is set to register the highest CAGR in the ensuing years. The expansion of the segment in the predicted timespan can be due to the portability of the wearable home sleep screening devices along with its ability to effectively diagnose heart rate, blood pressure, and ECG in patients.

Based on the indication, the global home sleep screening devices industry is sectored into obstructive sleep apnea, narcolepsy, insomnia, snoring, and parasomnia segments. In addition to this, the obstructive sleep apnea segment, which acquired a key part of the global industry share in 2022, is set to lead the global industry over the assessment timeline. The segmental expansion over the coming eight years can be due to a rise in the demand for product for accurately monitoring obstructive sleep apnea in patients.

Based on the distribution channel, the global home sleep screening devices market is divided into retail pharmacies, hospital pharmacies, online stores, and home sleep testing units segments. Moreover, the online stores segment is likely to register a massive growth over the forecasting period owing to a rise in the purchase of anti-storing equipment from online stores.

Home Sleep Screening Devices Market: Report Scope

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Home Sleep Screening Devices Market: Regional Insights

North America to retain its dominating position in the global home sleep screening devices market in the ensuing years

North America, which contributed about half of the global home sleep screening devices market share in 2022, will be a dominating region in the next eight years. In addition to this, the regional market surge over 2023-2030 can be due to the large-scale presence of manufacturers in the U.S. developing sleep connection wearables for people suffering from insomnia.

Asia-Pacific home sleep screening devices industry is set to register the highest CAGR in the years ahead owing to the large-scale presence of key players in countries such as India, Thailand, and China. Apart from this, the rise in the shift workers has enhanced the use of CPAP equipment, thereby driving regional industry trends.

Home Sleep Screening Devices Market: Competitive Space

The global home sleep screening devices market profiles key players such as:

• Garmin
• SleepWorks
• Koninklijke Philips N.V.
• Itamar Medical
• Dream Sleep
• Cleveland Medical Devices
• ResMed
• NovaSom
• ApneaMed
• VirtuOx

The global home sleep screening devices market is segmented as follows:

By Product Type

• Sleep Monitors
•  Non-Wearable
• Smart Sleep Equipment
• Wearable

By Indication

• Obstructive Sleep Apnea
• Narcolepsy
• Insomnia
• Snoring
• Parasomnia

By Distribution Channel

• Retail Pharmacies
• Hospital Pharmacies
• Online Stores
• Home Sleep Testing Units

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa