Actigraphy Sensors & PSG Devices Market Revenue to Hit US$ 2 Billion, Growing at a 5.2% CAGR by 2033; Fact.MR Analysis

Rockville, May 08, 2023 (GLOBE NEWSWIRE) -- Actigraphy sensors and PSG devices are expected to see an increase in demand on a global scale between 2023 and 2033, with a CAGR of 5.2%. The global actigraphy sensors & PSG devices market is estimated to be worth US$ 1.2 billion in 2023 and is expected to grow to US$ 2 billion by 2033-end.

Medical equipment like actigraphy sensors and PSG units are generally used to diagnose sleep disorders like sleep apnea and idiopathic hypersomnia. The majority of individuals in industrialized countries are ageing and suffering from co-occurring ailments, which is increasing the demand for these gadgets and the need for insomnia therapies.

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Market Drivers:

• The rising prevalence of sleep disorders, such as insomnia, sleep apnea, restless leg syndrome, and narcolepsy, is a major driver for actigraphy sensors and PSG devices. These devices are essential for the diagnosis and monitoring of sleep-related conditions, driving the demand for the market.
• There is an increasing awareness among individuals about the importance of healthy sleep and the potential risks associated with sleep disorders. This has led to a higher number of people seeking diagnosis and treatment for sleep-related issues, thereby driving the demand for actigraphy sensors and PSG devices.
• Advances in technology have significantly improved the capabilities of actigraphy sensors and PSG devices. These advancements have led to the development of more accurate and user-friendly devices, including wearable sensors and wireless connectivity features.
• Ongoing research and development activities in the field of sleep medicine and neuroscience have led to the introduction of innovative actigraphy sensors and PSG devices. Researchers and manufacturers are constantly working on improving the accuracy, comfort, and ease of use of these devices, which has positively influenced market growth.
• There is a shift towards home sleep monitoring as it provides convenience and cost-effectiveness compared to in-lab sleep studies. Actigraphy sensors and portable PSG devices enable individuals to monitor their sleep patterns and identify potential sleep disorders in the comfort of their own homes.
• Actigraphy sensors and PSG devices are widely used in research studies and clinical trials focused on sleep disorders and related conditions. The need for accurate and reliable data collection during such studies has led to the increased adoption of these devices, thereby driving the market.

Market Restraints:

• Actigraphy sensors and PSG devices can be expensive, especially the advanced and high-quality models. The high cost of these devices can act as a restraint, limiting their adoption and accessibility, particularly in regions with limited healthcare budgets or lack of insurance coverage.
• Although reimbursement policies for sleep studies and related procedures have improved, there may still be limitations in coverage for actigraphy sensors and PSG devices. In some cases, reimbursement may not fully cover the cost of these devices, making them less affordable for patients and healthcare facilities.
• Actigraphy sensors and PSG devices may have certain technical limitations that can affect their performance and accuracy. Factors such as sensor positioning, data interpretation, and calibration can impact the reliability of the results obtained from these devices. Technical challenges can hinder the widespread adoption of these devices.
  

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Key Trends:

• There is a growing trend towards home sleep monitoring using actigraphy sensors and portable PSG devices. These devices enable individuals to monitor their sleep patterns in the comfort of their own homes, providing convenience and cost-effectiveness compared to traditional in-lab sleep studies.
• AI and ML technologies are being integrated into actigraphy sensors and PSG devices to enhance their capabilities. These technologies enable advanced data analysis, pattern recognition, and predictive modeling, leading to improved diagnosis and personalized treatment plans for sleep disorders.
• There is a significant trend toward the development of wearable actigraphy sensors that are more comfortable, user-friendly, and unobtrusive. These wearable devices can be worn on the wrist, like a wristwatch, or integrated into clothing or bedding.
  

Competitive Landscape:
The market is dominated by a few prominent companies that have a strong presence and extensive product portfolios. These companies include Koninklijke Philips N.V., ResMed Inc., Natus Medical Incorporated, Compumedics Limited, and SOMNOmedics GmbH. Moreover, companies in the market are investing in research and development activities to introduce technologically advanced products. They focus on improving the accuracy, reliability, and user-friendliness of actigraphy sensors and PSG devices.

Market players often engage in strategic collaborations, partnerships, and acquisitions to enhance their product offerings and expand their market reach. Collaborations with sleep clinics, research institutions, and healthcare providers enable companies to gather real-world data and insights, leading to product improvements and innovations.

Key Companies Profiled

• Cidelec
• Garmin Ltd.
• Aetna Inc.
• ResMed Inc.
• Compumedics, Ltd.
• Activinsights Ltd.
• Fitbit, Inc.
• SOMNOmedics GmbH

Actigraphy Sensors & PSG Devices Industry Research Segments

• By Product Type:
  • Actigraphy Devices
    • Wrist and Handband Actigraphy Devices
    • Wearable Actigraphy Devices
  • Polysomnography Devices
    • Fixed Polysomnography Devices
    • Portable Polysomnography Devices
• By Technology:
  • Wireless
  • USB
  • GPS
  • Others (Bluetooth LE, USB-to-lrDA)
• By Distribution Channel:
  • Retail Stores
  • Online Retail Stores
  • Pharmacies
  • Hospitals
  • Diagnostic Laboratories
  • Homecare Settings
• By Region:
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
    

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Key Questions Covered in the Actigraphy Sensors & PSG Devices Market Report

• What will be the estimated size of the Market in 2023?
• At what rate will the global Actigraphy Sensors & PSG Devices sales grow until 2033?
• Which are the factors hampering the Actigraphy Sensors & PSG Devices demand?
• Which region will spearhead the growth in the global industry by 2033?
• Which are the factors driving sales in the Actigraphy Sensors & PSG Devices Market during the forecast period?
  

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