Actigraphy sensors are devices used for regulating and analyzing users’ physical movements during the REM cycle. They are small and compact, track information using physical motion, and are often worn on the wrist, ankle, neck, or body. These sensors are often deployed on the assumption that when an individual sleeps, their body activity can reduce. This reduction can be used as an indicator for diagnosing sleeping disorders. The primary drivers for the global actigraphy sensors and PSG devices market are rising populations suffering from sleeping disorders and the increasing prevalence of insomnia. According to the National Center for Biotechnology Information and the U.S. National Library of Medicine, more than 6% to 15% of the general population suffers from insomnia. Additionally, the rising number of people suffering from a disturbed sleep cycle will further fuel the sales of these devices during the forecast period. However, regulatory compliance surrounding wearable technology is expected to cause constraints for the global actigraphy sensors and PSG devices market during the forecast period.
- One major trend Credence Research Inc. is expected to see in the actigraphy sensors and PSG devices market is the increasing prevalence of sleep disorders and poor lifestyles. These factors are expected to drive sales for the global actigraphy sensors and PSG devices market in an inflated manner.
- Another trend that Credence Research Inc. predicts will continue in the actigraphy sensors and PSG devices market is the rising prevalence of undiagnosed sleep disorders among the working population, along with innovations and adaptation of new technology among the general population. Additionally, the expansion of the healthcare structure, rising patient population, and significant expansions in health awareness, assessment, and expenditure will fuel the growth of these devices during the forecast period.
Economic Impact Analysis
Industries start to suffer when the economy slows down. The actigraphy sensors and PSG devices report, 2017-2030, consider the predicted consequences of the economic downturn on the pricing and accessibility of the services.
According to the Credence Research Inc. market report, the recession will impact the global actigraphy sensors and PSG devices market. British consultancy’s annual World Economic League Table estimates that the global economy will surpass USD 100 trillion in 2022. However, this economic growth is expected to be stalled in 2023 as policymakers are expected to keep fighting over rising prices. The report concludes that the IMF’s current forecast is more pessimistic. The IMF warned that a third of the global economy will contract and that there is a 25% chance that the global GPD will grow by less than 2% in 2023. The global actigraphy sensors and PSG devices market will be affected in sales by a smaller margin.
- Ukraine-Russia War Impact
The ongoing conflict between Russia and Ukraine is expected to worsen during the forecast period regarding economic impact. The global economy is expected to slowdown in growth due to the massive and historic shocks triggered by Russia’s war of aggression against Ukraine. Factors such as increasing inflationary pressures, lowering confidence and household purchasing power, and increasing risks worldwide are expected to harm revenue in the global actigraphy sensors and PSG devices market. Supply chains are expected to be disrupted to some extent; however, the market is expected to be partially in ruins due to increasing consumer interest.
- China COVID Outburst December 2022
A high-level meeting between WHO and Chinese officials about the current surge in COVID-19 cases for seeking further information and offering WHO’s expertise and support. High-level officials from China’s National Health Commission and the National Diseases Control and Prevention Administration briefed WHO on China’s evolving strategy and actions. These areas include epidemiology, monitoring of variants, vaccination, clinical care, communication, and R&D. The current situation in China is expected to surge during the forecast period as the WHO recommends that China share virus sequencing information. This has led to a decreased supply in production of actigraphy sensors and PSG devices during the forecast period.
In 2022, North America will occupy the largest actigraphy sensors and PSG devices market in terms of revenue and share. Factors include the continuously increasing prevalence of insomnia and the rising number of people suffering from a disturbed sleep cycle in the region. Also, factors such as increasing disorders arising from minor sleep disturbances, including insomnia and chronic sleep disorders, will contribute to the incremental growth in the region. The United States is expected to contribute the largest market share in the North American region due to consumers seeking diagnostics services to treat sleeping disorders accurately.
Our client wanted a rundown of the global actigraphy sensors and PSG devices’ complete market scenario and its impact on revenue and supply chains during the ongoing Ukraine-Russia conflict. The client was looking to expand production capacities in Europe.
The client wanted to expand their market by expanding production and merging with a regional European player to take over the acquired consumer base. However, since the Russia-Ukraine conflict is close to the production facility, the client wanted to know about the upcoming trends and demand from the targeted consumer base.
The client got in touch with Credence Research Inc., which assisted the client in growing its business to increase its revenues in the actigraphy sensors and PSG devices market. The report “Global Actigraphy Sensors and PSG Devices Market’, 2017-2030,” published by Credence Research Inc. in 2023, wherein the client was presented with a complete market study that encompasses the current and future market value, ongoing and historical trends, key product portfolio, Porter’s five forces analysis, and supply chain analysis of various products.
Credence Research Inc.’s thorough analysis of the actigraphy sensors and PSG devices market in its report titled “Actigraphy Sensors and PSG Devices Market By Product (Actigraphy Devices, Polysomnography Devices) By Technology (Wireless, USB, GPS) By Distribution Channel (Retail Stores, Online Retail Stores, Pharmacies) – Growth, Future Prospects, And Competitive Analysis, 2016 – 2028” assisted the client in their understanding of the current market status. A thorough analysis of the report provided the client with a proper understanding of the market’s risks and guidance in navigating the risks.