Description

The importance of sleep in maintaining general health and wellness is being rapidly recognized by healthcare providers and consumers. Good sleep is associated with increased productivity, vitality, and reduced susceptibility to chronic diseases. The maturing healthcare consumer has started including sleep quality as an important metric to track and is already seeking approaches that can help enhance it.

The sleep technology market is flooded with devices, sensors, wearables, and mobile apps that collect sleep data, along with other physiological and activity parameters. Sleep technology consists of a mix of stand-alone, dedicated solutions, as well as technologies integrated with wearables that track multiple parameters. Much like other healthcare wearables markets, the sleep technology market is flooded with small- and medium-sized companies offering modular solutions. Crowdfunding platforms have enabled start-ups to enter with innovative technologies that have the potential to change market paradigms. For the purpose of this research, the entire sleep ecosystem has been explored, including wearables, bed-based sensors, ambient devices, mobile apps, and software, with the goal of understanding how this ecosystem needs to evolve to serve current and future customer needs. The research found 2 major gaps in market offerings:
• Existing solutions only offer data capture and viewing with basic data analytics. Customers want personalized advice on how they can improve
their health and wellness through targeted sleep-enhancing measures.
• Existing solutions are fragmented, requiring human intervention to integrate data from various channels. A collective ecosystem of sleep
technologies is lacking.

The future of sleep technologies lies in placing the consumer in the centre and building a network of integrated devices and sensors around him/her that are smart, intuitive, and responsive. Data from sleep devices, sensors, and applications will play a critical role in patient data sets, as part of Big Data needs of providers, payers, and consumers in healthcare. Mobile app experience with sleep technology can bring with it a range of different approaches and data experiences based totally on user preference in the way they choose to interact with their data and insights.

Artificial Intelligence systems will be the new partner for consumers in their health. Capabilities such as Amazon Alexa can become an extended part of patient care teams both as an interface and a proactive partner focused on health, wellness, home, diet, and lifestyle suggestions. The key point is for vendors to work more closely and establish partnership models.

Key Questions Answered in this Study:
• What are the growth opportunities in sleep technology? What is the impact of the external industry environment on this market?
• Which are some unique companies that are introducing new and innovative solutions in the market?
• How do these companies intend to transform healthcare industry paradigms in the foreseeable future?
• What is their action plan and potential for growth?
• What are some key success factors in the sleep technology market?