PALM BEACH, Fla., March 18, 2021 /PRNewswire/ -- Sleep tech devices industry is progressing rapidly to bring accurate and compact solutions to deliver quality sleep. Moreover, increasing demand for portable and efficient sleep therapeutic devices is expected to offer lucrative growth opportunities for industry players. Technological advancements such as development of advanced sleep tech beds and an array of wearables, will escalate the sleep tech devices market growth. This market is one of the very lucky few that have not been impaired by the global pandemic, in fact COVID-19 outbreak predicted to have no negative impact on demand of sleep tech devices. Several companies are focusing on developing sleep-aid technologies for enhanced patient care. Advanced sleep tech devices are majorly used for monitoring and enhancing sleep specifically for individuals suffering from insomnia, narcolepsy, and sleep apnea. Technologically upgraded sleep tech devices including head belts, rings, wearable smart watches, and sleep pads are available in the market. An article from Global Market Insights projected that the Sleep Tech Devices Market size, which exceeded USD 10.9 billion in 2019, is poised to achieve over 16.6% CAGR between 2020 and 2026. Rising awareness towards wearable and non-wearable devices is anticipated to boost the market expansion. Active companies in the markets this week include Hapbee Technologies, Inc. (OTCQB: HAPBF) (TSX-V: HAPB), Vivos Therapeutics, Inc. (NASDAQ: VVOS), Apria, Inc. (NASDAQ: APR), Inspire Medical Systems, Inc. (NYSE: INSP), Purple Innovation, Inc. (NASDAQ: PRPL).
The Global Market Insights report said that a surging demand for wearable devices will favor industry growth through that period. It added: "The wearables sleep tech devices market revenue is predicted to witness around 16% growth rate through 2026. Rising demand for wearable sleep tech devices due to introduction of technologically advanced sensors in compact form will stimulate the market demand. Additionally, these devices are affordable as compared to non-wearables. Several market players are focusing on introducing novel sleep tech devices that effectively diagnose and monitor patient's overall health and sleep patterns."
Hapbee Technologies, Inc. (OTCQB: HAPBF) (TSX-V: HAPB) BREAKING NEWS: Hapbee Advances Mechanical Engineering Phase of Bed-Related Product - Hapbee Technologies, Inc. ("Hapbee" or the "Company"), a wellness technology company developing the revolutionary Hapbee wearable, is pleased to provide an update on its patent-pending bed-related magnetic signal prototype (the " Product"), currently in the development stage.
"The mechanical engineering phase for our bed-related prototype is on schedule and progressing well. We are excited to share initial renderings of the Product as we work towards a functional proof-of-concept prototype, a key milestone in the Product development process," said Scott Donnell , CEO of Hapbee. "Thanks to initiatives like the upcoming World Sleep Day on March 19th, there is growing global awareness around the importance of optimizing healthy sleep habits – a core inspiration behind our Product."
Initial Product rendering is not final, not entirely to scale, and is subject to change as the prototype development program advances. More rendering images will be available on Hapbee.com. (CNW Group/Hapbee Technologies Inc.)
Preliminary Product Details and Timeline - With four coils in its industrial design, the Product is intended to be capable of delivering multiple magnetic fields across different parts of the body. Furthermore, the Company has narrowed down materials and soft goods selection for the Product's functionality, flexibility, and overall aesthetic. The prototype development program for the Product is scheduled to be completed in Q3 of this year.
Pending successful prototype development completion, the Product will transmit Hapbee signals such as Sleepy and Relax and offer scheduled signal playback functionality enabled via the Hapbee Companion App or a dedicated control panel. READ MORE INFO ON HAPB BY VISITING: https://www.equedia.com/hapbee-the-netflix-of-feelings/
Other recent developments in the markets include:
Vivos Therapeutics, Inc. (NASDAQ: VVOS), a medical technology company focused on developing and commercializing innovative treatments for patients suffering from sleep-disordered breathing, including mild-to-moderate obstructive sleep apnea (OSA), recently announced the opening of the first Pneusomnia clinic, a clinician-owned, integrated medical-dental sleep center featuring the Vivos System through its Medical Integration Division.
This first Pneusomnia clinic is located in Del Mar, Calif., and is owned and operated by a diverse group of local physicians led by Dr. Mimi Guarneri, cardiologist, founder and president of The Academy of Integrative Health and Medicine and an award-winning physician and researcher. The Company formally launched its Medical Integration Division in early 2020 to foster an environment where more medical doctors could work directly with dentists (including dentists who participate in the Vivos Integrated Practice program) for treating sleep disorders in patients. As part of the new sleep medicine center, patients receive treatment with the Vivos System, a clinically effective, non-surgical, non-invasive, non-pharmaceutical oral appliance treatment for mild-to-moderate sleep apnea. Unlike traditional solutions, including CPAP machines and surgical implants that treat sleep apnea's symptoms through lifetime intervention, the Vivos System typically does not require lifetime usage since it addresses sleep apnea's underlying cause, with a treatment plan that, on average, lasts only 18 to 24 months.
Apria, Inc. (NASDAQ: APR) recently released its fiscal fourth quarter and full year financial results on Tuesday, March 30, 2021 after the market closes. A replay of the call is be available via webcast for on-demand listening and will remain available for approximately 90 days.
Apria is a leading provider of integrated home healthcare equipment and related services in the United States, providing home respiratory therapy, obstructive sleep apnea treatment and negative pressure wound therapy. Its approximately 275 locations throughout the continental United States and Hawaii serve nearly 2 million patients each year. All of Apria's locations are accredited by The Joint Commission
Inspire Medical Systems, Inc. (NYSE: INSP), a medical technology company focused on the development and commercialization of innovative and minimally invasive solutions for patients with obstructive sleep apnea, recently announced receipt of U.S. Food and Drug Administration ("FDA") approval for an improved surgical implant procedure that eliminates one incision with a revised placement of the pressure sensing lead. This newly approved procedure will reduce the average procedure time for Inspire therapy by approximately 20 percent.
"Delivering consistent positive patient outcomes remains Inspire's number one priority, and the receipt of FDA approval for this two-incision procedure represents further evidence of our commitment to the continuous improvement of Inspire therapy," said Tim Herbert, President and Chief Executive Officer of Inspire Medical Systems. "The new procedure places the sensor in the intercostal muscles directly behind the neurostimulator pocket, thereby eliminating the need for a third incision lower on the chest and the additional requirement to tunnel the sensing lead under the skin to the neurostimulator. A number of ENT surgeons highly experienced with the current Inspire implant procedure initiated the development of this new surgical technique. With this approval, we now intend to leverage our broad network of leading ENT's to further improve the Inspire procedure and enhance therapy outcomes."
Purple Innovation, Inc. (NASDAQ: PRPL), a comfort innovation company known for creating the "World's First No Pressure ™ Mattress," recently announced results for the fourth quarter and year ended December 31, 2020. Fourth Quarter Financial Summary (Comparisons versus Fourth Quarter 2019): Net revenue increased 39.9% to $173.9 million as compared to $124.3 million; Gross margin was 47.2% compared to 47.7%; Operating expenses as a percent of net revenue were 42.9% as compared to 45.4%; Operating income increased 171.1% to $7.5 million as compared to $2.8 million; Net loss was $(2.1) million as compared to a net loss of $(12.7) million. Adjusted net income was $5.0 million, or $0.07 per diluted share as compared to $1.2 million, or $0.02 per diluted share.; EBITDA was $(7.7) million as compared to $(9.3) million. Adjusted EBITDA was $12.2 million compared to $5.8 million.
"We concluded an amazing year of profitable growth for Purple with a strong fourth quarter performance," said Joe Megibow, Chief Executive Officer. "Despite the many challenges in 2020, our teams leaned-in and executed successfully, including this holiday season, identifying and capitalizing on market opportunities while at the same time investing in future growth. With our coveted and innovative products, internal manufacturing capabilities, and omni-channel distribution strategy combined with effective marketing and promotional programs, we have doubled our share of the U.S. premium mattress market over the past two years. Fiscal 2021 is off to a solid start and we believe we are well positioned to build on our recent accomplishments and intend to continue investing in capacity expansion, innovation and company showrooms to further expand our market share for years to come."
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