Rotating machines (RMs) have vast applicability in almost all the industries in mechanical domain. Rolling element bearings (RBs) are the key elements to ensure that the RMs perform efficiently. RBs are highly prone to wear and tear which could have devastating consequences such as massive economic losses and accidents. In the past, many time-domain based condition-indicators such as root mean square (RMS), skewness and kurtosis, etc. have been proposed by researchers to diagnose the bearing faults and prevent RM failures. However, they are often insensitive to early stage faults, affected by outliers and possess poor degradation tracking characteristics. To overcome these shortcomings, this paper proposes a novel statistical feature extraction technique called as multiscale statistical moment (MSM) analysis, in combination with sparse autoencoder to detect the incipient faults as well as track the progression of wear. Firstly, the vibration signal are acquired from the bearings to be monitored. Secondly, the MSM features are extracted from the vibration signals. Thirdly, the MSM features corresponding to normal conditions are utilized to train the sparse autoencoder network. Fourthly, the MSM features corresponding to test conditions are supplied to the pre-trained sparse autoencoder model. The MSM technique offers the advantage that it extracts the fault properties contained in multiple time-scales of the vibration signals instead of a single time-scale only. Finally, the dissimilarity between the actual and predicted output is measured to obtain the bearing health indicator (BHI). The experimental results demonstrate that the suggested BHI detects the faults at early stages, possess better sensitivity and trends the bearing degradation more accurately as compared to the traditional techniques such as RMS, kurtosis, and BHI obtained with statistical moment features at single-scale only.