Sleep Tech Devices Market Analysis And Forecast To 2032: By Product (Wearables, Non-wearables), Application (Insomnia, Obstructive Sleep Apnea, Narcolepsy) and Distribution Channel (Specialty Clinics, Direct-to-Consumer, Hospitals), And Region

Sleep Tech Devices Market Analysis And Forecast To 2032: By Product (Wearables, Non-wearables), Application (Insomnia, Obstructive Sleep Apnea, Narcolepsy) and Distribution Channel (Specialty Clinics, Direct-to-Consumer, Hospitals), And Region

The global Sleep Tech Devices Market was valued at USD 16.4 Billion in 2022 and it is anticipated to grow up to USD 95.8 Billion by 2032, at a CAGR of 19.3% during the forecast period.

Sleep tech devices are designed for monitoring and improving the outcome in patients with sleep disorders such as sleep apnea, insomnia, narcolepsy, etc.

Global Sleep Tech Devices Market Scope and Report Structure

Market Trends and Drivers

Increasing technological advancements in sleep trackers is one of the significant opportunities for the sleep tech devices market growth. Sleep trackers are becoming more sophisticated. For example, 2breathe is a smart device that is supposed to be worn around the waist before going to bed. The device can detect breathing and play tones to aid sleep, and it automatically shuts off when it detects snoozing. It's linked to an app that shows how one slept every morning. Beddit, on the other hand, is a sleep sensor that consists of a thin rectangle that is placed beneath sleeper sheets. It then monitors a variety of parameters, including sleep, varying sleep stages, respiration rate, heart rate, and more.

Market Restraints and Challenges

the market growth is limited by the strict regulations imposed on these devices. Additionally, high cost of these devices is another aspect that is expected to limit the industry growth. Furthermore, miniaturization of newly developed sleep trackers could generate numerous growth opportunities for the market in the coming years.

Global Sleep Tech Devices Market Segmental Overview

The report analyses the global Sleep Tech Devices Market based on product, application, distribution channel, and region.

Global Sleep Tech Devices Market by Product

Based on product, the market is bifurcated into wearables, and non-wearables. Sleep tech devices market from non-wearables segment accounted for xx% business share in 2022 and is set to register a significant CAGR through 2032 driven by growing demand for smart beds. This smart bed can monitor and modify its settings automatically to help sleep soundly all night. It adapts to one sleeping position in real time, gently conforming to side, back, or stomach profiles to make sleeping comfortable. The bed can also help fall asleep faster by warming feet.

Global Sleep Tech Devices Market by Applicatiion

Based on the application, the market is bifurcated into insomnia, obstructive sleep apnea, narcolepsy, and others. Sleep tech devices market from narcolepsy segment held nearly xx% revenue share in 2022. This is owing to the growing cases of narcolepsy. Narcolepsy is a chronic sleep condition that usually begins in adolescence and is characterized by extreme daytime sleepiness with serious repercussions for the patient. According to Journal of Clinical Sleep Medicine the cases of narcolepsy per 100,000 population increased by 14%, i.e., from 38.9 in 2013 to 44.3 in 2016. Such factors are expected to facilitate the demand for sleep tech devices and medication.

Global Sleep Tech Devices Market by Distribution Channel

Based on the distribution channel, the market is bifurcated into specialty clinics, direct-to-consumer, hospitals, and others. Sleep tech devices market from specialty centers segment will exhibit a CAGR of xx% during the forecast period. The demand for sleep tech devices has surged as the number of patients suffering from sleeping problems has also increased. Sleep difficulties are common among people with psychological illnesses, and often prefer to seek therapy at specialty clinics. Sleep tech devices, such as sleep trackers, are recommended by healthcare professionals working in specialist clinics to boost mental health in individuals. The segment is also likely to rise as people become more aware of sleep therapy sessions.

Geographical Analysis of Global Sleep Tech Devices Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. Among regional markets, the North America market accounted for the largest revenue share in the global market in 2022. North America is expected to be a dominant region in the Sleep Tech Devices Market owing to the rising geriatric population and the higher prevalence of sleeping disorders. The geriatric population is at higher risk of insomnia. According to the report published by the Sleep Foundation Organization in May 2022, around 35.2% of all adults in the United States reported sleeping on average for less than seven hours per night. Similarly, according to the report published by the American Academy of Sleep Medicine (AASM) in November 2021, around 75.0% of adults of age 65 and above suffer from insomnia symptoms and around 20.0% of preteens suffer from insomnia symptoms. Hence, these factors are anticipated to positively impact the market growth in this region.

Key product launches, the high concentration of market players or manufacturers' presence, and the high prevalence of sleep disorders in the United States are some of the factors driving the growth of the sleep tech devices market in the country. For instance, according to the report published by the Sleep Foundation Organization in May 2022, of major cities in the United States, Boulder, Colorado has the lowest percentage of adults who sleep less than seven hours per night, which is around 24.2%, Camden, New Jersey, and Detroit, and Michigan witnessed the highest rate, with 49.8% of adults in those cities reporting short sleep. Therefore, such a high prevalence of sleep disorders in the country is expected to surge the market growth over the forecast period.

Major Players in the Global Sleep Tech Devices Market

The key players in the Sleep Tech Devices Market are Casper Sleep Inc., Cadwell Industries Inc., Dreem, Beddit (Apple Inc.), Eight Sleep, Dodow (LIVLAB), Emfit Ltd., Fitbit Inc. (Google LLC), ResMed Inc., Koninklijke Philips N.V., Sleep Shepherd LLC, Oura Health Ltd., Sleepace, Xiaomi, Withings, among others.

COVID-19 Impact:

The pandemic imposed a positive impact on the sleep tech devices market. The pandemic has increased the rate of sleep disorders and insomnia among all age groups across the globe. For instance, according to the study titled, "The acute effects of the COVID-19 pandemic on insomnia and psychological symptoms" published in January 2021, the rate of insomnia increased to 34.0% - 36.0% among patients who have been diagnosed or at risk for COVID-19. Similarly, the study titled, “Assessment of Insomnia and Associated Factors Among Patients Who Have Recovered from COVID-19 in Vietnam” published in July 2022, stated that the patients who have recovered from COVID-19 in Vietnam are experiencing insomnia disorders. It also reported that around 9.92% of the COVID-19 recovered patients suffered from depression and around 26.5% of the recovered patients suffered from insomnia. Therefore, such studies indicate the outbreak of the pandemic has led to an increase in insomnia cases across the globe. Thus, the market witnessed positive growth during the pandemic.

Increasing cases of sleep disorders across the globe are anticipated to surge the market growth over the forecast period. For instance, according to the report published by the American Sleep Association (ASA) in January 2022, around 50.0 to 70.0 million adults in the United States suffers from sleep disorder every year. It also reported that each year around 30.0% to 40.0% of adults have symptoms of insomnia at some stage in their lifetime. Furthermore, it also reported that sleep disorders represent some of the most challenging medical conditions and affect 1 out of 3 people at some stage of their lives.

Recent Developments:

In May 2022, Huawei Vietnam launched three new generation smartwatches, Huawei Watch GT3 Pro, Watch fit 2 and Watch Kids 4 Pro. This smartwatch is equipped with advanced features such as health alerts, early sleep alerts, medication alerts, and positive mood and exercise volume information.

In February 2022, Redmi launched the Redmi Smart Band Pro equipped with features such as an AMOLED display and 50 meters of water resistance. In addition, it has a heart rate monitor and a SpO2 sensor that will enable blood oxygen monitoring and sleep monitoring.



Frequently Asked Questions

Q1. How big is the Sleep Tech Devices Market?

Ans. The global Sleep Tech Devices Market was valued at USD 16.4 Billion in 2022 and it is anticipated to grow up to USD 95.8 Billion by 2032, at a CAGR of 19.3% during the forecast period.

Q2. What is the Sleep Tech Devices Market growth rate?

Ans. The growth rate of the Sleep Tech Devices market is 19.3%

Q3. Which region holds a major market share for the market?

Ans. North America holds a major market share of the Sleep Tech Devices Market in 2022.

Q4. Which segment accounted for the largest Sleep Tech Devices Market share?

Ans. By distribution channel, the diagnostics segment accounted for the largest Sleep Tech Devices Market share.

Q5. Who are the key players in the kidney stones management market?

Ans. The global Sleep Tech Devices Market report includes players are Casper Sleep Inc., Cadwell Industries Inc., Dreem, Beddit (Apple Inc.), Eight Sleep, Dodow (LIVLAB), Emfit Ltd., Fitbit Inc. (Google LLC), ResMed Inc., Koninklijke Philips N.V., Sleep Shepherd LLC, Oura Health Ltd., Sleepace, Xiaomi, Withings, among others.

Q6. What are the factors driving the Sleep Tech Devices Market growth?

Ans. High prevalence of sleep disorders is expected to increase the demand for sleep tech devices are expected to drive global market revenue growth.

Q7. What are the key growth strategies of Sleep Tech Devices Market players?

Ans. The key growth strategies of Sleep Tech Devices Market players are product launch and product approval.

Q8. Which region will provide more business opportunities for the Sleep Tech Devices Market during the forecast period?

Ans. The Asia-Pacific region will provide more business opportunities for the Sleep Tech Devices Market during the forecast period.

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