Sleep Tech Devices Market - By Product (Wearables, Non-wearables), By Application (Insomnia, Obstructive Sleep Apnea, Narcolepsy) and By Distribution Channel (Sleep centers and fitness centers, Hypermarkets and supermarkets, E-commerce, Pharmacy and retai

Sleep Tech Devices Market - By Product (Wearables, Non-wearables), By Application (Insomnia, Obstructive Sleep Apnea, Narcolepsy) and By Distribution Channel (Sleep centers and fitness centers, Hypermarkets and supermarkets, E-commerce, Pharmacy and retail stores) & Forecast, 2023 - 2032

Global Sleep Tech Devices Market will depict steady growth throughout 2023-2032. Sleeping disorders have become increasingly prevalent among the aging population. As per the WHO, in China, it is estimated that more than 28% of the population will be 60 years and above by 2040. The increasing geriatric population and their susceptibility to sleeping disorders will propel the sales of sleep tech devices.

Tech players globally have been focusing on introducing products with advanced technological updates. For instance, in September 2022, Apple Inc. announced the launch of watchOS 9, which can estimate, when people are in REM, core, or deep sleep, and awake. Such innovations in the field are expected to strengthen the industry outlook over the next ten years.

The overall sleep tech devices market is divided on the basis of product, application, distribution channel, and region.

Non-wearable sleep tech devices market is anticipated to witness significant growth trends through 2032. Non-wearable sleep tech devices are much more convenient than their wearable counterparts, which may add to their popularity in the coming years. Moreover, many companies are emphasizing enhancing the existing capabilities of non-wearable sleep tech devices such as sleeping mats, mattresses, etc. For instance, in July 2022, Eight Sleep, the first-ever sleep fitness company, launched Pod 3 with a sensor system with 99% heart rate sensing accuracy to transform a bed into an advanced health platform. Such product rollouts will help streamline industry growth over the estimation period.

Based on application, the sleep tech devices market size from the narcolepsy segment recorded a valuation of over USD 3.5 billion in 2022. High prevalence rate of narcolepsy is likely to increase the demand for narcolepsy monitoring devices. As per the National Library of Medicine, the condition affects 1 in every 2,000 people in the U.S. and Western Europe. The clinical benefits offered by sleep tech devices in managing narcolepsy are likely to favor their adoption through 2032.

In terms of distribution channel, the market value from the e-commerce segment is expected to observe commendable growth over 2023-2032. High availability of a wide range of sleep tech devices at discounted prices and convenience has increased consumer preference for e-commerce platforms. Growing awareness and knowledge have increased the demand for quality products in online stores. Moreover, high flexibility and superior customer service have also made these stores popular, thus, driving segment growth.

Europe sleep tech devices market was worth USD 4.5 billion in 2022. Growing elderly population and their higher susceptibility to sleeping disorders have increased the demand for sleep tech devices in the region. According to Eurostat, in 2022, over one-fifth of the population in the region was 65 years and above. Moreover, growing need to provide low-cost healthcare services to patients in remote areas is further contributing to regional growth.