Sleep Tech Devices Market Size, Share and Industry Analysis Report by Product (Wearables {Smart Watches and Bands}, Non-wearables (Sleep Monitors, Beds}), Gender (Male {<18, 18-36, 37-55, >55}, Female {<18, 18-36, 37-55, >55}), Application (Insomnia, Obst

Sleep Tech Devices Market Size, Share and Industry Analysis Report by Product (Wearables {Smart Watches and Bands}, Non-wearables (Sleep Monitors, Beds}), Gender (Male {<18, 18-36, 37-55, >55}, Female {<18, 18-36, 37-55, >55}), Application (Insomnia, Obstructive Sleep Apnea, Narcolepsy) and Distribution Channel (Specialty Clinics, Direct-to-Consumer, Hospitals), Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2030

The sleep tech devices market is anticipated to grow significantly by 2030 owing to rising occurrences of sleep disorders across the globe. In addition, technological advancements in sleep tech devices and availability in developing countries shall propel market growth further through the forecast timeline.

Sleep tech devices are used to monitor and enhance the sleeping experience. During the COVID-19 pandemic, the market was negatively impacted due to the shutdown of manufacturing and research units. However, ease in lockdown restrictions has boosted market growth in recent years.

Moreover, major participants in the industry have been engaging in strategic partnerships & collaborations and product enhancements, along with efficient R&D, thereby enhancing overall sleep tech devices market dynamics. For instance, in August 2020, Apple Inc., a multinational technology company, partnered with the University of California, Los Angeles, to commence a three-year study to examine how sleep, physical activity, and heartbeat relate to depression and anxiety by leveraging Apple’s watches, iPhones, and Beddit sleep monitors.

In another instance, in February 2021, Cadwell Industries Inc., a manufacturer of sleep hardware and software products, acquired the Sleepmate line of sleep diagnostic sensors from Danish healthcare firm Ambu A/S. The acquisition allowed Cadwell to offer Sleepmate products as part of its sleep diagnostic solutions to customers.

The sleep tech devices market has been bifurcated based on end-use, product, application, gender, and region. In terms of product, the market has been divided into non-wearables and wearables. The wearables segment is estimated to grow at over 17% CAGR through the review timespan as a result of increasing prevalence of sleep disorders such as insomnia and sleep apnea globally.

With respect to gender, the sleep tech devices market has been split into female and male. The female segment accounted for roughly $6 million valuation in 2021 owing to growing awareness regarding the benefits of quality sleep on health and well-being.

On the basis of application, the market has been classified into narcolepsy, insomnia, obstructive sleep apnea, and others. The narcolepsy segment held around 16% market share in 2021 owing to surging cases of narcolepsy globally.

With regards to end-use, the sleep tech devices market has been categorized into hospitals, specialty clinics, direct-to-consumer, and others. The direct-to-consumer segment was valued at more than $7 billion in 2021 and is anticipated to grow massively as direct-to-consumer is cost-effective and allows direct access to consumers through several channels.

In the regional frame of reference, the Latin America sleep tech devices industry accumulated around 8% market share in 2021. The market growth in LATAM is attributed to rising incidences of sleep disorders among the geriatric population in the region.