Sleep Tech Devices Market Analysis - Global Industry Size, Share, Trends and Forecast 2022 - 2030

The Global Sleep Tech Devices Market size was valued at USD 15,407 Million in 2021 and is estimated to reach the value of USD 60,955 Million by 2030, growing at a CAGR of 16.8% from 2022 to 2030.

The sleep tech devices market revenue is rapidly generating on account of the rising incidences of sleep disorders across the world. In addition to that, the growing adoption of wearable devices is one of the leading sleep tech devices market trends boosting the demand throughout the projected period.

Sleep devices are tools that help the user understand individual sleep patterns to improve sleep and optimize daytime performance or treat sleep problems such as sleep disorders. Some of these sleep aids are worn by the user while sleeping. The majority of sleep monitoring tech work by using sensors on a gadget to collect and summarise information about the sleeper. While lab-based sleep tests record patterns directly through activity in the brain, sleep devices use sensors that detect other physical signs such as heart rate and body movement. Wearable devices collect data on the sleeper all through the night, whereas other trackers may be placed under the mattress, on the mattress, or next to the bed to collect data invisibly. Almost all sleep trackers send this information to a device, which then runs it through a method to analyze and display the results.

Sleep Tech Devices Market Dynamics

Market Growth Drivers:

• Growing prevalence of sleep disorders
• Rising elderly population
• Growing technological advancements in the sleep tech devices
• Growing adoption of wearable technology

Market Restraints:

• Strict regulatory framework
• High cost of sleep tech devices

Market Opportunities:

• Increasing awareness regarding the sleep tech devices in emerging countries
• Miniaturization of newly developed devices

Report Coverage

Increasing cases of sleep disorders throughout the world is the primary factor fueling the sleep tech devices market growth. Inadequate sleep is common across various age groups globally and is considered a public health epidemic that is frequently unrecognized, under-reported, and has rather high economic costs. Inadequate sleep causes body systems to malfunction, increasing the likelihood of cardiovascular morbidity, diabetes mellitus, obesity, cognitive function derailment, vehicular accidents, and workplace accidents. Inadequate sleep is linked to a variety of negative health and social outcomes, which include poor academic and labor-force performance. Sleep deprivation has been linked to seven of the top fifteen causes of death in the United States, including cardiovascular disease, diabetes, malignant neoplasm, accidents, cerebrovascular disease, hypertension, and septicemia.

The rising technological advancements in sleep tracking technologies are also driving the sleep tech devices market share. Companies in the industry are concentrating on developing new advanced sleep technology to improve sleep quality and better manage sleep disorders. Currently, numerous sleep technologies are being introduced to the public, primarily to provide various solutions to largely tech-induced sleep issues. According to sleep tech devices industry analysis, the rising number of old people are majorly impacted by sleep disorders, thereby fueling the demand.

However, strict regulatory frameworks and the high cost of sleep tech devices are acting as a major hindrance to the market. Moreover, the miniaturization of new devices is expected to gain significant traction throughout the forecast timeframe. With technological advancements and miniaturization, it has become easy for users to wear and track their body movements and sleep timings. Many of these new tools monitor the sleeper using motion sensors, microphones, and cameras. Some of them use temperature and light sensors. Furthermore, some of the more recent sleep wearables make use of electrodes and other sensors attached to the body.

Sleep Tech Devices Market Segmentation

The global sleep tech devices market segmentation is based on product, gender, application, distribution channel, and region.

Market by Product

• Wearables
  • Smart Watches and Bands
  • Others
• Non-Wearables
  • Beds
  • Sleep Monitors
  • Others

Based on product, the wearables segment held a notable sleep tech devices market value in 2021 and is anticipated to do so in the forecasted years 2022 – 2030. Wearable technology is booming as part of the digital health revolution, producing a slew of novel, highly sophisticated, and reasonably priced consumer devices that collect data from multiple sensors and claim to extract information about users' behaviors, including sleep. In addition to activity, these devices can now capture various bio-signals for determining heart rate and variability, skin conductance, and temperature. They operate continuously, generating massive datasets (Big Data), with the potential to provide an unprecedented window into users' health. As a result, the sleep tech devices market forecast that wearable devices will fuel the demand for the industry in the coming years.

Market by Gender

• Male
• Female

The male gender gathered a significant amount of industry share during the forecast timeframe from 2022 to 2030. This increase can be attributed to increased stress and a hectic work or travel schedule, which leads to sleep disorders in men. In addition, the prevalence of sleep apnea is witnessed higher in middle-aged men as compared to women, which also fuels the demand. However, due to major hormonal transitions in a woman's life, e.g. pregnancy, menstruation, and menopause, the female segment is expected to grow at a significant rate in the coming years.

Market by Application

• Insomnia
• Obstructive Sleep Apnea (OSA)
• Narcolepsy
• Others

The obstructive sleep apnea (OSA) disorder acquired the maximum sleep tech devices market share in 2021 due to the increasing cases of sleep apnea among populations all over the world. Obstructive sleep apnea is a type of sleep disorder in which a person's breathing stops involuntarily due to excessive throat muscle relaxation. Such breath pauses occur several times throughout the night, resulting in disrupted and poor quality sleep. Age is also a factor in the prevalence of OSA, with individuals between the ages of 18 and 60 being more at risk. According to the American Academy of Sleep Medicine (AASM), the likelihood of obstructive sleep apnea rises with age, from 2% in females at the age of 30 to 28% at the age of 60. For males, the figures rise from 4% at the age of 30 to 67% at the age of 60.

Market by Distribution Channel

• Direct-to-Consumer
• Hospital
• Specialty Clinics
• Others

According to our analysis, the specialty clinics and hospitals segment will account for a considerable share of the sleep tech devices industry in 2021. This is credited because sleep tech devices are generally referred by healthcare professionals, which are primarily provided by hospitals and specialty clinics. However, the direct-to-consumer segment will witness a substantial growth rate due to the increasing adoption of online ordering. Many people prefer wearable devices such as smartwatches and bands that are easily available on e-commerce websites, thereby driving the direct-to-consumer segment demand.

Sleep Tech Devices Market Regional Outlook

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Latin America

• Mexico
• Brazil
• Rest of Latin America

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

The Middle East & Africa (MEA)

• Gulf Cooperation Council (GCC)
• South Africa
• Rest of the Middle East & Africa