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:
|Sleep Tech Devices Market
|Market Size 2021
|USD 15,407 Million
|Market Forecast 2030
|USD 60,955 Million
|CAGR During 2022 - 2030
|2018 - 2030
|2022 - 2030
|By Product, By Gender, By Application, By Distribution Channel, And By Geography
|North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
|Key Companies Profiled
|Fitbit Inc. (Google LLC), Beddit (Apple Inc.), Koninklijke Philips N.V., Xiaomi, Oura Health Ltd., Sleep Shepherd LLC, Casper Sleep Inc., Dodow (LIVLAB), Cadwell Industries Inc., Eight Sleep, ResMed Inc., Dreem, Sleepace, Emfit Ltd., and Withings.
|Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis
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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
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
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
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
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
The Middle East & Africa (MEA)
Growing Number of Sleep Related Disorders Escalates North America Sleep Tech Devices Market Growth
Among all the regions, North America generated the largest sleep tech devices market revenue in 2021. Factors such as increasing incidences of chronic sleep disorders, a large percentage of obese people, a fast-paced lifestyle, and an increase in the geriatric population have all contributed to North America's industry leadership. According to the Sleep Foundation statistics, insufficient sleep affects nearly 35% of American adults, 25% of young children, and as many as 72% of high school students. Meanwhile, the Asia-Pacific region is likely to achieve the fastest growth rate throughout the forecast timeframe. The rising number of chronic patients, increasing awareness about sleep disorders, and growing obstructive sleep apnea cases in the region are all supporting the Asia-Pacific sleep tech devices industry.
Sleep Tech Devices Market Players
Some of the top sleep tech devices companies offered in the professional report include Fitbit Inc. (Google LLC), Beddit (Apple Inc.), Koninklijke Philips N.V., Xiaomi, Oura Health Ltd., Sleep Shepherd LLC, Casper Sleep Inc., Dodow (LIVLAB), Cadwell Industries Inc., Eight Sleep, ResMed Inc., Dreem, Sleepace, Emfit Ltd., and Withings.
The global sleep tech devices market size was USD 15,407 Million in 2021.
The projected CAGR of sleep tech devices market during the analysis period of 2022 to 2030 is 16.8%.
The prominent players of the global sleep tech devices market involve Fitbit Inc. (Google LLC), Beddit (Apple Inc.), Koninklijke Philips N.V., Xiaomi, Oura Health Ltd., Sleep Shepherd LLC, Casper Sleep Inc., Dodow (LIVLAB), Cadwell Industries Inc., Eight Sleep, ResMed Inc., Dreem, Sleepace, Emfit Ltd., and Withings.
North America held the dominating share for sleep tech devices during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for sleep tech devices during the analysis period of 2022 to 2030.
Growing prevalence of sleep disorders, rising elderly population, and growing technological advancements in the sleep tech devices drives the growth of global sleep tech devices market.
Based on product, wearables segment held the maximum share for sleep tech devices market in 2021.