Global Sleep Tech Devices Market, By Product (Wearables and Non-Wearables), Gender (Male and Female), Application (Insomnia, Obstructive Sleep Apnea, and Narcolepsy), Distribution Channel (Specialty Clinics, Direct-to-Consumer, and Hospitals) – Industry Trends and Forecast to 2030.
Sleep Tech Devices Market Analysis and Size
The surging volume of patients suffering from sleeping disorders, the increasing prevalence of the geriatric population across the globe, changing lifestyle, and intake of unhealthy dietary supplements has escalated the anxiety and depression rate amongst youths, availability of innovative and technologically advanced sleep tech devices, increased in the adoption rate of sleep tech devices among females are some of the major as well as vital factors which will likely to augment the growth of the global sleep tech devices market in the projected timeframe.
Data Bridge Market Research analyses that the global sleep tech devices market, which was USD 17,285.34 million in 2022, would rocket up to USD 42,564.23 million by 2030 and is expected to undergo a CAGR of 16.8% during the forecast period. “Wearables” dominates the product segment of the sleep tech devices market owing to the high demand for this type of product. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Sleep Tech Devices Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Product (Wearables and Non-Wearables), Gender (Male and Female), Application (Insomnia, Obstructive Sleep Apnea, and Narcolepsy), Distribution Channel (Specialty Clinics, Direct-to-Consumer, and Hospitals)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of the Middle East and Africa (MEA) as a part of the Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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ResMed (U.S.), Philips (Netherlands), Withings (France), Fitbit (U.S.), Garmin (U.S.), Sleep Number (U.S.), Emfit (Finland), Dreem (France), Oura (Finland)., Beddit (Finland), SleepScore Labs (U.S.), Eight Sleep (U.S.), Neuroon (Poland), ZEEQ by REM-Fit (U.S.), Sleepace (China), SleepScore Labs (U.S.), Sleep Shepherd (U.S.)
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Market Opportunities
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Market Definition
Sleep tech equipment is an electronic system for people with sleep narcolepsy, insomnia, and apnea that is used to boost and monitor sleep. With wearable smart bands and watches, rings, headbands, sleep pads, earplugs, and beds, a range of technically enhanced sleep tech products is available. The main purpose of sleep tech devices is to provide insights into an individual's sleep habits and help identify potential sleep issues or disorders. They can track parameters like sleep duration, sleep stages (such as deep and REM sleep), sleep interruptions, heart rate, breathing patterns, and movement during sleep. Some advanced sleep tech devices may also offer features like smart alarms, sleep coaching, and personalized recommendations to improve sleep quality.
Sleep Tech Devices Market Dynamics
Drivers
- Increasing awareness of sleep health
There is a growing awareness of the importance of quality sleep for overall health and well-being. Sleep tech devices provide individuals with insights into their sleep patterns and help them understand the impact of sleep on their health. This increased awareness drives the demand for sleep tech devices as people seek to improve their sleep habits.
- Rising prevalence of sleep disorders
Sleep disorders such as insomnia, sleep apnea, and restless leg syndrome are becoming more common. Sleep tech devices can help individuals identify and monitor these disorders by tracking sleep parameters and providing data for diagnosis and treatment. As the prevalence of sleep disorders increases, the demand for sleep tech devices is also growing.
- Growing investment in healthcare facilities
Surging focus on improving the condition of healthcare facilities and improving the overall healthcare infrastructure is another important factor fostering the growth of the market. The rising number of partnerships and strategic collaborations between the public and private players about funding and application of new and improved technology further creates lucrative market opportunities.
Opportunity
- Technological advancements
The advancement of technology has led to the development of more sophisticated sleep tech devices. These devices now offer advanced sensors, artificial intelligence algorithms, and smartphone connectivity, enabling users to track and analyze their sleep data more accurately and conveniently. Technological advancements are driving the market by improving the performance and usability of sleep tech devices.
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Increasing adoption of wearables and smart devices
The popularity of wearable devices, such as smartwatches and fitness trackers, has increased. These devices often include sleep-tracking features, making it easier for users to monitor their sleep patterns without needing dedicated sleep tech devices. The increasing adoption of wearables and smart devices is fueling the growth of the sleep tech devices market.
Restraint/Challenge
- Accuracy and reliability
Sleep tech devices use sensors and algorithms to track and analyze sleep data. However, ensuring the accuracy and reliability of these devices can be a challenge. Variations in individual sleep patterns, device placement, and environmental factors can affect the accuracy of sleep measurements. Manufacturers need to continually improve the precision and reliability of their sleep tech devices to gain user trust and confidence.
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User compliance and engagement
Sleep tech devices require users to wear or place the device consistently during sleep. However, user compliance can be challenging as some individuals may find wearing or using sleep tech devices uncomfortable or inconvenient. Additionally, maintaining user engagement over time can be difficult, as individuals may lose interest or forget to use the device regularly. Manufacturers must focus on designing user-friendly, comfortable, and engaging sleep tech devices to overcome these challenges.
This global sleep tech devices market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Sleep tech devices Market contact Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.
Recent Development
- In 2021, ResMed introduced the AirSense 11, a CPAP (continuous positive airway pressure) device that utilizes advanced algorithms and machine learning to provide personalized and adaptive therapy for sleep apnea patients. It also features integrated humidification and wireless connectivity for remote monitoring
- In 2020, Philips launched the SmartSleep Deep Sleep Headband, a wearable device that uses audio tones to enhance deep sleep. It is designed to help individuals improve the quality of their sleep and wake up feeling refreshed.
Global Sleep Tech Devices Market Scope
The global sleep tech devices market is segmented based on product, gender, application, and distribution channel. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and insights to help them make strategic decisions for identifying core market applications.
Product
- Wearables
- Non-wearables
Gender
- Male
- Female
Application
- Insomnia
- Obstructive Sleep Apnea
- Narcolepsy
Distribution Channel
- Specialty Clinics
- Direct-to-Consumer
- Hospitals
Global Sleep Tech Devices Market Regional Analysis/Insights
The global sleep tech devices market is analysed and market size insights and trends are provided by country, product, gender, application, distribution channel as referenced above.
The countries covered in the market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America is expected to dominate the market because of the strong base of healthcare facilities, the strong presence of major players in the market, and the rising number of research activities in this region.
Asia-Pacific is expected to witness significant growth during the forecast period of 2023 to 2030 due to the increase in government initiatives to promote awareness, rise in healthcare facilities, growing research activities in the region, availability of massive untapped markets, large population pool, and the growing demand for quality healthcare in the region.
The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for the sleep tech devices Market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the Sleep tech devices Market. The data is available for historic period 2015-2020.
Competitive Landscape and Sleep tech devices Market Share Analysis
The sleep tech devices market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the global sleep tech devices market.
Some of the major players operating in the sleep tech devices market are:
- ResMed (U.S.)
- Philips (Netherlands)
- Withings (France)
- Fitbit (U.S.)
- Garmin (U.S.)
- Sleep Number (U.S.)
- Emfit (Finland)
- Dreem (France)
- Oura (Finland)
- Beddit (Finland)
- SleepScore Labs (U.S.)
- Eight Sleep (U.S.)
- Neuroon (Poland)
- ZEEQ by REM-Fit (U.S.)
- Sleepace (China)
- SleepScore Labs (U.S.)
- Sleep Shepherd (U.S.)
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