A recent development in the market for sleep technology devices is the growing adoption of wearable technology. The rising prevalence of sleep disorders among people is also a major factor driving the global market for sleep technology devices.
Covid-19 Impact & Market Status
Many different populations, including healthcare workers, COVID-19 infected people, and the general population, have experienced psychological and sleep issues as a result of the COVID-19 pandemic. Prior to 2020, respiratory illnesses were the fourth most frequent cause of death. However, respiratory infections caused a greater number of fatalities after the novel coronavirus outbreak. The World Health Organization (WHO) reports that as of April 16, 2021, there were more than 137,866,000 known COVID-19 cases and more than 2,965,000 COVID-19 fatalities worldwide.
The prevalence of COVID-19 has been linked in previous studies to significant psychological anxiety and key signs of mental illness. The unexpected onset of a life-threatening illness puts a tremendous strain on healthcare workers. Because of the illness, high risk of death, and adjustment to irregular work schedules and regular shifts, healthcare workers may have trouble falling asleep. Demand for sleep technology devices increased as a result of the sudden rise in sleeping disorders, but the market did poorly as a result of lockdown procedures and the closure of manufacturing facilities. However, as the lockdowns were lifted and production facilities resumed full operations, our study of the sleep tech devices market found that supply and demand were both restored:
The Wearable Product to Emerge as the Most Lucrative Segment
The Fastest Growth is Anticipated in Applications from People Under 45 and for Sleep Apnea
According to the application, the market for sleep technology devices is anticipated to experience the fastest growth in the sleep apnea category. Health problems like obesity and excess weight as well as rising stress levels can be blamed for this. For instance, RT magazine reports that there are more than 936 million sufferers of sleep apnea worldwide. According to age, the market segment for those under 45 is anticipated to grow at the fastest rate during the forecast period. This is primarily due to the fact that this age group's members are more tech-savvy and use technology more quickly than those in other age groups. They can quickly learn and master new technology.
The Female Segment appears as the most emerging Gender
Based on gender, the market has been split into male and female sectors. The female group is predicted to grow at the highest CAGR during the planning horizon. This increase can be linked to both the rising prevalence of sleep disorders in women and the increased knowledge of sleep technology gadgets.
The Most Popular Distribution Channel is the Specialty clinics Segment
Specialty clinics, Direct-to-Consumer, and Hospitals are the market segments based on distribution channels. Throughout the projection timeframe, speciality clinics are predicted to boost at the greatest Rate. In addition to the availability of specialised services for sleep disorders, this growth can be attributed to the rising number of sleep disorder cases being diagnosed at these clinics.
The North American Sleep Tech Devices Market is expected to dominate the global market
North America is predicted to take the lead in the global market for sleep technology devices in 2021 and hold that position through 2027. The demand for sleep technology devices in the North American market is anticipated to rise as a result of factors including the rising prevalence of sleep disorders like narcolepsy and the surge in technologically advanced sleep tech device launches in the United States. The National Institute of Neurological Disorders and Stroke's most recent statistics, which were released in 2022, indicate that between 135,000 and 200,000 people in the United States are thought to have narcolepsy. As a result, sleep tech devices are used to monitor sleep and related disorders, which increases demand for sleep tech devices and drives the overall market growth during the forecast period of 2019-2029.
These devices provide a variety of health benefits, including increased productivity, improved concentration, and a lower risk of cardiovascular disease. In addition, the prevalence of sleep disorders has increased as people's lifestyles around the world change. Sleep technology devices assist people in controlling and managing sleep disorders.
There are several significant and important factors that will likely contribute to the growth of the sleep technology market, including the rising number of patients with sleeping disorders, the prevalence of geriatrics around the world, changing lifestyles and the consumption of unhealthy dietary supplements, which has increased the anxiety and depression rates among young people, the availability of cutting-edge and technologically advanced sleep tech devices.
The increasing technological development of sleep trackers is one of the key opportunities for the market growth of sleep technology devices. Sleep monitors are becoming more advanced. Insomnia is becoming more commonplace in the world, which is one of the major factors driving the market for sleep technology devices. For example, according to sleep advisor data published in 2021, approximately 30% of the population in the United States suffers from insomnia, with 10% of them suffering from chronic insomnia. As the prevalence of insomnia rises, so would the acceptance of sleep technology devices, which can monitor sleep patterns. As a result, this may increase consumer demand for sleep technology products, fueling the expansion of the market for these products globally.
Perfect sleep is essential for good physical and mental health. These devices provide a variety of health benefits, including increased productivity, improved concentration, and a lower risk of cardiovascular disease. Companies in the global market for sleep technology devices are concentrating on creating new, cutting-edge sleep technology to enhance sleep quality and more effectively manage sleep disorders. Sleep technology devices assist people in controlling and managing sleep disorders. Additionally, during the forecast period, increasing consumer awareness of sleep etch devices will spur further market expansion. The prevalence of sleep disorders is rising, people are becoming more aware of the negative effects of untreated sleep apnea, and oral appliances are becoming more and more popular.
Smart devices called "sleep tech" are used to track, monitor, and improve the quality of sleep of people with sleep disorders like sleep apnea, narcolepsy, and insomnia. These tools enable users to help understand one‘s sleep patterns, which helps them get a better night's sleep and function better during the day. By monitoring a person's movement, sleep patterns, heart rate, and blood oxygen levels, sleep technology devices can estimate their state of sleep with the aid of sensors.
The likelihood of developing sleep disorders like Periodic Limb Movements in Sleep (PLMS), Obstructive Sleep Apnea (OSA), and others rises with age. Due to the rising elderly population, the market for sleep technology devices will grow overall during the forecast period. Due to the rising elderly population, the market for sleep technology devices will grow overall during the forecast period. Due to their ability to track sleep patterns, sleep technology devices may become more and more popular as insomnia becomes more common. As a result, this may increase consumer demand for sleep technology products, fueling the expansion of the market for these products globally.
At a CAGR of 16.5% over the projected period, the market for sleep technology devices is anticipated to increase from USD 4.8 billion in 2019 to USD 14.9 billion by 2029. This development can be ascribed to the rising incidence of sleep disorders, increased public knowledge of the advantages of sleep technology, and breakthroughs in sleep technology.
The market's expansion is being constrained by the stringent rules put in place for these devices. The high price of these devices is another aspect whose impact on industry growth is anticipated. The miniaturisation of freshly created sleep trackers may also present a wide range of potential opportunities for the market in the approaching years. Whereas the industry is anticipated to expand dramatically over the next several years due to greater awareness and the creation of new goods.
The research report "Global Sleep Tech Devices Market" will provide useful information with a global focus. Nihon Kohden Corporation, Inc., Eight Sleep, Compumedics, Dodow, Oura Health, and Apple Inc. There are three main competitors: Xiaomi, Nokia, and Apollo Neuroscience, Inc.
Recent Developments in the Global Market for Sleep Technology Devices: A Snapshot
The Vivosmart 5 fitness band from Garmin, a large multinational technology company with headquarters in Switzerland, will be released in India in June 2022. It has health features like sophisticated sleep monitoring (with sleep stages).
In June 2022, the Force X10E, a new smartwatch with features like sleep monitoring, will be released in India by the Indian electronics company pTron.
Amazefit, a smart wearable brand, will launch the GTS 2 smartwatch in India in June 2022, with special features such as sleep monitoring.
Samsung, the world's largest manufacturer of electronic devices, will launch the Galaxy Fit 2 fitness tracker in India in October 2020, which will include sleep monitoring.
Sleep Tech Devices Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2029||USD 14.9 billion|
|Growth Rate||CAGR of 16.5% during 2021-2029|
|Segment Covered||Product, Application, Gender, Distribution Channel, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Nihon Kohden Corporation, Inc., Eight Sleep, Compumedics, Dodow, Oura Health, and Apple Inc. There are three main competitors: Xiaomi, Nokia, and Apollo Neuroscience, Inc.|
Key Segments of the Sleep Tech Devices Market
Product Overview, 2019-2029 (USD Billion)
Application Overview, 2019-2029 (USD Billion)
- Obstructive Sleep Apnea
Gender Overview, 2019-2029 (USD Billion)
Distribution Channel Overview, 2019-2029 (USD Billion)
- Speciality Clinics
- Direct to consumer
Regional Overview, 2019-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa