USD 14.78 Billion
Global Sleep Tech Devices Market Size, Share, Growth Analysis, By Product(Wearables and non-wearables), By Application(Insomnia, obstructive sleep apnea) - Industry Forecast 2024-2031
Report ID:
SQMIG35G2241 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
62 |
Figures:
75
Global Sleep Tech Devices Market Insights
Sleep Tech Devices Market size was valued at USD 14.78 Billion in 2021 and is poised to grow from USD 17.31 Billion in 2022 to USD 61.2 Billion by 2030, at a CAGR of 17.1% during the forecast period (2023-2030).
The global sleep tech devices market has been experiencing significant growth in recent years, driven by the growing awareness about the importance of sleep for overall health and well-being. Increasing prevalence of sleep disorders, such as insomnia, sleep apnea, and restless leg syndrome, has further fueled the demand for sleep tech devices as people seek effective solutions to manage their sleep-related issues. Technological advancements and innovations have played a crucial role in propelling the market forward. Sleep tech devices now offer a wide range of features, including wearable sleep trackers, smart mattresses, sleep monitors, and sleep sound machines, all of which enhance the user's ability to monitor and optimise their sleep quality. The integration of artificial intelligence (AI) and machine learning algorithms in sleep tech devices has enabled personalised sleep analysis and recommendations, making them more effective and user-friendly. Furthermore, lifestyle changes and increasing stress levels have contributed to sleep disturbances among individuals of all age groups, driving the demand for sleep tech devices.
Additionally, the growing adoption of wearable devices and smart home technology has created a favourable environment for sleep tech devices to flourish. However, the market also faces some challenges. One major challenge is the accuracy and reliability of sleep tech devices. While advancements in technology have improved their performance, ensuring consistent and precise sleep data remains critical for accurate sleep analysis and recommendations. Moreover, the lack of standardisation and regulation in the sleep tech industry may pose challenges for consumers in choosing reliable and effective devices. Privacy and data security concerns are also significant challenges. Sleep tech devices collect sensitive health data, and ensuring the protection and secure storage of this information is essential to gain consumer trust. Additionally, the market's saturation and competition among various manufacturers can lead to price pressures, affecting profit margins and product differentiation.
US Sleep Tech Devices Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Wearables
Fastest Growth
Wearables
Growth Rate
17.1% CAGR
Global Sleep Tech Devices Market ($ Bn)
Country Share for North America Region (%)
Global Sleep Tech Devices Market By Product ($ Bn)
Global Sleep Tech Devices Market By Product (%)
To get more reports on the above market click here to Buy The Report
Global Sleep Tech Devices Market Segmental Analysis
The global sleep tech devices market is segmented on the basis of product, application , and region. In terms of product, the market is segmented into wearables and non-wearables. Based on categorization by application, the market is segmented into insomnia, obstructive sleep apnea, narcolepsy, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Sleep Tech Devices Market Analysis By Product
The global sleep tech devices market can be segmented by product into wearables and non-wearables. Among these segments, wearables are the dominant category in terms of market share. Wearable sleep tech devices, such as smartwatches, fitness trackers, and sleep monitoring bands, have gained widespread popularity due to their convenience and ease of use. These devices can be comfortably worn on the wrist, making them accessible for continuous sleep monitoring and activity tracking. They offer features like heart rate monitoring, sleep stage analysis, and personalised sleep insights, making them attractive to a broad range of consumers interested in monitoring and improving their sleep patterns.
On the other hand, the fastest-growing segment in the market is non-wearables. Non-wearable sleep tech devices include smart sleep pillows, smart mattresses, and sleep monitoring mats. These devices are placed on the bed or under the pillow and can provide valuable sleep data without requiring users to wear a device during sleep. Non-wearable sleep tech devices are gaining popularity due to their non-intrusive nature and ability to monitor sleep quality for multiple individuals sharing the same bed.
Sleep Tech Devices Market Analysis By Application
The global sleep tech devices market can be segmented by application into insomnia, obstructive sleep apnea, narcolepsy, and others. Among these segments, obstructive sleep apnea (OSA) is the dominant category in terms of market share. OSA is a prevalent sleep disorder characterised by repeated interruptions in breathing during sleep due to the relaxation of throat muscles. The increasing prevalence of OSA globally, coupled with growing awareness about the potential health risks associated with untreated sleep apnea, has led to a higher demand for sleep tech devices specifically designed to monitor and manage this condition. Continuous Positive Airway Pressure (CPAP) devices, in particular, are widely used as a standard treatment for OSA, and they often incorporate sleep tech features to track patient compliance and monitor therapy effectiveness.
On the other hand, the fastest-growing segment in the market is insomnia. Insomnia is another common sleep disorder characterised by difficulty falling asleep or staying asleep, leading to non-restorative sleep patterns. The rise in stress levels, busy lifestyles, and other factors affecting sleep quality have contributed to the growing prevalence of insomnia globally. As a result, there is an increasing interest in sleep tech devices that offer personalised sleep tracking, relaxation techniques, and sleep improvement recommendations to address insomnia-related issues. Sleep tech devices targeting insomnia management are gaining popularity among consumers seeking non-pharmacological solutions for sleep disturbances.
Global Sleep Tech Devices Market By Product, 2023 (%)
To get detailed analysis on other segments, Request For Free Sample Report
Global Sleep Tech Devices Market Regional Insights
North America is the dominant segment in terms of market share. The region's dominance can be attributed to the high prevalence of sleep disorders, the presence of well-established healthcare infrastructure, and the early adoption of advanced sleep technology. Additionally, growing awareness about the importance of sleep health, increasing disposable incomes, and a tech-savvy population have contributed to the widespread adoption of sleep tech devices in North America.
Asia-Pacific is witnessing rapid growth due to rising health consciousness, increasing disposable incomes, and expanding healthcare expenditure in countries like China, India, and Japan. As the awareness of sleep disorders and their impact on overall health increases in the region, there is a growing demand for sleep tech devices to monitor and manage sleep-related issues. Furthermore, the penetration of smartphones and wearable devices in the Asia-Pacific market has created a favourable environment for the adoption of sleep tech devices, making the region a key growth driver for the global market.
Global Sleep Tech Devices Market By Region, 2024-2031
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Global Sleep Tech Devices Market Dynamics
Sleep Tech Devices Market Drivers
Growing Awareness of Sleep Health
- Increasing awareness about the importance of good sleep health and its impact on overall well-being has driven the demand for sleep tech devices. Consumers are becoming more proactive in monitoring their sleep patterns and seeking solutions to improve their sleep quality.
Prevalence of Sleep Disorders
- The rising prevalence of sleep disorders, such as insomnia, obstructive sleep apnea, and narcolepsy, has created a significant market opportunity for sleep tech devices. These devices offer non-pharmacological approaches to monitor, manage, and improve sleep-related issues.
Sleep Tech Devices Market Restraints
Accuracy and Reliability Concerns
- The accuracy and reliability of sleep tech devices can vary among different products and brands. Inconsistent readings and performance issues may lead to consumer dissatisfaction and hamper market growth.
Privacy and Data Security
- Sleep tech devices collect sensitive health data, raising concerns about privacy and data security. Ensuring the protection and secure handling of this information is essential to gain consumer trust.
Request Free Customization of this report to help us to meet your business objectives.
Global Sleep Tech Devices Market Competitive Landscape
The global sleep tech devices market boasts a highly competitive landscape with a diverse array of players vying for market share. The market is characterised by the presence of numerous companies, ranging from established medical device manufacturers to technology giants and startups. These companies are actively engaged in developing and commercialising a wide range of sleep tech devices, including wearable sleep trackers, smart mattresses, sleep monitors, and sleep sound machines. The competition is further intensified by the continuous advancements in technology, driving companies to innovate and differentiate their products to meet the evolving consumer demands. Strategic collaborations, partnerships, and acquisitions are common in the sleep tech industry, as companies seek to expand their product portfolios, tap into new markets, and leverage complementary technologies. Moreover, marketing and promotional activities play a crucial role in establishing brand presence and gaining a competitive edge in the market.
Manufacturers and providers often engage in promotional campaigns, educational initiatives, and participation in industry events to showcase their products and services to potential customers. As the sleep tech market continues to evolve and gain traction, regulatory compliance, accuracy, data privacy, and customer trust have emerged as key factors shaping the competitive landscape. Companies that prioritise these aspects in their product development and business strategies are likely to gain a competitive advantage.
Sleep Tech Devices Market Top Player’s Company Profile
- ResMed Inc. - USA
- Philips Healthcare - Netherlands
- Fitbit, Inc. (Acquired by Google) - USA
- Garmin Ltd. - Switzerland
- Withings (A subsidiary of Nokia) - France
- Sleep Number Corporation - USA
- Emfit Ltd. - Finland
- Eight Sleep Inc. - USA
- Dreem - France
- Oura Health Oy - Finland
- Beddit Oy (Acquired by Apple Inc.) - Finland
- Natus Medical Incorporated - USA
- S+ by ResMed - USA
- Fisher & Paykel Healthcare Corporation Limited - New Zealand
- Sleepace - China
- Simba Sleep Limited - United Kingdom
- REM-Fit - USA
- Nightingale Smart Solutions Inc. - USA
- Beautyrest - USA
- SleepScore Labs - USA
Sleep Tech Devices Market Recent Developments
- In May 2023, Huawei Vietnam launched three new smartwatches: the Huawei Watch GT3 Pro, the Watch Fit 2, and the Watch Kids 4 Pro. These smartwatches are equipped with advanced features that can help users monitor their health, sleep, and activity levels. They can also send alerts for important events, such as medication reminders or early sleep alerts.
Global Sleep Tech Devices Key Market Trends
- Remote Sleep Monitoring: The COVID-19 pandemic accelerated the adoption of telemedicine and remote healthcare solutions, including remote sleep monitoring. Sleep tech devices with remote monitoring capabilities enable healthcare professionals to assess patients' sleep patterns and provide virtual consultations, enhancing access to sleep healthcare services.
- Growth of Non-Wearable Sleep Tech Devices: Non-wearable sleep tech devices, such as smart mattresses, sleep monitoring mats, and sleep sound machines, are gaining popularity. These devices offer non-intrusive ways to monitor sleep quality and create a comfortable sleep environment.
Global Sleep Tech Devices Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global sleep tech devices market analysis, North America continues to dominate the market, the rapid growth in the Asia-Pacific region signifies its emergence as a significant player in the sleep tech industry. The global sleep tech devices market has witnessed significant growth and transformation in recent years, driven by increasing awareness about the importance of sleep health and advancements in technology. Sleep tech devices, including wearable trackers, smart mattresses, sleep monitors, and sound machines, have gained widespread popularity as consumers seek to monitor, analyse, and improve their sleep quality. The integration of artificial intelligence, machine learning, and smart home technology has further enhanced the capabilities of these devices, providing personalised sleep insights and seamless connectivity with other smart devices. The COVID-19 pandemic accelerated the adoption of remote sleep monitoring solutions, allowing healthcare professionals to assess patients' sleep patterns remotely. Non-wearable sleep tech devices and smart home integration have emerged as key trends, offering non-intrusive monitoring options and enhanced user experience. However, the market faces challenges related to data privacy, accuracy, and standardisation. To succeed in this competitive landscape, companies must prioritise data security, user experience, and product innovation. As sleep health continues to gain importance globally, the Global Sleep Tech Devices Market is expected to see sustained growth, with a focus on personalised solutions and comprehensive sleep management. As sleep disorders and sleep-related concerns remain prevalent, sleep tech devices play a vital role in empowering individuals to take control of their sleep health and improve their overall well-being.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 14.78 Billion |
| Market size value in 2031 | USD 61.2 Billion |
| Growth Rate | 17.1% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Sleep Tech Devices Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Sleep Tech Devices Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Sleep Tech Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Sleep Tech Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Sleep Tech Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Sleep Tech Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Sleep Tech Devices Market Report Snapshots
Want to customize this report?
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATION
USA (+1) 351-333-4748
