Sleep Tech Devices Market Size, Share, Growth Analysis, By Product(Wearables and non-wearables), By Application(Insomnia, obstructive sleep apnea) - Industry Forecast 2024-2031

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 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. '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'

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.

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.

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.