Sleep Tech Devices Market

Sleep Tech Devices Market

Sleep Tech Devices Market to Reach US$ 95.8 Bn by 2032, driven by high prevalence of sleep disorders is expected to increase the demand for sleep tech devices: Global Insight Services

New York, March 2023: According to a new research study by Global Insight Services (GIS), the global Sleep Tech Devices Market is expected to grow rapidly over the next 10 years to reach a value of more than the US $ 95.8 Billion by 2032.

Sleep tech devices are designed for monitoring and improving the outcome in patients with sleep disorders such as sleep apnea, insomnia, narcolepsy, etc.

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Sleep Tech Devices Market: Key Trends and Drivers

Increasing technological advancements in sleep trackers is one of the significant opportunities for the sleep tech devices market growth. Sleep trackers are becoming more sophisticated. For example, 2breathe is a smart device that is supposed to be worn around the waist before going to bed. The device can detect breathing and play tones to aid sleep, and it automatically shuts off when it detects snoozing. It’s linked to an app that shows how one slept every morning. Beddit, on the other hand, is a sleep sensor that consists of a thin rectangle that is placed beneath sleeper sheets. It then monitors a variety of parameters, including sleep, varying sleep stages, respiration rate, heart rate, and more.

Sleep Tech Devices Market: Restraints & Challenges

the market growth is limited by the strict regulations imposed on these devices. Additionally, high cost of these devices is another aspect that is expected to limit the industry growth. Furthermore, miniaturization of newly developed sleep trackers could generate numerous growth opportunities for the market in the coming years.

Sleep Tech Devices Market Report Findings

https://www.globalinsightservices.com/reports/sleep-tech-devices-market/

The non-wearables segment is likely to hold a dominant Sleep Tech Devices Market share and grow at a substantial CAGR during the forecast period.

Based on product, the market is bifurcated into wearables, and non-wearables. Sleep tech devices market from non-wearables segment accounted for xx% business share in 2022 and is set to register a significant CAGR through 2032 driven by growing demand for smart beds. This smart bed can monitor and modify its settings automatically to help sleep soundly all night. It adapts to one sleeping position in real time, gently conforming to side, back, or stomach profiles to make sleeping comfortable. The bed can also help fall asleep faster by warming feet.

The narcolepsy segment is anticipated to hold a majority of the Sleep Tech Devices Market size throughout the study period.

Based on the application, the market is bifurcated into insomnia, obstructive sleep apnea, narcolepsy, and others. Sleep tech devices market from narcolepsy segment held nearly xx% revenue share in 2022. This is owing to the growing cases of narcolepsy. Narcolepsy is a chronic sleep condition that usually begins in adolescence and is characterized by extreme daytime sleepiness with serious repercussions for the patient. According to Journal of Clinical Sleep Medicine the cases of narcolepsy per 100,000 population increased by 14%, i.e., from 38.9 in 2013 to 44.3 in 2016. Such factors are expected to facilitate the demand for sleep tech devices and medication.

The specialty centers segment is anticipated to hold a majority of the Sleep Tech Devices Market size throughout the study period.

Based on the distribution channel, the market is bifurcated into specialty clinics, direct-to-consumer, hospitals, and others. Sleep tech devices market from specialty centers segment will exhibit a CAGR of xx% during the forecast period. The demand for sleep tech devices has surged as the number of patients suffering from sleeping problems has also increased. Sleep difficulties are common among people with psychological illnesses, and often prefer to seek therapy at specialty clinics. Sleep tech devices, such as sleep trackers, are recommended by healthcare professionals working in specialist clinics to boost mental health in individuals. The segment is also likely to rise as people become more aware of sleep therapy sessions.

The Europe region is estimated to exhibit the highest growth rate during the Sleep Tech Devices Market forecast period.

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. Among regional markets, the Europe market accounted for the largest revenue share in the global market in 2022. Rising prevalence of sleep disorders in the region, owing to an ageing population and rising cases of depression and insomnia among adults. For instance, according to an NHS Inform research, roughly one in every three persons in the UK suffers with insomnia, that is especially prevalent among the elderly population. Furthermore, high disposable income and presence of leading industry players in the region contributes significantly to the regional business growth..

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Competitive Landscape

The global Sleep Tech Devices Market report includes players are Casper Sleep Inc., Cadwell Industries Inc., Dreem, Beddit (Apple Inc.), Eight Sleep, Dodow (LIVLAB), Emfit Ltd., Fitbit Inc. (Google LLC), ResMed Inc., Koninklijke Philips N.V., Sleep Shepherd LLC, Oura Health Ltd., Sleepace, Xiaomi, Withings,, among others.

Recent Developments in the Blood-Brain Barrier Market:

  • In May 2022, Huawei Vietnam launched three new generation smartwatches, Huawei Watch GT3 Pro, Watch fit 2 and Watch Kids 4 Pro. This smartwatch is equipped with advanced features such as health alerts, early sleep alerts, medication alerts, and positive mood and exercise volume information.
  • In February 2022, Redmi launched the Redmi Smart Band Pro equipped with features such as an AMOLED display and 50 meters of water resistance. In addition, it has a heart rate monitor and a SpO2 sensor that will enable blood oxygen monitoring and sleep monitoring..

Sleep Tech Devices Market Report Coverage

  • The report offers a comprehensive quantitative as well as qualitative analysis of the current global Sleep Tech Devices Market outlook and estimations from 2021 to 2031, which helps to recognize the prevalent opportunities.
  • A thorough analysis of market trends and restraints is provided.
  • Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
  • The forecasts in this report are made by examining the recent trends along with future Sleep Tech Devices Market potential from 2021 to 2031 in terms of revenue.
  • Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Sleep Tech Devices Market are also analyzed.
  • Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global kidney stones management market.

Global Sleep Tech Devices Market Segmentation

By Product

  • Wearables
  • Non-Wearables

By Application

  • Insomnia
  • Obstructive Sleep Apnea
  • Narcolepsy
  • Others

By Distribution Channel

  • Specialty Clinics
  • Direct-to-Consumer
  • Hospitals
  • Others

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia-Pacific
  • Rest of World
    • Latin America
    • Middle East
    • Africa

Key Players

  • Casper Sleep Inc
  • Cadwell Industries Inc.
  • Dreem
  • Beddit (Apple Inc.)
  • Eight Sleep
  • Dodow (LIVLAB)
  • Emfit Ltd.
  • Fitbit Inc. (Google LLC)
  • ResMed Inc.
  • Koninklijke Philips N.V.