Sleep Tech Devices Market

Global Sleep Tech Devices Market Size (2024 to 2029)

The global sleep tech devices market size is valued at USD 20.6 billion in 2023 and is anticipated to reach USD 46.3 billion by 2029 with a CAGR of 16.5% during the forecast period. 

Sleep tech devices are electronic systems for people with sleep disorders that help boost and monitor their sleep. Sleep technology helps provide a peaceful wake-up process and tracks various sleep metrics by providing data that helps improve sleep. These sleep tech devices help treat sleep disorders and induce sound sleep. These track parameters like sleep duration, sleep stages, sleep interruptions, heart rate, and breathing patterns; these all help identify potential sleep issues.

Global Sleep Tech Devices Market Drivers:

The growing prevalence of sleep disorders such as insomnia, sleep apnea, and restless leg syndrome in common among the population across the world is majorly driving the adoption of sleep tech devices by raising the market revenue as these devices help individuals to identify and monitor sleep parameters which are gaining traction among the people by boosting the enhancement of market revenue. The data provided by the devices is helpful in diagnosis and treatment, which is raising the demand for sleep tech devices. According to the American Sleep Association report, in 2022, around 50 to 70 million adults in the United States are suffering from sleep disorders every year. The increasing awareness among people regarding the quality of sleep for overall health and well-being fuels the adoption of sleep tech devices, which increases the market share—the growing adoption of a sedentary lifestyle, which involves highly stressful living, majorly triggers sleep deprivation. Most of the devices that provide features to relieve stress and encourage better sleep are becoming more in demand, increasing the market revenue. The growing trend of preventive health measures is influencing people to invest more in preventive measures like monitoring devices. The increasing geriatric population with chronic illness often complies with sleep deprivation, which is increasing the adoption of sleep tech devices due to continuous monitoring of sleep patterns by inducing sleep. These factors enhance the adoption of sleep tech devices and prompt market growth. 

The growing technological advancements in the healthcare industry and rising demand for portable, efficient, and superior sleep tech devices are boosting global expansion. Increasing product launches by the market players with advanced technology are gaining traction among people by augmenting the market growth.

The increasing approvals of innovative product launches and growing clinical trials for developing efficient and practical devices due to the investments in R&D by the market players will create opportunities for global market expansion. The growing technological advancements in data science, artificial intelligence, and sensor technologies are leading to the creation of precise sleep technology products, increasing the market appeal and efficacy by raising the market revenue. Increasing trends in corporate wellness programs, where to improve the employee’s general health and productivity, are including sleep wellness into their corporate wellness programs, which is raising the adoption of sleep technology. 

Global Sleep Tech Devices Market Restraints: 

The primary constraint faced by the sleep tech devices market is the high costs of the devices. The devices incorporated with technology are in high demand, and cutting-edge sleep technology raises the permission cost of the device, which hampers market expansion. As the devices are incorporated with the technology, they store the medical information of the individual, which may lead to data security and privacy issues, which is expected to limit the expansion of the global market. There is a need for complete scientific proof or evidence for the effectiveness of the sleep tech devices market, limiting the adoption of sleep tech devices. Stringent regulations are estimated to hinder global market revenue due to the complexity and time-consuming process, which delay production. 

The presence of various challenges, like the absence of standardized measurement standards and assessment techniques, may present difficulties for sleep technology, which is challenging for customers and medical experts. Accuracy and reliability are other significant challenges as sleep tech devices use sensors and algorithms to track and analyze data. Sleep tech devices need individuals to wear the device consistently during sleep. Some people may feel uncomfortable while wearing the devices during sleep. All these challenges are estimated to limit the market expansion during the forecast period. 

Impact of COVID-19 on the sleep tech devices market:

The pandemic significantly impacted the sleep tech devices market as many people faced sleep disturbances after COVID-19. According to a PubMed article published in 2021, the rate of insomnia increased from 34% to 36% among the patients who were diagnosed or at risk of COVID-19. It also stated that in 2022, patients who recovered from COVID-19 in Vietnam are experiencing insomnia disorders. However, there were disruptions in the supply chains, production, and manufacturing in the early stages of the pandemic.

REPORT COVERAGE:

This market research report on sleep tech devices market has been segmented and sub-segmented based on the following categories.

Global Sleep Tech Devices Market - By Product:

• Wearables
• Smart Watches and Bands
• Others 
• Non-wearables
• Sleep Monitors 
• Beds
• Others

The wearables segment held a significant share of the global market revenue as smart watches and bands are widely adopted among people. The growing awareness of technologically advanced products is due to the rising adoption of a sedentary lifestyle. These smartwatches and bands are gaining traction due to tracking the sleep patterns of individuals. Wearable smartwatches have various advantages as they track complete health information like blood pressure, blood oxygen level, heart rate, body temperature, and sleep. These factors drive the segment growth, enhancing the global market revenue. 

The non-wearables segment has been gaining traction in recent years and is projected to have prominent growth during the forecast period. 

Global Sleep Tech Devices Market - By Application:

• Insomnia
• Obstructive Sleep Apnea
• Narcolepsy 

The insomnia segment dominated the global sleep tech devices market revenue with a significant share due to the growing prevalence of insomnia worldwide. Insomnia has a significant health and financial impact on patients. The increasing adoption of a sedentary lifestyle is inducing sleep deprivation, specifically in developing nations, which is driving the segment growth. 

The lack of awareness regarding sleep problems and various numbers of these illnesses are ignored and untreated in clinical practice. These are increasing the prevalence of adoption of sleep tech devices by enhancing the market revenue. 

Global Sleep Tech Devices Market - By Distribution Channel:

• Sleep Centers & Fitness Centers
• Pharmacy and Retail stores

The sleep centers and fitness centers segment dominated the global market with a significant share in 2023. Most people center on the high-quality and affordable treatment of sleep disorders, which is boos, boostingment growth. Various research studies show that the patients in sleep centers result in accurate diagnosis by having accurate and efficient treatment. The availability of various sleep apnea treatments with advanced devices is expected to propel the segment growth in the forecast period. 

Global Sleep Tech Devices Market - By Region:

• North America
• Europe 
• Asia Pacific 
• Latin America 
• Middle East and Africa

The North American region dominated the global sleep tech devices market revenue and is expected to dominate within the forecast period. The growing geriatric population in the region, the presence of key market players, the adoption of technological advancements, and the higher prevalence of sleep disorders are all boosting the expansion of the sleep tech devices market in the region. According to a Sleep Foundation Organization report in 2022, around 35.2% of all adults in the United States reported sleeping on average for less than seven hours per night. Similarly, according to a report from the American Academy of Sleep Medicine (AASM) in 2021, around 75% of adults aged 65 and above suffer from insomnia symptoms, and around 20% of preteens suffer from symptoms of insomnia. All these factors are enhancing the market growth in the region.

Asia Pacific region is expected to have the fastest growth during the forecast period due to increasing awareness among people regarding sleep disorders, rising disposable incomes, and the presence of market players propelling the global sleep tech devices market growth in the upcoming years the growing government initiatives by investing in R&D activities to promote better sleep fuel the market value. 

Market Key Players:

Casper, Compumedics Limited, Huawei Technologies Co., Ltd, Nihon Kohden Corporation, SleepScore Labs, Sleep Shepherd, Eight Sleep, Our Health, Resmed, and Fitbit Inc are some of the key market players in the sleep tech devices market.

Recent Market Developments:

• In September 2022, Sleepme Inc., the parent company of ChiliSleep, released its first kind of technology, Hiber-AI, along with a non-wearable sleep tracker that collects, analyses and acts on sleep data in real time. 
• In May 2022, Huawei Vietnam launched three new generation smartwatches: Huawei Watch GT3 Pro, Watch Fit 2, and Watch Kids 4 Pro. These smartwatches have advanced features such as health alerts, early sleep alerts, medication alerts, and positive mood and exercise volume information.