Acumen Research and Consulting recently published report titled “Sleep Tech Devices Market Size, Share, Analysis Report and Region Forecast, 2022 - 2030”
LOS ANGELES, July 12, 2022 (GLOBE NEWSWIRE) -- The Global Sleep Tech Devices Market size was valued at USD 15,407 Million in 2021 and is estimated to reach the value of USD 60,955 Million by 2030, growing at a CAGR of 16.8% from 2022 to 2030.
The increasing prevalence of sleep disorders among individuals is the primary factor boosting the worldwide sleep tech devices market revenue. One of the major sleep disorders faced by an individual is obstructive sleep apnea (OSA). Obstructive sleep apnea (OSA) is a common respiratory sleep disorder characterized by recurring partial (hypopnea) or complete (apnea) obstruction of the upper airway in sleep, resulting in hypoxia, arousals, and sleep fragmentation. According to the American Academy of Sleep Medicine (AASM), it has recently been estimated that more than 930 million adults aged 30-69 years have mild-to-severe OSA, and around 425 million people have moderate to severe OSA worldwide.
The increasing adoption of wearable technology is a recent trend in the sleep tech devices market. In addition, the surging awareness for sleep disorders among individuals especially in emerging economieshas positively impacted the sleep tech devices market share. As result, the global sleep tech devices market forecast the CAGR to rise with more than 16%from 2022 to 2030.
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Report Coverage:
| Market | Sleep Tech Devices Market | |
| Market Size 2021 | USD 15,407 Million | |
| Market Forecast 2030 | USD 60,955 Million | |
| CAGR During 2022 - 2030 | 16.8% | |
| Analysis Period | 2018 - 2030 | |
| Base Year | 2021 | |
| Forecast Data | 2022 - 2030 | |
| Segments Covered | By Product, By Gender, By Application, By Distribution Channel, And By Geography | |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa | |
| Key Companies Profiled | Fitbit Inc. (Google LLC), Beddit (Apple Inc.), Koninklijke Philips N.V., Xiaomi, Oura Health Ltd., Sleep Shepherd LLC, Casper Sleep Inc., Dodow (LIVLAB), Cadwell Industries Inc., Eight Sleep, ResMed Inc., Dreem, Sleepace, Emfit Ltd., and Withings. | |
| Report Coverage | Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis | |
| Customization Scope | 10 hrs of free customization and expert consultation | |
COVID-19 Impact on Global Sleep Tech Devices Market
The COVID-19 pandemic has caused psychological and sleep problems in a variety of populations, such as healthcare professionals, COVID-19 infected people, and the general population. Respiratory diseases were the fourth most common cause of death before 2020. However, with the outbreak of the novel coronavirus, respiratory infections killed more people. As per the World Health Organization (WHO), there were more than 137,866,000 known COVID-19 cases and over 2,965,000 COVID-19 deaths worldwide as of April 16, 2021.
Prior research has linked COVID-19 prevalence to significant psychological anxiety and major symptoms of mental health illness. The sudden onset of a life-threatening illness places enormous strain on healthcare workers. As a result, healthcare workers may have difficulty sleeping because they must deal with the illness, face a high risk of death, and adjust to irregular work schedules and regular shifts. As a result of the sudden increase in sleeping disorders, demand for sleep tech devices increased, though the market did not perform well due to lockdown measures and the closure of manufacturing facilities. However, our sleep tech devices industry analysis discovered that supply and demand were both restored as the lockdowns were lifted and production facilities resumed full operations.
Sleep Tech Devices Market Dynamics
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.
The industry is driven by the increasing elderly population. For instance, according to the United States Census Bureau, the number of Americans aged 65 and older is expected to double over the next 40 years, reaching 80 million by 2040.
However, 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.
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Worldwide Sleep Tech Devices Market Segmentation
The global sleep tech devices market has been segmented into product, gender, application, distribution channel, and region. The product type segment is categorized into wearable (smart watches and bands) and non-wearable (beds, sleep monitors, and others). In 2021, wearable products generated largest sleep tech devices market revenue.
Based on gender, the market is bifurcated into male and female. According to our analysis, males required the maximum number of sleep trackers and devices, whereas females' sleep device needs are growing dynamically. Insomnia, narcolepsy, obstructive sleep apnea, and others are the categorization of application segments. Among them, obstructive sleep apnea gathered a considerable sleep tech devices market share in 2021. Furthermore, by distribution channel, the industry is split into specialty clinics, hospitals, direct-to-consumer, and others. The direct-to-consumer segment is likely to witness the fastest growth due to the surging demand for online shopping.
Sleep Tech Devices Market Regional Overview
The global sleep tech devices market regional outlook is given as North America, Europe, Latin America, Asia-Pacific, and the Middle East and Africa. North America is the leading region in the overall sleep tech devices market. However, the Asia-Pacific region expected to register rapid growth rate in the coming years. The growing number of obstructive sleep apnea cases in countries like China and India is likely to boost the demand for sleep tech devices. For instance, according to a study performed in rural India, the occurrence of obstructive sleep apnea by Apnea Hypopnea Index (AHI) criteria is 3.7%. In absolute numbers, this accounts for 36.4 million individuals suffering from OSA in rural India.
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Sleep Tech Devices Market Players
Some sleep tech devices companies covered globally include Fitbit Inc. (Google LLC), Beddit (Apple Inc.), Koninklijke Philips N.V., Xiaomi, Oura Health Ltd., Sleep Shepherd LLC, Casper Sleep Inc., Dodow (LIVLAB), Cadwell Industries Inc., Eight Sleep, ResMed Inc., Dreem, Sleepace, Emfit Ltd., and Withings.
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