Pune, India, Sept. 13, 2022 (GLOBE NEWSWIRE) --
As per a recent industry report put forward by Graphical Research, the North America sleep tech devices market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 17 billion by 2027.
North America sleep tech devices industry forecast will be strong with the bullish trend for wearable devices across the U.S. Soaring geriatric population and rising prevalence of sleeping disorders will further fuel the penetration of sleep tech devices.
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Leading companies are expected to invest in advanced sensors to improve sleep monitoring for people suffering from insomnia and sleep apnea. Surging anxiety disorders among the American population have expedited the demand for advanced sleep tech devices. According to the American Sleep Association, around 70 million Americans have a sleep disorder.
Leading companies are poised to infuse funds into sleep tech devices or diagnostic tools.
- Wearable sleep tech devices to be the trendsetters
Wearable sleep tech devices have become trendier following the advent of advanced sensors in compact forms. Amidst soaring America’s sleeping problems, wearable devices could help monitor oxygen levels and breathing patterns during sleep to offer an accurate report of sleep patterns over time. These advanced sleep monitor devices are likely to strengthen patients to take control of their sleep and enable data sharing with their doctors. The wearable sleep tech devices segment captured around 74% share of the North America sleep tech devices market in 2020 and will witness a similar trajectory by 2027.
- Growing obstructive sleep apnea cases fuel product adoption
A notable surge in obstructive sleep apnea (OSA) in the U.S. and Canada will solidify the position of sleep tech devices across the region. It is believed that obstructive sleep apnea affects 2 to 9% of American adults. The soaring obesity of population and the use of sedative medications and drugs are said to be underlying factors of OSA cases. The obstructive sleep apnea tech device segment garnered around 24% share of the North America sleep tech devices market in 2020, a bullish outlook is expected in the coming years.
- Direct-to-consumer distribution channel to spearhead the growth
Lately, the trend for direct-to-consumer distribution channels has picked pace with surging endorsement of sleep tech devices and promotional activities. Prominently, the rise of the e-commerce industry in the U.S. has become a catalyst in streamlining sleep tech devices’ supply chain. In the North America market, the direct-to-consumer segment witnessed around USD 2 billion in value in 2020 and is poised to grow at a significant value by 2027.
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- The U.S. market to add impetus
Companies are slated to expand their foothold in the U.S. market in the wake of booming technological advancements and emphasis on mental health. Besides, insomnia has become a prevalent sleep disorder, triggering the adoption of smartwatches and sleep, monitors. Demand to track data and patterns through relentless monitoring has soared. The U.S. sleep tech devices market is expected to grow at a strong CAGR of 17.3% through 2027.
Key vendors in the North America sleep tech devices industry are Dreem, Fitbit, ResMed, Sleep Shepherd, Xiaomi, Sleepace, Casper Sleep, Oura Health, Koninklijke Philips and Beddit, among others. These companies are expected to prioritize organic and inorganic strategies in the ensuing period. Notably, Google completed Fitbit acquisition in January 2021 to expand its product portfolio. In the consumer-focused technology market, wearables could be the future of sleep tech devices to track data in real-time.
Browse Related Report:
Europe Sleep Tech Devices Market Size By Distribution Channel (Specialty Clinics, Direct-to-Consumer, Hospitals), By Product (Wearables {Smart Watches and Bands}, Non-wearables (Sleep Monitors, Beds}), By Gender (Male {<18, 18-36, 37-55, >55}, Female {<18, 18-36, 37-55, >55}), By Application (Insomnia, Obstructive Sleep Apnea, Narcolepsy), Research Report, Country Outlook (Germany, UK, France, Italy, Spain, Russia, Netherlands, Denmark, Poland), Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2021 – 2027
https://www.graphicalresearch.com/industry-insights/1785/europe-sleep-tech-devices-market
Asia Pacific Sleep Tech Devices Market Size By Gender (Male {<18, 18-36, 37-55, >55}, Female {<18, 18-36, 37-55, >55}), By Product (Wearables {Smart Watches and Bands}, Non-wearables (Sleep Monitors, Beds}), By Application (Insomnia, Obstructive Sleep Apnea, Narcolepsy), By Distribution Channel (Specialty Clinics, Direct-to-Consumer, Hospitals), Research Report, Country Outlook (China, Japan, India, Australia, South Korea, Taiwan, Malaysia, New Zealand, Indonesia), Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2021 – 2027
https://www.graphicalresearch.com/industry-insights/1784/asia-pacific-sleep-tech-devices-market
About Graphical Research:
‘Graphical Research’ provides a large collection of market research and industry analysis reports covering healthcare, automotive, oil and gas, pharmaceutical, IT, agriculture, chemicals, and many other sectors, across diverse regions like North America, Europe, Asia Pacific, Latin America, and others. The comprehensive reports we provide are aligned with the key industry trends and insights in specific regional markets. The data we deliver helps our customers make better strategic decisions. Our goal is to offer competitive and quality customized market research reports.
