Dublin, Sept. 11, 2023 (GLOBE NEWSWIRE) -- The "Wearable Sleep Trackers Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The Wearable Sleep Trackers market is projected to grow with a CAGR of 7.6% over the forecast period.
Unprecedented changes have occurred in people's lives as a result of the COVID-19 epidemic. For a lot of people, it has resulted in a lot of worry, anxiety, and worries about their health, social isolation, job, finances, and the difficulty of juggling work and family responsibilities. Sleep disruption and market growth are likely consequences of such a momentous life event.
According to the study titled 'Increased sleep duration and delayed sleep timing during the COVID-19 pandemic' Scientific Reports in July 2022, for 32% of users overall during the pandemic's acute phase, weekday sleep length increased by more than 20 minutes, while 17% of users reported sleeping less than normal.
In addition, nearly all nations experienced considerable changes in sleep schedules in the second quarter (April to June) of 2020, just after the World Health Organization declared COVID-19. Thus, all people in every nation around the globe experienced changes in their sleep patterns during COVID-19, which had a substantial impact on the expansion of the market for sleep tracking devices.
The major factor attributing to the growth of the market is the rising incidence of sleep disorders like sleep apnea, insomnia, and narcolepsy globally. Therefore, the increasing variety of different types of wearable sleep trackers is expected to provide better and healthy sleep to people suffering from these disorders.
Health awareness, technological advancements, new product launches, and increasing research and development activities across the globe boost the market growth.
Wearable Sleep Trackers Market Trends
Wrist Bands Segment is Expected to Grow at a Faster Rate OverThe Forecast Period
The fast growth of the segment is attributed to the vast usage of wristbands and their availability in many brands. The comfort of the wristbands is one more reason for the increasing growth rate. Apart from the advantages of the wrist bands, the factors boosting the market are the increasing patient pool of sleep disorders.
According to sleepassociation.org, in June 2020, Obstructive sleep apnea (OSA) is a well-known disorder that affects up to 20% of the world's population annually. Usually misdiagnosed and untreated, it is a dangerous and perhaps fatal sleep disorder. Moreover, according to the study titled 'Performance of Four Commercial Wearable Sleep-Tracking Devices Tested Under Unrestricted Conditions at Home in Healthy Young Adults' published in the Dovepress in November 2021, study comprised the Polar Vantage V Titan, Fitbit Inspire HR, Oura ring, and Fatigue Science Readiband.
Every technology detected sleep more effectively than wake, and most devices exceeded actigraphy in identifying wake. On nights with more consistent sleep patterns, devices worked best. Thus, the effectiveness of the wristband in tracking sleep is expected to expand the segment growth.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall Wearable Sleep Trackers market, throughout the forecast period. The largest share is mainly due to the presence of a larger patient pool and the increasing geriatric population. In the North American region, the United States holds the largest market share due to the factors such as the increasing number of geriatric populations, along with a growing patient pool in the country.
According to the American Academy of Sleep Medicine 2020, up to 20% of people in the United States experience adjustment insomnia each year, which is often brought on by stress.
Poor sleep patterns in kids increase their risk of behavioral insomnia, which 30% of kids experience. About 3% of the population suffers from insomnia, which is brought on by prescription medications, substance addiction, underlying medical illnesses, and mental health issues. Anemia, obesity, drug withdrawal, depression, and depression are a few of the specific conditions that might induce insomnia.
Moreover, the presence of key market players and the research and development of new drugs and product launches are expected to boost the growth of the market studied. For instance, in October 2021, Oregon created a headband that may improve both sleep and the cleaning that comes with it.
Researchers plan to test the device on 90 people in a new USD 4.3 million projects funded by the United States Department of Defense.
Wearable Sleep Trackers Market Competitor Analysis
The Wearable Sleep Trackers market is moderately competitive. A few of the crucial approaches followed by players functioning in the market are, product advancement, invention, acquisitions and mergers. Some of the companies which are currently domianting the market are Koninklijke Philips N.V, Huami Corporation, Fitbit, Inc., Huawei Device Co., Ltd., Sleepace.
A selection of companies mentioned in this report includes
- Koninklijke Philips N.V
- Huami Corporation
- Fitbit, Inc.
- Huawei Device Co., Ltd.
- Sleepace.
- Emfit Ltd
- Fossil Group. Inc
- Withings
- Boult Audio
- StimScience
- Interaxon Inc.
- Muse Inc.
For more information about this report visit https://www.researchandmarkets.com/r/yv8goy
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