Market Size of Sleep Tech Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 16.80 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Sleep Tech Devices Market Analysis
The Sleep Tech Devices Market is expected to register a CAGR of 16.80% during the forecast period.
The major factors driving the market growth include the increasing prevalence of sleep disorders and the rising technological advancements in sleep tech devices.
The growing number of sleep disorders and recorded cases worldwide are expected to accelerate the market growth over the forecast period. For instance, according to the report published by the American Sleep Association (ASA) in January 2022, around 50.0 to 70.0 million adults in the United States suffer from sleep disorders every year. It also reported that each year, around 30.0% to 40.0% of adults have symptoms of insomnia at some stage in their lifetime. Furthermore, it also noted that sleep disorders represent some of the most challenging medical conditions and affect 1 out of 3 people at some stage of their lives.
Similarly, in May 2022, Sleep Disorders Facts and Statistics showed that the prevalence of sleep disorders in the United States is high, with 50-70 million adults impacted by lack of sleep. Thus, the high prevalence of sleep disorders is expected to increase the demand for sleep tech devices, boosting market growth over the forecast period.
Furthermore, key players' rapid technological advancements and strategic activities are expected to fuel market growth. For instance, in July 2022, Telli Health launched its first cellular-enabled sleep monitor mat, which measures overall sleep, sleep time, heart rate, sleep cycles (deep, light, and REM), interruptions, sleep latency, and waking. Similarly, in February 2022, Redmi launched the Redmi Smart Band Pro, 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 enable blood oxygen monitoring and sleep monitoring. Therefore, the new product launches increase the usage of these sleep tech devices, thereby boosting the market growth over the study period.
Hence, due to the increase in the prevalence of sleep disorders and the rise in product launches coupled with technological advancements, the studied market is anticipated to grow over the analysis period. However, the high cost of sleep tech devices will likely restrain the market growth.
Sleep Tech Devices Industry Segmentation
As per the scope of the report, sleep tech devices are designed to monitor and improve the outcome in patients with sleep disorders such as sleep apnea, insomnia, narcolepsy, etc.
The sleep tech devices market is segmented by product, end users, and geography. By product, the market is segmented into wearables and non-wearables. By wearables, it is segmented into smart watches and bands, and other wearables. By non-wearables, it is segmented into sleep monitors, beds, and other non-wearables. By end users, the market is segmented into hospitals, homecare settings, and other end users. By geography, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the market size in value terms in USD for all the abovementioned segments.
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Sleep Tech Devices Market Size Summary
The Sleep Tech Devices Market is poised for significant growth, driven by the increasing prevalence of sleep disorders and rapid technological advancements in the sector. The rising number of individuals affected by sleep disorders globally is a key factor propelling market expansion. This demand is further bolstered by innovative product launches and strategic initiatives by major players, such as the introduction of advanced sleep monitoring devices and wearables. These developments are expected to enhance the adoption of sleep tech devices, contributing to the market's robust growth trajectory over the forecast period. However, the high cost of these devices may pose a challenge to market penetration.
The smartwatches and bands segment is anticipated to capture a substantial share of the market, fueled by growing awareness and adoption of these technologically advanced products. The segment's growth is supported by continuous technological updates and new product launches, which enhance the functionality and appeal of these devices for tracking sleep and health metrics. North America is expected to maintain a significant market share due to the high prevalence of sleep disorders, the presence of key industry players, and ongoing product innovations. Government support for sleep research further underscores the region's potential for market growth. The market landscape is semi-consolidated, with leading companies employing strategic initiatives to strengthen their market position.
Sleep Tech Devices Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Prevalence of Sleep Disorders
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1.2.2 Technological Advancements
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1.3 Market Restraints
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1.3.1 High Cost of Sleep Tech Devices
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1.4 Porter's Five Force Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD)
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2.1 By Product
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2.1.1 Wearables
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2.1.1.1 Smart Watches and Bands
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2.1.1.2 Other Wearable Products
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2.1.2 Non-Wearables
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2.1.2.1 Sleep Monitors
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2.1.2.2 Beds
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2.1.2.3 Other Non-Wearable Products
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2.2 By End User
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2.2.1 Hospitals
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2.2.2 Homecare Settings
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2.2.3 Other End Users
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Italy
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2.3.2.5 Spain
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2.3.2.6 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 South Korea
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2.3.3.6 Rest of Asia-Pacific
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2.3.4 Middle East and Africa
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2.3.4.1 GCC
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2.3.4.2 South Africa
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2.3.4.3 Rest of Middle East and Africa
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2.3.5 South America
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2.3.5.1 Brazil
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2.3.5.2 Argentina
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2.3.5.3 Rest of South America
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Sleep Tech Devices Market Size FAQs
What is the current Sleep Tech Devices Market size?
The Sleep Tech Devices Market is projected to register a CAGR of 16.80% during the forecast period (2024-2029)
Who are the key players in Sleep Tech Devices Market?
Casper, Compumedics Limited, Huawei Technologies Co., Ltd., Nihon Kohden Corporation and Koninklijke Philips N.V. are the major companies operating in the Sleep Tech Devices Market.
