Market Trends of Sleep Tech Devices Industry
Smart Watches and Bands Segment Is Expected to Hold a Significant Share of the Sleep Tech Devices Market Over the Forecast Period
The smartwatches and bands segment is expected to hold a significant market share in the sleep tech devices market owing to the increasing awareness of technologically advanced products such as smartwatches and bands among people and the rise in a sedentary lifestyle. Smartwatches and bands are the most commonly used wearable devices that help individuals track their sleeping patterns and health information, such as blood oxygen level, heart rate, body temperature, and blood pressure.
Furthermore, various technological updates introduced by the key players in smartwatches for tracking sleep are expected to drive market growth. For instance, in December 2022, Mobvoi updated its TicWatch companion app, enhancing its sleep-tracking capabilities. With this update, TicWatch users gained many new features, including a fresh set of sleep-aid tunes, daily sleep reports, insights into weekly and monthly sleep trends, nap monitoring, and additional functionalities.
Moreover, the continuous product launches of smartwatches and bands are surging the market growth. For instance, in April 2023, Earable Neuroscience strategically partnered with Excelpoint, a prominent electronics distributor. In this collaboration, Excelpoint assumes the role of the exclusive procurement partner, with a clear goal: to expedite the market debut of Earable's cutting-edge wearable sleep device, the FRENZ Brainband. Such partnerships help increase the availability of sleep bands, thereby boosting segment growth.
Hence, due to the increase in product launches and rapid technological advancements in smartwatches and bands, the studied segment is anticipated to grow over the analysis period.
North America Anticipated to Hold a Significant Market Share Over the Forecast Period
North America is expected to hold a significant market share in the sleep tech devices market owing to the rising product launches, presence of key players, rapid technological advancements, and the higher prevalence of sleeping disorders.
The geriatric population is at higher risk of insomnia. According to the report published by the Sleep Foundation Organization in May 2022, around 35.2% of all adults in the United States reported sleeping on average for less than seven hours per night. Hence, such factors are anticipated to impact the market growth in this region positively.
Key product launches, the high concentration of market players or manufacturers' presence, and the high prevalence of sleep disorders in the United States are some of the factors driving the growth of the sleep tech devices market in the country. For instance, according to the American Sleep Apnea Association, in 2044, around 33% of Americans said their sleep was poor in 2022. Therefore, the country's high prevalence of sleep disorders is expected to surge the market growth over the forecast period.
Furthermore, government support for sleep research is expected to promote market growth over the forecast period. For instance, according to the June 2022 update by Statistics Canada, the Ministry of Health funded USD 3.8 million to support research on sleep health and insomnia. The Government of Canada supported this initiative through the Canadian Institutes of Health Research (CIHR) in partnership with Eisai Limited and Mitacs. Thus, North America is anticipated to witness growth over the analysis period due to the increase in sleep disorders and government investment coupled with product launches.
