Prominent sleep technology device market players include Samsung Electronics, Fossil Group, Inc., Xiamoi Inc., Masimo, Fitbit Inc., Apple, Inc., Nihon Kohden Co., Ltd., Compumedics Limited, Garmin Ltd., Huawei Consumer Business Group And so on.
NEW YORK, Aug. 10, 2023 (Globe Newswire) — The global sleep technology device market size is set to grow at a CAGR of up to 15% from 2023 to 2035. The market is poised to capture US$50 billion in revenue by the end of the year. The market growth can be attributed to the increasing use of sleep tracking technology. About 15% of adults in the US report using sleep-related apps such as Sleep Cycle and Sleep Time. Additionally, in China and India, about a quarter of online survey respondents said they had used a sleep tracking app in the 12 months prior to the survey. Other factors believed to drive the growth of the sleep technology devices market include rising cases of various sleep disorders in humans.
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Narcolepsy affects 125,000 to 200,000 people in the United States. It is estimated that about 44-50 per 100,000 Americans suffer from this condition. A long-term neurological condition called narcolepsy affects the brain’s ability to regulate the sleep-wake cycle. People with narcolepsy feel rested when they first wake up, but may then experience excessive sleepiness for most of the day. On the other hand, increasing technological advancements in sleep aid devices are also expected to drive the growth of the sleep technology devices market.
Sleep Tech Device Market: Key Takeaways
North American Market Drives Highest Growth
Wearables segment with highest growth
Asia-Pacific market grows fastest
Sleep Device Advancement Accelerates Across The Globe To Drive Market Growth
The increase in sleep disorders is expected to increase the demand for sleep technology. Like eating and drinking, sleep is a basic human need and essential to our overall health and well-being. Additionally, the global sleep epidemic is jeopardizing the health and quality of life of up to 45% of the world’s population. Further innovations in sleep technology are expected to create significant opportunities for market growth. For example, subcontractor Kryo Inc. worked with Major League Baseball’s Cincinnati Reds and Seattle Mariners. The company provided the team with his OOLER sleep system, an advanced sleep technology. It is a technology that regulates body temperature and induces deep sleep. As we age, our melatonin levels decline and our sleep cycles become fragmented. According to the World Health Organization, by 2030, one in six women on the planet will be over the age of 60.
There are now expected to be 1.4 billion people over the age of 60, compared to 1 billion in 2020. By 2050, the world’s population of people over 60 is expected to double. Noise pollution is an ongoing problem. Problems that can cause insomnia, sleep disturbances, and chronic health problems.
Sleep Tech Devices Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, Middle East & Africa regions.
Further Emphasis on Importance of Good Sleep to Drive Market Growth in North America Region
of Sleep technology device market The North American region is estimated to have the highest revenue by the end of 2035. Sleep disorders such as insomnia, sleep apnea, and restless leg syndrome are becoming increasingly common in North America. According to the American Sleep Association, about 50 million to her 70 million adults in the United States alone suffer from sleep disorders, increasing the demand for sleep technology devices. There is increasing emphasis on the importance of good quality sleep for overall health and well-being.
People are aware that the quality of their sleep has a direct impact on their daily performance, productivity and well-being. This realization has increased the demand for sleep technology devices that can monitor and improve sleep quality. Rapid advances in technology have led to innovative sleep technology devices that provide accurate sleep tracking, personalized sleep insights, and a variety of features to enhance your sleep. These devices include wearable sleep trackers, smart mattresses, smart pillows, and more. The proliferation of wearable devices and smart home technology is contributing to the growth of sleep technology devices. Many wearable devices now have built-in sleep tracking capabilities, allowing individuals to monitor their sleep patterns and make informed decisions about improving their sleep habits.
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Growth of e-commerce platforms to drive growth in Asia Pacific
The Asia-Pacific sleep technology device market is estimated to attain the highest CAGR by the end of 2035. The growth of e-commerce platforms and online retail channels has made sleep technology devices more accessible to consumers in Asia Pacific. Online platforms are contributing to the growth of the market by providing a convenient way to browse, compare and buy sleep technology devices. The Asia-Pacific region has a rapidly growing middle-class population, and disposable income is also increasing. As a result, consumers have more purchasing power and are willing to invest in products and technologies that improve their quality of life, such as sleep technology devices.
Sleep disorders such as insomnia, sleep apnea and narcolepsy are becoming more prevalent in the Asia-Pacific region. Factors such as lifestyle changes, work-related stress, and urbanization have contributed to the rising incidence of sleep disorders, leading to increased demand for sleep technology devices. As in North America, the Asia-Pacific region is increasingly emphasizing the importance of good sleep for overall health and well-being. As people become more aware of the impact sleep has on their daily lives, there is a growing demand for sleep technology devices that help monitor and improve sleep quality.
Sleep Tech Devices, Segmentation by Product
Among these two segments, the wearable segment of the sleep technology device market is expected to hold the largest share during the forecast period. The growth of this sector can be attributed to the increasing use of smart wearable devices such as smartwatches, fitness trackers. Wearable devices are growing in popularity due to their portability and lower cost than sleep monitors. Moreover, with the help of wearable devices, a person can continuously monitor their body condition and physiological activities taking place in their body.
Additionally, these devices can record when a person falls asleep at night and wakes up in the morning by monitoring their inactivity. Worldwide, the number of connected wearables has grown from about 325 million in 2016 to nearly 722 million in 2019, and sales have more than doubled in just three years. Moreover, by 2020, the number of smartwatches shipped worldwide is expected to exceed 100 million units.
Sleep Tech Devices, Segmented By Application
obstructive sleep apnea
Among these three segments, the insomnia segment in the sleep technology devices market is expected to hold a large share during the forecast period. Advances in technology have led to the development of innovative sleep technology devices specifically targeted at insomnia. These devices include wearable sleep trackers, smart sleep systems, light therapy devices, and cognitive-behavioral therapy for insomnia (CBT-I) apps. These technologies provide personalized sleep insights, relaxation techniques and sleep-promoting features to assist individuals struggling with insomnia.
Insomnia is a widespread sleep disorder characterized by difficulty falling asleep, difficulty staying asleep, or experiencing unrecoverable sleep. The prevalence of insomnia is increasing worldwide, affecting a significant portion of the population. About 30% of adults experience symptoms of insomnia, according to the American Academy of Sleep Medicine. There is growing awareness and awareness that insomnia is a legitimate sleep disorder. People are increasingly seeking medical help and diagnosis for sleep problems, increasing the demand for solutions to address insomnia.
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Sleep Tech Devices, Segmentation by End User
home care settings
Sleep Tech Devices, Segmentation by Gender
Prominent industry leaders in the sleep technology device market presented by Research Nester include Samsung Electronics, Fossil Group, Inc., Xiamoi Inc., Masimo, Fitbit Inc., Apple, Inc., Nihon Kohden, Compumedics Limited, Garmin Ltd., Huawei Consumer Business Group, and other major market players.
Recent development sleep tech device market
Huawei Consumer Business Group announced the launch of next-generation smart wearable devices for smart and healthy living. Products include Huawei Mate Xs 2, Huawei Watch GT 3 Pro, Huawei Watch FIT 2, Huawei Band 7, Huawei Watch D, Huawei S-Tag. These smartwatches come with cutting-edge features such as health alerts, sleep-inducing alerts, medication reminders and activity intensity information.
Samsung Malaysia Electronics has announced the launch of its new Galaxy Fit2 device. Used to monitor training sessions and sleep quality. The Samsung Health app provides users with their morning sleep score. It details your night’s sleep quality and includes a comprehensive analysis.
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