Sleep Tech Devices Market revenue to reach USD 50 Billion by 2035, says Research Nester
Prominent sleep tech devices market players include Samsung Electronics, Fossil Group, Inc., Xiamoi Inc., Masimo, Fitbit Inc., Apple, Inc., Nihon Kohden Corporation, Compumedics Limited, Garmin Ltd., and Huawei Consumer Business Group.
New York, Aug. 10, 2023 (GLOBE NEWSWIRE) — The global sleep tech devices market size is slated to expand at ~15% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 50 billion by the end of 2035, up from a revenue of ~USD 13 billion in the year 2022.The market growth is attributed to the increasing use of sleep tracking technology. In the United States, about 15% of adults reported using sleep-related apps like sleep cycle and sleep time. Additionally, in China and India, about a quarter of respondents to an online survey said they had used sleep-tracking apps in the 12 months prior to the study. Other factors that are believed to drive the growth of the sleep technology devices market include the increase in cases of various sleep disorders in humans.
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Narcolepsy affects between 125,000 and 200,000 people in the United States. It is estimated that about 44 to 50 in every 100,000 Americans are affected by the condition. A long-term neurological condition called narcolepsy affects the brain’s ability to regulate sleep-wake cycles. Narcoleptics may feel rested upon first awakening and then experience extreme sleepiness for most of the day. On the other hand, increasing technological advancement in sleep aid devices is also expected to boost the sleep tech devices market growth.
Sleep Tech Devices Market: Key Takeaways
- Market in North America to propel highest growth
- The wearables segment to garner the highest growth
- Market in Asia Pacific to grow at a highest rate
Increasing Advancements in Sleep Devices across the Globe to Boost Market Growth
The increase in cases of sleep disorders is expected to increase the demand for sleep technology. Like eating and drinking, sleep is a basic human need and is vital to our overall health and well-being. In addition, the health and quality of life of up to 45% of the world’s population is at risk due to the global sleep problem epidemic. Further innovations in sleep technology are expected to create great opportunities for market growth. For example, Kryo Inc., a subcontractor worked with the Cincinnati Reds and the Seattle Mariners of Major League Baseball. The company provided the teams with advanced sleep technology, the OOLER sleep system. It is a technology that regulates body temperature to induce deep sleep in a person. As we age, melatonin levels decline, leading to fragmented sleep cycles. According to the World Health Organization, by 2030 one in six people on earth will be 60 or older.
Currently, the number of people aged 60 and over is expected to be 1.4 billion, compared to 1 billion in 2020. The number of people aged 60 and over in the world is expected to double by 2050. Noise pollution is an evolving problem. Problem that can cause insomnia, sleep disorders 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, and the Middle East and Africa region.
Greater emphasis on the importance of good sleep to Drive the Market Growth in North America Region
The sleep tech devices market in North America region is estimated to garner the largest 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, approximately 50-70 million adults in the United States alone suffer from a sleep disorder, which has created a growing demand for sleep tech devices. There has been a greater emphasis on the importance of good sleep for overall health and well-being.
People are recognizing that sleep quality directly affects their daily performance, productivity, and mental and physical health. This awareness has led to a higher demand for sleep tech devices that can monitor and improve sleep quality. Rapid advancements in technology have led to the development of innovative sleep tech devices that offer accurate sleep tracking, personalized sleep insights, and various features to enhance sleep. These devices include wearable sleep trackers, smart mattresses, and smart pillows, among others. The widespread adoption of wearable devices and smart home technology has contributed to the growth of sleep tech devices. Many wearable devices now incorporate sleep tracking features, enabling individuals to monitor their sleep patterns and make informed decisions about improving their sleep habits.
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Growing e-commerce platforms to Propel the Growth in the Asia Pacific Region
The Asia Pacific sleep tech devices market is estimated to garner the highest CAGR by the end of 2035. The growth of e-commerce platforms and online retail channels has made sleep tech devices more accessible to consumers in the Asia Pacific region. Online platforms provide a convenient way to browse, compare, and purchase sleep tech devices, contributing to market growth. The Asia Pacific region has a rapidly growing middle-class population with increasing disposable incomes. As a result, consumers have more purchasing power and are willing to invest in products and technologies that enhance their quality of life, including sleep tech devices.
Sleep disorders such as insomnia, sleep apnea, and narcolepsy are becoming more prevalent in the Asia Pacific region. Factors such as changing lifestyles, work-related stress, and urbanization contribute to the rising incidence of sleep disorders, leading to an increased demand for sleep tech devices. Similar to North America, there has been a growing emphasis on the importance of good sleep for overall health and well-being in the Asia Pacific region. As people become more aware of the impact of sleep on their daily lives, there is an increasing demand for sleep tech devices that can help monitor and improve sleep quality.
Sleep Tech Devices, Segmentation by Product
Amongst these two segments, the wearables segment in sleep tech devices market is anticipated to hold the largest share over the forecast period. The growth of the segment can be accredited to the increasing use of smart wearable devices such as smartwatches, fitness trackers, and others. Wearable devices are gaining popularity due to their portability and lower cost than sleep monitors. In addition, with the help of wearable devices, a person can continuously monitor the state of his body and the physiological activities that take place inside a person.
In addition, these devices can record when a person falls asleep at night and wakes up in the morning by monitoring the time they are inactive. Globally, the number of connected wearables has grown from around 325 million in 2016 to almost 722 million in 2019, with sales more than doubling in just three years. In addition, by 2020, the number of smartwatches shipped worldwide is expected to surpass 100 million.
Sleep Tech Devices, Segmentation by Application
- Obstructive Sleep Apnea
Amongst these three segments, the insomnia segment in sleep tech devices market is anticipated to hold a significant share over the forecast period. Advances in technology have led to the development of innovative sleep tech devices specifically targeting insomnia. These devices include wearable sleep trackers, smart sleep systems, light therapy devices, and cognitive behavioral therapy for insomnia (CBT-I) apps. These technologies offer personalized sleep insights, relaxation techniques, and sleep-promoting features to help individuals with insomnia.
Insomnia is a widespread sleep disorder characterized by difficulty falling asleep, staying asleep, or experiencing non-restorative sleep. The prevalence of insomnia has been on the rise globally, affecting a substantial portion of the population. According to the American Academy of Sleep Medicine, approximately 30% of adults experience symptoms of insomnia. There has been a greater recognition and awareness of insomnia as a legitimate sleep disorder. People are seeking medical help and diagnosis for their sleep issues more frequently, leading to an increased demand for solutions to address insomnia.
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Sleep Tech Devices, Segmentation by End User
- Homecare Settings
Sleep Tech Devices, Segmentation by Gender
A few of the well-known industry leaders in the sleep tech devices market that are profiled by Research Nester are Samsung Electronics, Fossil Group, Inc., Xiamoi Inc., Masimo, Fitbit Inc., Apple, Inc., Nihon Kohden Corporation, Compumedics Limited, Garmin Ltd., Huawei Consumer Business Group, and other key market players.
Recent Development in the Sleep Tech Devices Market
- Huawei Consumer Business Group announced the launch of next-generation smart wearable devices for smart and healthy life. Products include Huawei Mate Xs 2, Huawei Watch GT 3 Pro, Huawei Watch FIT 2, Huawei Band 7, Huawei Watch D and Huawei S-Tag. These smartwatches come with cutting-edge features like health alerts, sleep-inducing alerts, medication reminders, and activity intensity information.
- Samsung Malaysia Electronics announced the launch of its new Galaxy Fit2 device. It is used to monitor the training session and sleep quality. The Samsung Health app provides the user with a sleep score in the morning, which describes in detail how well they slept overnight and includes a comprehensive analysis.
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