USD 14.78 Billion
Sleep Tech Devices Market Size, Share, Growth Analysis, By Product(Wearable (Smart Watches & Bands, and Others), Non-Wearable (Sleep monitors, Beds), By Occupational(Healthcare Professionals, IT & Tech Workers, Students, Others), By Age Group(20-39 years, 40-59 years, 60+ years), By Application(Insomnia, Obstructive Sleep Apnea, Narcolepsy, Others), By End User(Hospital, Home-care Settings, Others), By Distribution Channel(Online Channel, Offline Channel), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35G2241 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
114
|Figures:
77
Sleep Tech Devices Market Insights
Global Sleep Tech Devices Market size was valued at around USD 19.08 billion in 2022 and is expected to rise from USD 22.53 billion in 2023 to reach a value of USD 86.25 Billion by 2031, at a CAGR of 18.31% over the forecast period (2024–2031).
The global sleep tech devices market is growing rapidly due to the surge in sleep diseases such as insomnia, sleep apnea, Narcolepsy, Hypersomnolence disorders and technological advancements. Leading market players are employing AI, ML and IoT advancements to provide modern products that are extremely effective in providing individualized diagnostic results for sleep disorders. Growing need of smartwatches, fitness trackers, smart clothing, smart shelves, smart mattresses, and bedding monitors that are able to monitor sleep cycle further enhancing the growth of the market. The capability of sleep tech with smartphones and other IoT devices is also making the usage more convenient for consumers and thereby boosting the market growth.
Growing awareness among the world population about the multipurpose health related solutions are also enhancing the need of these devices and expected to drive the market in the coming years. Based on SkyQuest’s in-depth analysis, we found that the number of patent application from 2013-2023, has been seen the rapid enhancement in patent applications which was 19,635 in 2013, to 68,873 in 2023. Our analysis reveals that, the enhancement in patent applications directly shows the continuous research & development is being happened by the key market players of sleep tech devices. Additionally, it has been seen the number of granted patents were also on a peak in 2023 with 42,725 attributed due to the advancement in the technologies related to sleep tech devices.
Geographically, North America has emerged as the largest region in the global sleep tech devices market. The dominance of this region attributed due to various factors such as presence of numerous key market players, regulatory environments, and increasing consumer demands. The region is poised to grow with the significant CAGR at 18% and expected to show its dominance in the coming future.
Market Snapshot - 2024–2031
Global Market Size
Largest Segment
Wearables
Fastest Growth
Wearables
Growth Rate
17.1% CAGR
Sleep Tech Devices Market ($ Bn)
Country Share for North America Region (%)
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Sleep Tech Devices Market Segmental Analysis
The global sleep tech devices market is segmented based on product, occupational, age group, application, end user, distribution channel, and region. Based on product, the market is segmented into Wearable (Smart Watches & Bands, and Others), and Non-Wearable (Sleep monitors, Beds, and Others). Based on occupational, the market is segmented into Healthcare Professionals, IT & Tech Workers, Students, and Others. Based on age group, the market is segment into 20-39 years, 40-59 years, and 60+ years. Based on application, the market is segmented into Insomnia, Obstructive Sleep Apnea, Narcolepsy, and Others. Based on end user, the market is segmented into hospital, home-care settings, and others. Based on distribution channel, the market is segmented into online channel, and offline channel. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Analysis by Product
Based on our analysis, in 2023, wearable segment dominated the global sleep tech devices market with a market share of 70.81%. In terms of sales value and are also poised to grow significantly at the rate of CAGR to 18.6% over the forecast year. The dominance of this segment is truly attributed due to technological innovations in smartwatches and bands. Smartwatches are especially equipped with various measurement capacities for health, such as sleep quality, pulse, and activity. For Instance, Apple Watch and Fitbit are popular smart wearable devices that provide advanced sleep tracking features to the consumer health-conscious audience. Overall, the wearable sleep tech devices segment is expected to be a dominating segment in the coming future.
On the other hand, non-wearable product segment could be seen with the highest CAGR of 17.5% over the projection period. Non-wearable devices include sleep tracking devices, mattresses, lamps that emit light to help regulate sleep, sound machines, pillows that contain features to improve sleep, and clocks. These devices meet the needs of consumers who are interested in products that do not rely on medical intervention, and those who value environmentally-friendly products that enhance sleep quality. The non-wearable segment is especially significant, and sleep monitors and smart beds stand out as the most prominent trends. For instance, Smart Beds and Sleep Trackers like Sleep Number 360 smart bed and the Withings Sleep Analyzer comes with technologies such as sleep stage monitoring, snoring detection, and personalized sleep guidance. Continuous advancements and innovations in non-wearable sleep tech devices are expected to reach significant market share in the forecast period.
Analysis by Age Group
In 2023, the age group of 20-39 segment is the dominating segment within the sleep tech devices market and held around 72.8% of the total revenue. The dominance of this segment is attributed to the several factors such as increase in screen time, high tendencies of developing sleep disorders in young adults from stress resulting from their lifestyle, and poor sleeping schedule. Additionally, this demographic exhibits a high inclination for adopting emerging technologies such as wearable sleep trackers and smart mattresses besides popular sleep-focused mobile applications that are convenient and informative. Overall, the demand for sleep tech devices is also fuelled by increased information on the need to have enough sleep in this age group for health.
On the other hand, the 40–59-year age group is expected to be the fastest-growing segment in sleep tech devices. This growth is due to occurrence of sleep disorders like sleep apnea, and insomnia especially in middle aged people because of stress, health problems and hormonal changes. Also, this age group is more concerned with health and has a higher adoption rate for such enhanced sleep technologies. It seems the high requirement of these sleep devices from this age group further expected to boost the market in coming years.
Sleep Tech Devices Market By Age-Group
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Sleep Tech Devices Market Regional Insights
North America held the largest share of revenues in 2023 which was around 35.9%. The region has generated revenue around 8 billion in 2023 and estimated to be grow at the CAGR of 18%. A high level of chronic stress and the intense pace of life in the United States play a significant role in insomnia. Approximately 30% of adults suffer from short-term insomnia signs while 1 in 10 is affected by chronic insomnia, the NIH reports. This has led to a large number of people in this generation seeking for solutions to their sleepless nights in the form of sleep tech devices that are easy to access and use. Overall, the region is expected to hold its dominating position in the coming years.
On the other hands, the Asia-Pacific region is experiencing rapid growth with the fastest growing CAGR at 19. In 2023, the region held around 25.8% within the global sleep tech devices market. The dominance of this region is attributed to the increase in income per capita, people’s awareness, and urbanization. The sleep technologies are experiencing high demand in countries such as China and India because of the rising cases of sleeping disorders and the increasing middle-class population willing and able to spend on health and fitness. The Asia Pacific market progresses as government endeavours are directed towards enhancing its healthcare facilities, as well as increasing awareness of digital solutions.
Sleep Tech Devices Market By Region
- Largest
- Fastest
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Sleep Tech Devices Market Dynamics
Sleep Tech Devices Market Drivers
Increasing Prevalence of Sleep Disorders Driving Demand for Advanced Sleep Tech Devices
- Based on SkyQuest’s in-depth analysis, the increase in demand for sleep tech devices is the rising prevalence of sleeping disorders across the global population that are served by wearable and non-wearable devices, as well as sleep tracking applications. Our analysis also reveals that the sleep disorders are gradually gaining traction as a global issue; with emphasis on the developed nations such as the United States of America. In addition, according to a survey from the American Academy of Sleep Medicine (AASM) 30% of adults present symptoms of insomnia, a disease that involves; the difficulty of falling or staying asleep. Persisting insomnia, which lasts for months or years, is experienced by less than 10% of adults and it remains a sustained problem among the affected individuals. As result the increasing number of patients having sleep disorders directly increasing the need of these sleep tech devices.
Technological Advancements in Sleep Tech Devices Significantly Drive Market
- Our analysis reveals that another key driver that is responsible for the expansion of sleep tech devices market is technological evolution and the use of AI. Advancements in the sensory devices, data analysis, and artificial intelligence have expanded the options in sleep tracking and control. Popular sleep technology devices are fitted with advanced sensors that can measure different aspects of sleep such as heart rate, breathing cycles, and even body movements. The data is further processed by the AI algorithms to deliver the best sleep recommendations and suggestions for individual users which further enriches the user experience. The advancement of device accuracy and friendliness brings confidence to the consumers and hence they would use the devices. Also, the interconnectivity brought about by IoT (Internet of Things) makes the monitoring of sleep health a complete package since it interconnects devices.
Restraint
High Cost of Advanced Sleep Tech Devices Could Hinder Market Growth
- Our analysis reveals that one of the main restraints that is hindering the growth of the market is the steep price of sleep technology products. Advanced sleep tech products that are in the market such as smart mattress, sleep tracker, and sleep aiding devices are relatively expensive than other sleep commodities. They remain relatively expensive which inhibit their reach to more consumers mainly in the developing world where per capita income is relatively low. The price of a device and possibly additional subscription for applications or services related to this device may be too high for many potential users. This economic restraint inhibits market advancement since merely a portion of the high-income buyers will be capable of purchasing these innovations, thus slowing down market expansion and market saturation.
Privacy Concerns & Data Security Issues
- Another barrier to the market is the privacy concern & data security issues. Our study shows that privacy concerns and data security have emerged as critical challenges to the sleep tech devices. Since the devices gather personal data, such as sleeping hours, health data, and sometimes biometric data, consumers focus on their data privacy. Concerns regarding data privacy and scandals involving large organizations losing personal customer data have made consumers more sceptical. This uncertainty is especially widespread with devices that use constant data send to the cloud for analysis. Overall, this area of concern plays as major role hindering the sleep tech market because to achieve consumer trust, companies need to put in place proper security measures and data privacy policies that are clear on data collection and usage.
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Sleep Tech Devices Market Competitive Landscape
Global Sleep Tech Devices market is competitive and characterized by the presence of several key players. These players compete based on factors such as product portfolio, technological advancements, pricing strategies, and market reach. The market is driven by continuous research and development (R&D) efforts aimed at introducing innovative techniques and enhancing efficiency. Market players focus on strategic collaborations, partnerships, and mergers and acquisitions to expand their market presence and gain a competitive edge.
Additionally, they invest heavily in research and development of new sleep tech solutions. The market also witnesses intense competition in terms of pricing, as players strive to offer cost-effective solutions without compromising on quality. Moreover, companies operating in the global health and wellness market are actively engaged in improving their manufacturing processes to increase production efficiency and meet the growing demand for sustainable solutions.
Sleep Tech Devices Market Top Player’s Company Profile
- Sleep Number Corporation
- ResMed
- Fisher & Paykel
- Sleepace
- Simba Sleep Limited
- REM-Fit
- Xiaomi
- Emfit Ltd
- Eight Sleep Inc.
- Beacon Biosignals, Inc
- Oura Health Oy
- Apple Inc
- Samsung
- Koninklijke Philips N.V.
- Fitbit Inc
- Garmin Ltd
- Withings
- Apollo Neuroscience, Inc
- Compumedics Limited
- Sleep Shepherd Llc
Sleep Tech Devices Market Recent Developments
- Fisher & Paykel Healthcare Corporation Limited announced in April 2024, the launch of the F&P Solo Nasal mask in the USA for the treatment of obstructive sleep apnea (OSA). AutoFit nasal and pillows mask which simplifies the setup process, enabling users to stretch the mask onto the face and adjust it into place with one touch. AutoLock technology holds the mask in place with minimal force and dynamically responds to sleep movement and CPAP-therapy pressure.
- In March 2024, Withings laucnhed the next generation of their ScanWatch lineup, featuring two new models: ScanWatch 2 and ScanWatch Light. ScanWatch 2 serves as their flagship health tracker including the Sleep Monitoring feature, enabled with advanced health metrics.
- Apollo Neuroscience introduced a wearable device in October 2023. This watch is featuring AI-driven, personalized capabilities for sleep improvement and stress relief. The wearable integrates predictive and generative AI to dynamically adapt to individual stress levels and sleep patterns, enhancing sleep quality and supporting stress recovery.
Sleep Tech Devices Key Market Trends
Integration of Artificial Intelligence and Machine Learning:
- Our study reveals that the collaboration between AI and ML is the leading trend of the market. AI and ML are already being applied to improve the accuracy and individuality of sleep measures and assessments. These technologies mean that the devices can continue to learn from the data provided by the users, and thereby provide more accurate patterns as well as advice towards better sleeping habits. For instance, through such data sign analysis, AI algorithms can predict sleep disorders and recommend suitable management steps. Machine learning algorithms are being employed to forecast the likelihood of sleep disturbances and modify the surrounding light and temperature to help individuals achieve improved quality slumbers. This trend is brought by the growing need to have somewhat tailored solutions to health challenges, and by the improvement in the artificial intelligence and machine learning systems. This development is also backed by the continuing improvement in the affordability and quality of the sensors to be used for data gathering and analysis. With time more development on the AI and ML technologies are expected to be realized in sleep tech devices in as much as in certifying healthy sleeping patterns.
Sleep Tech Devices Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
Based on our global sleep tech devices market research, North America remains as the leading market in the sleep industry, while the growth rate in the Asia-Pacific area could signify the region as an up-and-coming contender in the sleep tech market. The market of sleep tech devices has evolved tremendously during the recent years, powered by the global trend of raising awareness of the population on the necessity to maintain healthy sleep and enhance the use of innovative technologies. Smartwatches, smart mattresses, sleep tracking devices, and sleep sound machines have thus become a popular product category as consumers try to gain better control over their sleep. The current trends include non-wearable sleep tech devices and integrating sleep tracking with the smart home, providing a more unobtrusive form of monitoring and increasing the user engagement level. Companies will have to focus on the security of data, usability of products and services, and the uniqueness and novelty of their products. The Global Sleep Tech Devices Market will remain on the path of steady growth as sleep health remains a topical issue around the world; the focus will be on developing and implementing individual approaches to sleep problems and total appliance control. In summary, the market is expected to grow significantly in the coming years.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 19.08 billion |
| Market size value in 2031 | USD 86.25 Billion |
| Growth Rate | 18.31% |
| Base year | 2023 |
| Forecast period | 2024–2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Sleep Tech Devices Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Sleep Tech Devices Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Sleep Tech Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Sleep Tech Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Sleep Tech Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Sleep Tech Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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