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

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).  

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.   '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'

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. 

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.

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.