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).  

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.