Non-Wearable Sleep Tracker Market size will record profitable growth between 2021 and 2027 driven by the consistent expansion of the fitness industry. The rising number of sleep-related ailments, like sleep apnea and insomnia has resulted in the elevated consumer emphasis on mental and physical fitness. According to estimates from ASA (American Sleep Association), over 25 million U.S. adults are diagnosed with obstructive sleep apnea.
The mounting number of health-conscious people and the higher prevalence of obesity and other cardiovascular-related disorders will act as potential drivers boosting the industry outlook.
On the basis of products, the non-wearable sleep tracker market is classified across bedside non-wearable, under mattress and under sheet non-wearable sleep trackers. The market size of bedside non-wearable sleep trackers is projected to collect substantial gains on account of the increasing number of sleeping disorders. According to some recent estimates, around 50-70 million U.S. adults have a sleep disorder. Increasing adoption of fitness tracking devices with bedside monitors across the globe is another prominent factor fueling the market expansion.
Application wise, the non-wearable sleep tracker market is bifurcated into obstructive sleep apnea, insomnia, and others. Among these, the market growth from the sleep apnea segment will showcase notable proceeds from 2021 to 2027 due to its higher diagnosis rate and the rising instances of loud snoring. It has also been reported that one in 15 adults across the U.S. suffer from obstructive sleep apnea, accounting for a total of 18 million individuals. This higher prevalence of this sleeping disorder is a major contributor to the industry expansion.
In terms of distribution channels, the ecommerce segment is likely to capture a substantial market share through 2027. This is mainly ascribed to the increasing acceptance of online shopping and the ease of ordering as well as delivery offered by online sales. The provision of numerous discounts and the mount in number of e-commerce companies will further impel the growth of the market through the ecommerce channels.
Based on regional segmentation, North America is anticipated to emerge as a lucrative revenue pocket for the non-wearable sleep tracker market. This can be owed to the ongoing advancements in the wellness industry. The hiking consumer household incomes have made way for higher healthcare spending and the optimum usage of technologically advanced non-wearable sleep trackers across the region.
Geographically, Asia Pacific is likely to witness notable penetration of non-wearable sleep trackers market owing to the rise in the number of local companies in the continent. The rapidly rising count of athletes will also add positive impetus to the regional growth.
Non-wearable sleep tracker market participants include Consumer Sleep Solutions, Beddit (Apple), Garmin, Sleep Number Corporation, Simmons Bedding Company (Serta Simmons Bedding, LLC, Simmons Company), Microsoft, ResMed (ResMed), Fitbit (Google LLC), Emfit, Samsung, Xiaomi, and Apple.
These manufacturers of non-wearable sleep trackers are constantly focused on inorganic and partnership-oriented strategies, such as mergers, partnerships, acquisitions, and are actively bringing updates and innovations to enhance their offerings and for amplified revenue sales.
For instance, in December 2020, Xiaomi released its new firmware update in its Mi Band 5 activity tracker in order to fix sleep-tracking issues. The software is set to assist in countering problems related to the accuracy of the sleep-tracking functions.
The COVID-19 outbreak pronounced a massive blow on the global economic landscape as it substantially laid terrific impacts on business operations and manufacturing activities across a gamut of industries worldwide. However, the demand for non-wearable sleep trackers observed a boost amidst the crisis to track the physiological and activity data of the COVID-19 infected patients.
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