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Sleep Tech Devices Market Size By Product (Wearables {Smart Watches and Bands}, Non-wearables {Sleep Monitors, Beds}), By Gender (Male {<18, 18-36, 37-55, >55}, Female {<18, 18-36, 37-55, >55}), By Application (Insomnia, Obstructive Sleep Apnea, Narcolepsy), By Distribution Channel (Specialty Clinics, Direct-to-consumer, Hospitals), COVID19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027

  • Report ID: GMI4405
  • Base Year: 2020
  • Report Format: PDF

Industry trends

Sleep Tech Devices Market size exceeded USD 12.5 billion in 2020 and is poised to achieve over 17.8% CAGR between 2021 and 2027.

Sleep Tech Devices Market Overview

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Increase in the prevalence of sleep disorders will drive the demand for sleep enhancing technology. Technological advancement in wearable and non-wearable sleep tech devices coupled with increased awareness regarding these devices and its benefit are some of the major factors pushing the market growth.  The impact of COVID-19 on industry is observed to be minimal. In fact, companies are involved in finding different ways to contribute to on-going efforts to fight against the disease.

Sleep tech devices are products and gadgets designed to monitor and manage person’s sleep. These devices are equipped with advanced sensor technologies that can track a person’s movement, sleep pattern, heart rate and even blood oxygen measurement to estimate sleep states.

Technological advancements in sleep tech devices will create growth opportunities

Steady sleep is extremely important to good health and comes with various health benefits such as improved increased productivity, improved concentration, while reducing the risk of cardiovascular diseases. Nowadays, many individuals tend to experience poor quality sleep resulting in several health problems. To improve this, there have been several developments in the industry. Companies are involved in developing cutting edge sleeping aid technologies to enhance the quality of sleep and better manage the sleep disorders.

These sleep tech devices are developed specifically for monitoring and managing conditions like insomnia, sleep apnea, and narcolepsy among others. Some of these advanced devices include head gear/belts, smart watches, rings, and sleeping pads among others. Sleep tech devices market is growing rapidly with companies developing compact, more effective wearable products as well as advanced non-wearable sleep tech products. The increasing investment in R&D and technological development in the industry will lead to growth opportunities in the near future. On the other hand, high cost of sleep tech devices, and stringent regulatory norms may thwart the market expansion to an extent.

Rising demand for wearable devices will boost the market revenue

The wearables segment is projected to witness a 17% growth rate through 2027. Growing workplace competitiveness and fast track lifestyle has resulted in increased stress among people, thus affecting the sleep cycle. Wearable devices, with its portable nature and advanced micro-sensors fitted in compact device enable to monitor person’s body activity continuously. Moreover, wearable devices are less expensive as compared to non-wearable sleep tech devices. Such technologically advanced products along with its affordability factor are propelling the segment growth.

Increasing prevalence of sleep disorders in female population will accelerate the market progression

The female segment in the sleep tech devices market was valued at USD 5.4 billion in 2020. According to studies, women are more likely to have difficulty in sleeping and are also prone to develop a sleeping disorder compared to men. Some of the factors that affect a women’s sleep include hormonal changes, stress, illness, changes in lifestyle and sleep environment. Also, hormonal fluctuations during pregnancy and menstruation can cause sleep disruptions and unstable sleeping patterns. All these factors can lead to adoption of sleep tech devices among female population driving the industry growth.

Growing prevalence of insomnia worldwide will push the market demand 

The insomnia segment captured around 48% of the sleep tech devices market share in 2020. Insomnia is the most common sleep disorder that affects millions of people across the world each year. As per the reports of American Sleep association, nearly 30% of adults suffer from short-term insomnia and about 10% people experience long lasting insomnia. Although insomnia is a primary problem, it may be related to other conditions. Some of the causes of chronic insomnia are stress, anxiety, poor sleeping habits, hectic travel or work schedules, and depression. The development of advanced sleep tech devices can be beneficial to such population as these sleep tech devices may provide relief to patients suffering from insomnia. Thus, rising cases of insomnia will create demand for sleep tech devices, ultimately fostering the industry expansion.

Availability of advanced treatment facilities will spur the industry revenue

Sleep Tech Devices Market Size

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The hospitals segment in the sleep tech devices market is predicted to expand at a CAGR of more than 18% by 2027 on account of the high number of patients in hospitals getting treatment for various chronic diseases. Lot of patients also suffer loss of sleep, insomnia through the course of their treatment. Also, hospitals have the advanced medical facilities and state of the art infrastructure apt to provide the best possible care to patients. Additionally, hospitals have specialist practitioners. These specialists can help patients in better management of their sleep disorders with advanced sleep tech devices, and monitoring. Growing number of patients turning towards hospitals to manage their chronic sleep disorders may push the industry progression.

Increasing prevalence of sleep disorders in North America region will impel the industry demand

North America Sleep Tech Devices Market

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North America sleep tech devices market held over 43% of revenue share in 2020. Growing prevalence of sleep disorders, rising geriatric population, and presence of key market players in the region are some of the major factors attributed to the regional growth. According to sleep foundation, 70 million Americans suffer from one or more sleep disorders. Among that, about 25 million Americans experience Sleep Apnea. Moreover, old age population is also affected by sleep deprivation, and insomnia among others. Thus, increase in elderly population along with rising prevalence of sleep disorders is set to drive the market growth. In addition, there are number of companies present in the region such as Beddit, Fitbit, and few others. These companies are involved in the development of advanced sleep tech devices, thus augmenting the regional expansion.

Ongoing innovation by leading industry players have helped them capture larger market share

Some of the prominent companies operating in the market include Beddit (Apple Inc.), Casper Sleep Inc., Dodow (LIVLAB), Dreem, Eight Sleep, Emfit Ltd., Fitbit Inc. (Google LLC), Koninklijke Philips N.V., Oura Health Ltd., ResMed Inc., Sleep Shepherd LLC, Sleepace, Withings, and Xiaomi. These industry leaders implementing various growth strategies to sustain market competition and secure substantial market position.

Some of the recent industry developments:

  • In September 2019, Dreem announced the launch of Dreem2 Headband for improving sleep problems at home. This new product launch enabled the company to increase its customer outreach.
  • In June 2019, Philips announced the expansion of its Smart Sleep suite of solutions across North America to improve the lives and health of consumers through better solutions. This strategy provided consumers with wide variety of solutions addressing several sleep issues, thereby attracting larger customer base.

The sleep tech devices market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027, for the following segments:

Market, By Product, 2016-2027 (USD Million)

  • Wearables
    • Smart watches and bands
    • Others
  • Non-wearables
    • Sleep monitors
    • Beds
    • Others

Market, By Gender, 2016-2027 (USD Million)

  • Male
    • <18
    • 18-36
    • 37-55
    • >55
  • Female
    • <18
    • 18-36
    • 37-55
    • >55

Market, By Application, 2016-2027 (USD Million)

  • Insomnia
  • Obstructive sleep apnea
  • Narcolepsy
  • Others

Market, By Distribution Channel, 2016-2027 (USD Million)

  • Specialty clinics
  • Direct-to-consumer
  • Hospital
  • Others

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
  • Asia Pacific
    • Japan
    • China
    • India
    • Australia
    • South Korea
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE
Authors: Sumant Ugalmugle, Rupali Swain

Frequently Asked Questions (FAQ) :

Sleep tech devices market size had surpassed USD 12.5 billion in 2020 and will witness a CAGR of more than 17.8% through 2027.

Sleep tech devices market had recorded a valuation of over USD 5.4 billion in 2020 from female segment owing to relatively higher prevalence of sleeping disorder in female than men.

Wearables sleep tech devices market will register a CAGR of over 17% through 2027 due to advantages like portability and advanced micro-sensors allowing continuous monitoring of body activity.

Insomnia segment had held around 48% of market share in 2020 on account of increasing incidences of insomnia across the world each year.

North America sleep tech devices market had captured over 43% of revenue share in 2020 owing to increased cases of sleep disorders, growing geriatric population and presence of key market players in the region.

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Premium Report Details

  • Published Date: Jun 2021
  • Companies covered: 14
  • Tables & Figures: 456
  • Countries covered: 18
  • Pages: 223

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