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), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Nov 2020  |  Report ID: GMI4405  |  Authors: Sumant Ugalmugle, Rupali Swain

Report Format: PDF   |   Pages: 225   |   Base Year: 2019

Summary Table of Contents Industry Coverage Methodology

Industry trends

Sleep Tech Devices Market size exceeded USD 10.9 billion in 2019 and is poised to achieve over 16.6% CAGR between 2020 and 2026. Rising awareness towards wearable and non-wearable devices is anticipated to boost the market expansion.

Sleep Tech Devices Market

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Technological advancements such as development of advanced sleep tech beds, rings coupled with rising government funding in several countries will escalate the sleep tech devices market growth. Several manufacturers continue to find innovative ways to contribute towards ongoing efforts to fight against the global spread of COVID-19. For instance, Oura Health is working with University of California, San Francisco (UCSF) to determine if its smart ring device can help detect initial physiological signs that may indicate the onset of COVID-19. However, COVID-19 outbreak predicted to have minimal impact on demand of sleep tech devices.

Sleep Tech Devices Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: USD 11.0 Billion
Historical Data for: 2015 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 16.6% 2026 Value Projection: USD 32.2 Billion
Pages: 225 Tables, Charts & Figures: 457
Geographies covered (18): U.S., Canada, Germany, UK, France, Italy, Spain, Russia, China, Japan, India, Australia, South Korea, Brazil, Mexico, South Africa, Saudi Arabia, UAE
Segments covered: Product, Gender, Application, Distribution Channel, and Region
Companies covered (14): Beddit (Apple Inc.), Casper Sleep Inc., Dodow (LIVLAB), Dreem, Eight Sleep, Emfit Ltd, Fitbit Inc., Koninklijke Philips N.V., Oura Health Ltd, ResMed Inc., Sleep Shepherd LLC, Sleepace, Withings, Xiaomi
Growth Drivers:
  • Increasing prevalence of sleeping disorders across the globe
  • Technological advancements in sleep tech devices in developed regions
  • Rising awareness regarding availability of sleep tech devices in developing and underdeveloped countries
  • Rising geriatric population in Europe
Pitfalls & Challenges:
  • High cost of sleep tech devices
  • Stringent regulatory framework

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Technological advancements in sleep tech devices will accelerate the market progression

Several companies are focusing on developing sleep-aid technologies for enhanced patient care. Advanced sleep tech devices are majorly used for monitoring and enhancing sleep specifically for individuals suffering from insomnia, narcolepsy, and sleep apnea. Technologically upgraded sleep tech devices including head belts, rings, wearable smart watches, and sleep pads are available in the market.

Sleep tech devices industry is progressing rapidly to bring accurate and compact solutions to deliver quality sleep. Moreover, increasing demand for portable and efficient sleep therapeutic devices is expected to offer lucrative growth opportunities for industry players. For instance, in April 2020, Apple Inc. started working on developing smart mattress for sleep monitoring. This device may serve as a tool to monitor the sleep of individuals and gathering important data on individual’s health without causing any discomfort. Thus, newly developed sleep tech devices may help in optimizing the daily activities.

Surging demand for wearable devices will favour the industry growth

The wearables sleep tech devices market revenue is predicted to witness around 16% growth rate during the forecast period. Rising demand for wearable sleep tech devices due to introduction of technologically advanced sensors in compact form will stimulate the market demand. Additionally, these devices are affordable as compared to non-wearables. Several market players are focusing on introducing novel sleep tech devices that effectively diagnose and monitor patient’s overall health and sleep patterns.

Rising cases of sleep disorders among female will escalate the overall market expansion

The female segment valuation was around USD 4.5 Bn market in 2019. As per Centres for Disease Control and Prevention (CDC), the female students are more likely to report not getting enough sleep than male students. Hormonal changes in women especially during pregnancy alters their sleeping cycles and also changes the amount of sleep they receive. These changes among women will surge the adoption rate of sleep tech devices on a larger scale as insomnia is the most common sleep problem among females. Similarly, early awakening, trouble falling asleep, inability to resume sleep are other common sleep disorders that will create robust demand for sleep tech devices among women population.

Availability of advanced treatment facilities will offer significant growth opportunities for the sleep tech devices market

Global Sleep Tech Devices Market By Distribution Channel

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The hospitals segment will expand at more than 17% CAGR through 2026 as hospitals are committed to provide state–of-the-art, compassionate and outstanding patient care for several sleep disorders with advancing treatment methods. Different experts in hospital consists of specialists in insomnia, narcolepsy, obstructive sleep apnea, restless legs syndrome and paediatric sleep and other sleep disorders.

Moreover, availability of advanced infrastructure and healthcare facilities for the treatment of various sleeping disorders and rising healthcare expenditure to offer high-quality patient care will attract large patient population base. Also, various hospitals offer cost-effective option for disabled and elderly population suffering from different lifestyle disorders will further drive the market value.

Rising prevalence of insomnia globally will surge the market revenue

The insomnia segment held around 48.5% market share in 2019. Insomnia is most common form of sleep disorder throughout the world and falls into two major categories including sleep maintenance insomnia and sleep-onset insomnia. According to American Sleep Association, about 10% of adults suffer from chronic insomnia. As most insomnia cases are related to anxiety, poor sleeping habits, depression and mental disorders use sleep tech device can provide significant relief to insomniac patients. Therefore, surging cases of insomnia globally will boost the demand for sleep tech devices.

Increasing prevalence of sleep disorders in North America region

North America Sleep Tech Devices Market By Country

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North America sleep tech devices market accounted for more than 43% revenue share in 2019. Increasing geriatric population base susceptible to sleeping disorders will surge the demand for sleep tech devices. According to the American Sleep Apnea Association (ASA), over 50 million Americans are suffering from around 80 various sleep disorders and about 20 to 30 million individuals suffer from intermittent sleep complications every year. Additionally, as per ASA around 50-70 million U.S. adults suffer from sleep disorders. Furthermore, presence of several market players in North America region offering different sleep tech products for better patient management and care will foster the market growth.

Continuous innovation by leading companies have helped them capture larger market share

Some of the prominent market players include Beddit (Apple Inc.), Xiaomi, Koninklijke Philips N.V., ResMed, Fitbit, Sleepace, Withings, Oura Health, Dreem, Eight Sleep, Casper Sleep, Dodow (LIVLAB), Sleep Shepherd, and Emfit. These industry players are adopting several organic and inorganic growth strategies to maintain strong position in the market.

Some of the recent industry developments:

  • In March 2019, ResMed acquired HB Healthcare, a home medical equipment provider based in South Korea. This strategy helped the company in attracting larger customer base across South Korea.
  • In April 2019, Casper launched hybrid mattress that offers a more airflow than the conventional products and cools while snoozing. The new product launch offered a competitive edge to the company over other industry players and helped to garner more market share.

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 2015 to 2026, for the following segments:

Market, By Product

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

Market, By Gender

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

Market, By Application

  • Insomnia
  • Obstructive sleep apnea
  • Narcolepsy
  • Others

Market, By Distribution Channel

  • 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

Frequently Asked Questions (FAQ) :

The global market revenue of sleep tech devices surpassed USD 10.9 billion in 2019 and is anticipated to expand at over 16.6% CAGR through 2026 owing to the increasing awareness towards wearable and non-wearable devices coupled with technological advancements.
The wearables sleep tech devices will grow at around 16% rate through 2026 driven by the increasing product demand due to its cost-effectiveness along with the advent of technologically advanced sensors in a compact form.
North America held over 43% of the global industry share in 2019 and the rising number of people experiencing sleeping disorders in the region will boost market growth.
The hospitals segment is set to augment at over 17% CAGR through 2026 due to the state-of-the-art, compassionate, and outstanding patient care provided at hospitals for various sleep disorders paired with innovative treatment methods.

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Premium Report Details

  • Published Date: Nov 2020
  • Pages: 225
  • Tables: 441
  • Charts / Figures: 16
  • Companies covered: 14
  • Countries covered: 18

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