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Sleep Tech Devices Market Size, Share and Industry Analysis Report by Product (Wearables {Smart Watches and Bands}, Non-wearables (Sleep Monitors, Beds}), Gender (Male {<18, 18-36, 37-55, >55}, Female {<18, 18-36, 37-55, >55}), Application (Insomnia, Obstructive Sleep Apnea, Narcolepsy) and Distribution Channel (Specialty Clinics, Direct-to-Consumer, Hospitals), Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2030

  • Report ID: GMI4405
  • Published Date: May 2022
  • Report Format: PDF

Industry Overview

Sleep Tech Devices Market size was valued at around USD 15 billion in 2021 and is expected to witness around 18.1% CAGR from 2022 to 2030. The growing awareness regarding availability of sleep tech devices in developing and underdeveloped countries will contribute towards market progression over the analysis period.
 

sleep tech devices market outlook

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Moreover, increasing demand for portable and efficient sleep therapeutic devices are anticipated to pave the way for lucrative growth for industry participants. Furthermore, due to coronavirus outbreak the manufacturing, development, and shipment of sleep tech devices were impacted.  These interruptions led to temporary closures of manufacturing facilities, and limited availability of contract manufacturers, and other vendors in supply chain. However, as the rules and regulations pertaining to lockdown were eased by the government, the market witnessed growth during the pandemic time.
 

Sleep tech devices are products and gadgets designed to enhance sleep. These devices are equipped with improved sensor technologies that can track a person’s sleep pattern, heart rate and blood oxygen measurement to estimate sleep patterns.
 

Technological advancements in sleep tech devices will boost the market growth over the analysis period

Rising advancements and developments in sleep tech devices is expected to provide relief to an unprecedented number of patients who are affected by serious sleep disorders. For instance, in recent times artificial intelligence has emerged as way to provide some helpful guidance in the management of sleep conditions such as insomnia.
 

Using AI several manufacturers are coming up with an AI-powered smart bed that can change its shape in accordance with the user's body posture during the night and assist them in having better sleep. Further, many devices are being developed that can alter brain waves in order to reinforce certain patterns of waves that offers good sleep. For instance, FitSleep α1 from a Chinese firm FitSleep uses alpha waves for better sleep.
 

Increasing incidence of sleep disorders will fuel the demand for wearables

sleep tech devices market by product

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Based on product, The wearables segment accounted for around 76% market share in 2021 driven by growing incidence of sleep disorders such as sleep apnea, and insomnia globally, availability of various wearable sleep trackers and rising awareness regarding sleep-related disorders and importance of a healthy sleep. Additionally, launches of smart sleep tracker wearables will positively influence the market growth.
 

For instance, in May 2022, StimScience, announced its new sleep product, Somnee. It is an electronic sleep aid headband which uses personalized non-invasive brain stimulation to help people achieve good sleep.
 

Increasing awareness regarding benefits of quality sleep will foster the market growth 

sleep tech devices market by gender

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By gender, female segment is further segmented based on age group into <18, 18-36, 37-55, and >55. Out of these two, the female segment accounted for around USD 6.2 billion market size in 2021. Lifestyle changes has increased the incidences of insomnia in females. For instance, according to sleep foundation data, females have a lifetime risk of insomnia that is as much as 40% higher than that of men.
 

Insomnia is a sleep disorder that causes excessive trouble in falling asleep or staying asleep through the night. Common causes of insomnia, chronic stress, include depression, and pain or discomfort at night. This has resulted in a great demand for sleep monitoring and therapeutic devices that help in optimizing the daily activities that surges the segmental growth. Moreover, growing awareness regarding benefits of quality sleep over health and well-being will also increase the demand for smart sleep tech devices amongst females.
 

Surging cases of sleep apnea will boost the overall industry progression

Based on application, the obstructive sleep apnea segment held nearly 24% market share in 2021 owing to growing cases of sleep apnea. For instance, according to The America Sleep Apnea Association, in America nearly 22 million people suffer with sleep apnea, with 80 percent of instances of moderate and severe obstructive sleep apnea going untreated. If untreated, OSA can lead to excessive blood pressure, atrial fibrillation, chronic heart failure, stroke, and other cardiovascular issues. Moreover, availability of sleep apnea devices such as comfortable air pressure systems, body positioners, innovative nerve stimulators will boost the sleep tech devices market growth.
 

Sales of sleep tech devices through intervention of physicians working at hospital will propel the market growth

Based on end-use, sleep tech devices are classified into specialty clinics, direct-to-consumer, hospitals and others. The hospital segment garnered over USD 2 billion market size in 2021 and is expected to grow substantially over the forthcoming years. Hospital segment accounts for sales of sleep tech devices through intervention of physicians working at hospital premises. The devices are recommended to patients for treatment and monitoring of sleep related health issues will augment the segmental as well as healthcare cybersecurity market growth.
 

Product approvals and awareness campaigns in North America will enhance the market progression

sleep tech devices market by region

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North America sleep tech devices business captured over 42% market share in 2021 and is poised to grow substantially through 2030 due to and presence of well-developed healthcare facilities in this region and increasing launch of sleep tech devices.
 

Additionally, product approvals and government support for better treatment alternatives and sleep apnea testing have created enormous opportunities for sleep aid treatment product producers to manage chronic sleep disorders. Product approvals and government funding have given sleep tech devices product manufacturers a substantial advantage in combating chronic sleep problems and gaining the sleep tech devices market share.
 

For instance, in October 2019, Fisher & Paykel Healthcare Corporation Limited announced that its F&P Vitera mask has been approved for sale in the United States. The Vitera is a new full-face mask from the firm that is used to treat obstructive sleep apnea (OSA).
 

Furthermore, the American Academy of Sleep Medicine received a significant grant in 2021 to raise awareness about obstructive sleep apnea. The major goal of this public awareness campaign is to allow stakeholders and partners to educate, outreach, and promote public awareness initiatives in order to raise public knowledge of chronic diseases such as sleep apnea.
 

The sleep tech devices industry is flooded with several global companies offering similar products

Some of the prominent industry players operating in the sleep tech devices industry include Beddit (Apple Inc.), Casper Sleep Inc., Cadwell Industries Inc., Dodow (LIVLAB), Eight Sleep, Dreem, Emfit Ltd., Fitbit Inc. (Google LLC), Koninklijke Philips N.V., ResMed Inc., Oura Health Ltd., Sleep Shepherd LLC, Sleepace, Withings, Xiaomi, among others. These market participants are implementing various growth strategies to sustain market competition in sleep tech devices industry.
 

Some of the recent industry developments:

  • In February 2019, Apple Inc. launched sleep tracking feature for future version of its smartwatch. This strategy enhanced the company’s ability to expand its offerings in sleep tech devices market.
     
  • In April 2019, Casper launched hybrid mattress that offers 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 revenue.
     

The sleep tech devices market report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2022 to 2030, for the following segments: 

By Product

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

By Gender

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

By Application

  • Insomnia
  • Obstructive sleep apnea
  • Narcolepsy
  • Others

By Distribution Channel

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

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

By Region

  • 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) :

The global sleep tech devices industry is slated to surpass USD 67 billion in 2030 and is pegged to observe an 18.1% CAGR from 2022 to 2030 owing to the growing awareness pertaining to higher availability in developing and underdeveloped countries.

The wearables product segment held more than 76% of the sleep tech devices industry share in 2021 due to the increasing threat of sleep apnea, and insomnia globally, along with the higher availability of various wearable sleep trackers.

The sleep tech devices industry revenue from the female gender segment was valued at over USD 6.2 billion in 2021 and will witness expansion with the increasing incidences of insomnia and growing lifestyle changes.

The obstructive sleep apnea application segment captured 24% of the sleep tech devices market share in 2021 driven by the growing cases of sleep apnea.

The sleep tech devices industry share from the hospital end-user segment was valued at over USD 2 billion in 2021 owing to the rising recommendation to patients for the treatment and monitoring of sleep-related health issues.

North America accounted for over 42% of the sleep tech devices industry revenue share in 2021 and will see expansion through 2030 given the robust presence of well-developed healthcare facilities in this region.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 15
  • Tables & Figures: 454
  • Countries covered: 18
  • Pages: 257

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