Sleep Tech Devices Market Analysis

Sleep Tech Devices Market Analysis

Sleep tech devices market from the wearables segment is expected to observe massive growth, reaching over USD 65.4 billion by 2032. Wearable technology is gaining popularity as users continue to utilize them as an essential accessory for day-to-day activities. A significant number of people are using wearable devices like smartwatches and mobile phones to access the internet. Moreover, there has been a colossal increase in the utilization of smartwatches and telehealth services in the U.S. The expansion of mHealth will also be fueled by an increase in awareness across hospitals and by medical professional.
 

Based on application, the market share from the insomnia segment is anticipated to reach around USD 41.5 billion by 2032. Insomnia has a significant health and financial impact on patients. Its prevalence is rising, particularly in developing nations like China, Brazil, India, and others. Attributable to low awareness with respect to these sleep problems, a significant number of these illnesses go ignored and untreated in clinical practice.

The government has started public education, training for clinicians, and surveillance and monitoring campaigns to raise awareness of sleep disorders and improve diagnosis and treatment. A few countries have likewise started different partnership projects to support the medical care experts working on sleep medication. These kinds of programs aim to make healthcare professionals more aware of sleep disorders.

In terms of distribution channels, the sleep tech devices market share from the sleep centers & fitness centers segment was valued at over USD 6.3 billion in 2022. The rising number of patients preferring sleep centers for high-quality and affordable treatment of sleep disorders will largely drive segment growth. Recent research indicates that patients in sleep centers result in an accurate diagnosis that paves the way for precise and efficient treatment. Moreover, the availability of a wide range of sleep apnea treatments incorporating advanced devices that caters to the patient population is expected to drive the segment growth through the forecast period.
 

North America sleep tech devices market is expected to record around 18% CAGR between 2023 to 2032. The presence of key market players, high occurrence of sleep disorders and rising awareness regards early disease detection are some of the key factors fueling the market growth. With 30% of adults in the United States experiencing short-term insomnia, insomnia has emerged as the most common sleep disorder. As a result, the use of sleep technology devices in the treatment of sleep disorders has grown significantly, which has positive effected product demand.