Sleep Tech Devices Market Size

Report ID: GMI4405
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Published Date: September 2024
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Report Format: PDF

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Sleep Tech Devices Market Size

The global sleep tech devices market size was valued at USD 21.1 billion in 2023 and is anticipated to witness growth at a CAGR of 18.3% from 2024 to 2032. The market is witnessing expansion because of heightened understanding of sleep technology, an ever-growing elderly demographic, and increased demand in portable, energy-efficient and high-end sleep devices.
 

sleep tech devices market

Also, the incidence of sleep disorders like chronic insomnia, obstructive sleep apnea syndrome, restless legs syndrome, and narcolepsy is on the rise, which is likely to continue driving expansion of this market.  As per the American Sleep Association, more than 50 to 70 million American adults were reported to have some sort of sleep disorder as of 2023. Insomnia affects about 30% of the population. The Centers for Disease Control and Prevention (CDC) reported in 2022 that the obesity rates among American adults, a significant risk factor for obstructive sleep apnea, had risen to 41.9%.

Similarly, ResMed, the leader in CPAP devices, reported a 14% growth in device sales in 2023, which indicates an increasing demand for sleep technology solutions among patients with sleep disorders. Consumers are increasingly seeking smart mattresses, sleep tracking devices, and CPAP (Continuous Positive Airway Pressure) ventilators to improve their sleep quality. Also, a survey conducted by the Sleep Foundation in 2024 reported that the use of sleep tracking devices has increased, with the percentage of Americans using these devices growing from 24% in 2021 to 31%, which continues to fuel growth in this market.
 

Sleep tech devices refer to new innovations created to track, evaluate and improve the quality of sleep through the use of modern technology. This category of devices contains smart mattresses, wearable sleep trackers, CPAP machines and other wearable sensors which monitor and improve sleeping patterns and disorders. Utilize AI, IoT, and biometric data, sleep tech devices enable individuals to tackle sleep problems and maximize sleep health.

Authors: Mariam Faizullabhoy , Gauri Wani
Frequently Asked Question(FAQ) :
How big is North America sleep tech devices industry?
North America sleep tech devices market size in 2023 was valued at USD 9 billion and is predicted to grow at a CAGR of 18% through 2032, due to the high prevalence of sleep disorders such as insomnia and sleep apnea, along with cognizance of the importance of sleep health.
Which companies define the competitive landscape of sleep tech devices industry?
Why is the demand for wearable sleep tech devices increasing?
What is the size of sleep tech devices market?
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    Premium Report Details

    Base Year: 2023

    Companies covered: 20

    Tables & Figures: 232

    Countries covered: 28

    Pages: 110

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