Sleep Tech Devices Market - By Product (Wearables, Non-wearables), By Application (Insomnia, Obstructive Sleep Apnea, Narcolepsy) and By Distribution Channel (Sleep centers and fitness centers, Pharmacy and retail stores) & Forecast, 2023 -2032

The high cost of sleep tech devices is likely to be a major factor impacting the market growth. New innovations in sleep technology equipment have revved up the cost of these device, consequently raising overall healthcare costs. Sleep tech devices such as beds and rings are currently available at greater rates contingent to its brand. High cost of these devices will mainly impact patients in low-income countries like Africa and India.
 

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.

Sleep Tech Devices Market Share

• Fitbit (Google LLC)
• Apple Inc
• Eight Sleep
• Xiaomi
• Philips
• Sleep Number
• Rest
• SleepScore Labs,
• Withings's

are some of the leading brands in the global sleep tech devices market. These companies are leveraging various business strategies like product development/launches and expansion plans.
 

Sleep Tech Devices Market research report includes an in-depth coverage of the industry with estimates & forecast in terms of USD Million from 2018 to 2032, for the following segments:

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By Product Type

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

By Application

• Insomnia
• Obstructive sleep apnea
• Narcolepsy
• Others

By Distribution Channel

• Sleep centers and fitness centers
• Hypermarkets and supermarkets
• E-commerce
• Pharmacy and retail stores
• Others

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

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Poland
  • The Netherlands
  • Sweden

• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Indonesia
  • Thailand
  • Philippines
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Columbia
  • Chile
  • Peru
• MEA
  • South Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Israel
  • Nigeria