Sleep Tracker Market size will expand at a notable pace from 2021 to 2027 on account of growing household incomes and the increasing health awareness among consumers. The higher prevalence of excessive snoring and chronic sleeping disorders have bolstered the need for effective sleep tracking solutions.
Sleep trackers are increasingly employed to track down sleep data and offer detailed insights on better health and sleep. The positive outlook of technological advancements across the globe will further add a positive impetus to the product demand boost in the coming years.
In terms of products, the wearable market is expected to gain traction driven by the rising prevalence of sleep disorders, like insomnia. Wearable sleep trackers are largely used by these patients to take control of their sleep as well as to share data for proper diagnosis. Moreover, the increasing incorporation of technologically advanced devices, including Oura Ring will substantially proliferate the market growth.
With regards to distribution channels, the demand for sleep trackers across the e-commerce distribution channels is set to expand substantially. This is mainly ascribing to the proliferating number of online stores together with the higher usage of the internet. Apart from offering convenience and projecting the availability of an extensive range of products, e-commerce also speeds up the buying process whilst giving a comprehensive description of the products. Rising obligation for flexibility and speed in purchasing is another important factor poised to foster the sales of sleep trackers during the forecast period.
Based on regional classification, North America market is estimated to grow considerably through 2027. This is owing to the rapid urbanization and the increasing number of sleep apnea, and restless leg syndrome among other sleep disorders in the region. According to the ASA (American Sleep Association), over 50-70 million adults in the U.S. have a sleep disorder, and around 24-31% of men suffer from obstructive sleep apnea. Furthermore, the robust presence of major industry participants in North American will act as a promising contributor to the regional expansion.
Europe will see higher penetration of sleep trackers through 2027 due to the rising adoption of smartphones and the higher intake of advanced healthcare devices.
The sleep tracker market is consolidated by the presence of prominent players, including Simmons Bedding Company (Serta Simmons Bedding, LLC, Simmons Company), Emfit, Garmin, Fitbit (Google LLC), Microsoft, ResMed Corp. (ResMed), Philips, Consumer Sleep Solutions LLC, Sleep Number Corporation (Apple), Samsung, and Beddit (Apple).
These participants are focusing on strategic partnerships, such as mergers and acquisitions, as well as the incorporation of latest technologies to come up with innovations to reinforce their competitive position while gaining competitive benefits.
For instance, in June 2020, Apple launched the latest version of watchOS 7, its smartwatch operating system, in its digital-only WWDC keynote. The new update comprises major new additions, such as a rebranded Activity app, which is now addressed Fitness, and sleep tracking.
In another instance, in June 2020, Xiaomi unveiled the REM sleep tracking on its Mi Fit app to feature in its newly launched Mi Band 5.
The global economic turmoil brought to existence by the ongoing COVID-19 crisis gave way to several alarming and unanticipated impacts on millions of businesses across the world. However, the pandemic proved as a prominent booster for industry growth. This can be accredited to the accelerated acceptance of smartwatches in the pre-symptomatic detection of the virus in terms of the physiological and activity data of the affected individuals.
Sleep tracker market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027, for the following segments:
Market, by Product
Market, by Distribution Channel
The above information is provided for the following regions and countries: