Sleep Tech Devices Market size worth over $32 Bn by 2026

Sleep Tech Devices Market size is set to surpass USD 32 billion by 2026, according to a new research report by Global Market Insights, Inc.
 

Growing patient pool suffering from sleep apnea disorder along with increasing government initiatives to reduce the healthcare burden associated with sleep apnea will accelerate the market demand for sleep tech devices. Sleep apnea is considered as one of the major sleep disorders and a serious health issue in the U.S. It is estimated that each year around 25 percent of the U.S. citizens experience acute insomnia. Therefore, rising incidence of sleep disorders will propel the market growth.

 

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Increasing awareness regarding sleep disorders globally will foster the sleep tech devices market expansion

There has been a rise in sleep disorders cases over past few years and many studies are focused around complications of various sleep disorders. This is adding to the patient pool seeking services and medical advice for sleep disorders. Thus, different organizations and societies are continuously working to increase awareness about sleeping disorders and its consequences.
 

Advancements in non-wearable sleep tech devices will drive the market revenue

The sleep tech devices market for non-wearables segment valued at more than USD 2.5 billion in 2019. The non-wearable devices help patients track and monitor their sleep behavior that will fuel the industry growth. Several manufacturers such as Withings, ResMed, Eight Sleep and others are focusing on developing these devices with advanced features. For instance, in April 2020, Withings launched sleep tracking mat that can be used to detect sleep apnea. This mat uses advanced sensors to analyze snoring and sleep episodes. Furthermore, non-wearable sleep tech devices such as beds, sleep monitors, are expensive compared to wearable devices that may lower its preference.
 

Browse key industry insights spread across 225 pages with 441 market data tables & 16 figures & charts from the report, “Sleep Tech Devices Market Size By Product (Wearables {Smart Watches and Bands}, Non-wearables {Sleep Monitors, Beds}), By Gender (Male {<18, 18-36, 37-55, >55}, Female {<18, 18-36, 37-55, >55}), By Application (Insomnia, Obstructive Sleep Apnea, Narcolepsy), By Distribution Channel (Specialty Clinics, Direct-to-consumer, Hospitals), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/sleep-tech-devices-market
 

Different sleeping disorders among males will influence the market demand

The male segment is anticipated to show a reasonable growth of 16% through 2026. Growing prevalence of various sleeping disorders in males are expected to increase the acceptance rate for sleep tech devices among males. Research studies suggest that male population are naturally driven towards high-tech devices, leading to increasing demand for sleep tech devices among males. Also, rising prevalence of sleep apnea in middle-aged men is much higher than women.
 

Rising cases of obstructive sleep apnea will enhance the industry value

The obstructive sleep apnea application accounted for 24% of the sleep tech devices market share in 2019. Obstructive sleep apnea is the most common form of sleep apnea. According to the American Sleep Apnea Association, it is predicted that around 22 million of Americans suffer from sleep apnea with 80% of severe and moderate obstructive sleep apnea diagnosed. Similarly, obstructive sleep apnea is majorly untreated or undetected in India. Obstructive sleep apnea creates interruption in regular breathing patterns that may lead to depression, hypertension, stroke, heart disease, mood problems as well as cardiac arrhythmia. For diagnosing the severity of sleep disorders, sleep tech devices are preferred by healthcare specialists that will spur the market demand.
 

Availability of advanced sleep tech devices on online platform

The direct-to-consumer segment in the sleep tech devices market is projected to attain a CAGR of 16% till 2026 on account of increasing broadcasting and promotional activities of sleep tech devices on online platform. Awareness among individuals regarding sleep tech devices has increased exponentially due to promotional activities and rising sleeping concerns. Additionally, people prefer buying such devices through online platform as it does not require doctor’s prescription and saves time by not visiting the shop physically.
 

Growing demand for sleep tech devices in the European region will foster the market revenue

Europe sleep tech devices market size was over USD 3 billion in 2019 led by the rising adoption of advanced sleep tech devices owing to high purchasing power of individuals. According to a study, it was reported that around 22% of people struggle to fall asleep every night in the UK. Thus, increasing prevalence of sleep disorders across UK will boost the market growth. Moreover, growing healthcare expenditure and surging demand for technologically advanced sleep tech devices will fuel the market expansion. In addition, presence of large number of local manufacturers in the European region that develop and promote sleep tech devices will favor the market value.
 

Strategic implementation by leading market leaders will impel the industry growth

Some of the prominent players operating in sleep tech devices market include Koninklijke Philips N.V., Withings, Beddit (Apple Inc.), Xiaomi, Sleepace, Oura Health, ResMed, Fitbit, Dreem, Eight Sleep, Dodow (LIVLAB), Emfit, Casper Sleep, and Sleep Shepherd. The industry participants are involved into different strategic agreements such as mergers and collaborations to gain significant market shares in sleep tech devices business.

 

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