Sleep Tech Devices Market size to exceed $25bn by 2025

Sleep Tech Devices Market size is set to exceed USD 25 billion by 2025; according to a new research report by Global Market Insights, Inc.
 

Innovations and technological advancements in sleep enhancing and monitoring devices results in greater consumer satisfaction that will accelerate market growth. Moreover, growing availability of wearable trackers on online platforms at relatively lower prices will augment the industry growth in the forthcoming years.

 

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Growing incidence of sleeping disorders will drive industry growth in the near future

Increasing prevalence of sleeping disorders will prove beneficial for sleep tech devices market growth. Changing lifestyle has resulted in anxiety and depression, thereby disturbing the circadian cycle of individuals. Moreover, cardiovascular disorders and respiratory disorders have highly interrupted sleeping patterns in adults. Few studies have suggested that sleep enhancing devices drastically improved the health of people suffering from chronic ailments. Therefore, rising adoption of such advanced sleep devices by people suffering from sleep disorders will positively influence the industry growth throughout the analysis period.
 

Increasing geriatric population will create numerous growth opportunities for the sleep tech industry

Growing geriatric population base in developed economies will propel sleep tech devices market in coming years. According to Emergo, in Germany, around 21% of the people fall in the category of 65 years and above. Majority of the elderly people suffers from multiple chronic diseases such as cardiovascular, hypertension and respiratory disorders that alters their sleep patterns interfering with their daily activities escalating  the demand for sleep enhancing devices. However, stringent regulations may hamper the global market growth to certain extent.
 

Browse key industry insights spread across 125 pages with 240 market data tables & 9 figures & charts from the report, Sleep Tech Devices Market Size By Type (Wearables, {Smart Watches & Bands, Others}, 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, Hospital), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Japan, China, India, Australia, South Korea, Mexico, Brazil, Saudi Arabia, South Africa, UAE), Price Trends, Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/sleep-tech-devices-market
 

Rising preference for sleep-enhancing devices by pregnant females should positively impact the industry growth

Type of sleep tech devices include wearables and non-wearables. Non-wearables segment is anticipated to witness around 18% growth throughout the analysis timeframe. Recently developed non-wearables such as mattress, sleep pads/mats, beds, glow lights, etc. are integrated with advanced technology that has increased their preferences. These devices track sleeping patterns and reports the overall sleep stages throughout the night. Moreover, non-wearable devices also track snoring and helps in regulating temperature enhancing sleep. Thus, benefits offered by non-wearables will result in greater inclination towards them, thereby fueling the segment growth.
 

Based on gender, sleep tech devices market is bifurcated into females and males. Female segment was valued at more than USD 3.5 billion in 2018 and it is anticipated to grow substantially in forthcoming years.  Increase in the number of pregnancies in developed as well as developing economies has positively impacted the segmental growth. Pregnant women suffer from insomnia that increases the preference for sleep enhancing devices. Moreover, females having post-menopause symptoms also face difficulties in sleeping that further stimulates the demand for sleep enhancing glow lights and other wearable devices, thereby fostering the segment growth.
 

Applications of sleep tech devices include insomnia, obstructive sleep apnea, narcolepsy and others. Obstructive sleep apnea segment accounted for over 24% revenue share in 2018 and is anticipated to experience significant growth over the analysis timeframe. Obstructive sleep apnea creates hindrance in regular breathing patterns that may lead to heart disease, hypertension, stroke, depression, cardiac arrhythmia and memory and mood problem. Thus, for diagnosing and understanding the severity of sleep apnea, sleep aid and monitoring are highly preferred by healthcare professionals that augments the business growth.
 

Distribution channel of sleep tech devices include hospitals, direct-to-consumer (online platform), specialty clinics and others. Direct-to-consumer segment is anticipated to witness more than 15% CAGR throughout the analysis timeframe. Increasing awareness amongst people regarding the availability of technologically advanced sleep aid and monitoring devices on online platform will propel segment growth. Online platform promote sleep tech products vigorously and also provide several discounts on wearable sleep tech devices that will prove beneficial for the segment growth.
 

Germany has experienced tremendous growth due to high adoption of advanced sleep tech products

Germany sleep tech devices market accounted for around USD 705 million in 2018 and is projected to witness momentous growth during analysis timeframe. Increasing adoption of upgraded sleep tech devices due to considerably high purchasing power has augmented the sleep tech devices industry growth in the country. Furthermore, favorable regulatory scenario ensures superior quality of the sleep tech products that are marketed. Therefore, improving regulatory scenario for sleep tech devices has elevated the industry growth. Above mentioned factors coupled with rising promotional activities undertaken by sleep tech companies in Germany will favour the country growth.
 

Inorganic growth strategies adopted by market players will create numerous growth opportunities for the industry growth

Rising number of sleep disorders has attracted various players in the sleep tech devices market. Key players operating in the market are Eight Sleep, Philips, Dreem, Casper, Samsung, Nokia, Sleepace, Xiaomi, Oura Health, Fitbit, Emfit and Neuroon. Competitors are implementing various strategic initiatives such as mergers, acquisitions, product launches, geographical expansions and collaborations. These strategic initiatives will render the players with competitive advantage. For instance, in May 2019, Oura Health launched its new brand MOMENT. Features embedded into Oura’s rings enables it to understand impact of breathing exercises, meditation and relaxation. Introduction of new products will escalate the company growth.
 

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