Sleep Tech Devices Market size to exceed $40.6 Bn by 2027

Sleep Tech Devices Market size is set to exceed USD 40.6 billion by 2027; according to a new research report by Global Market Insights, Inc.
 

Increasing patient population suffering from various kinds of sleep disorders and growing awareness among people about the availability will propel the sleep tech devices industry growth. In the U.S., sleep apnea is recognized as a primary sleep disorder and a concerning health issue. It is anticipated that around 25 percent of Americans experience acute insomnia every year.

 

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Increasing prevalence of sleeping disorders to foster the market demand

In the past few years, there has been an increase in sleep disorder cases worldwide. Many research studies have been conducted focusing on the causes and complications of different sleep disorders. Obstructive sleep apnea (OSA) has long been believed to be a contributor to stroke, heart disease, hypertension, and many other serious complications. Obesity is anticipated to be the largest contributor to obstructive sleep apnea. The growing patient pool suffering from obesity, especially in countries such as the U.S. and India is expected to increase the patient population with sleep disorders, thereby propelling the demand for sleep tech devices.
 

Global Sleep Tech Devices Market By Product

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Accelerating market growth due to advancements in non-wearable sleep tech devices market

The non-wearables product segment is projected to garner over 23% market share in 2027. Many market players such as ResMed, Withings, Apple Inc., and others are targeting their R&D resources to develop innovative non-wearable sleep tech devices with superior features. For instance, in April 2020, Apple Inc. announced to develop smart mattress for sleep tracking. This mattress is designed to gather important data on sleep and health without causing any discomfort to users.
 

Browse key industry insights spread across 223 pages with 440 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), COVID19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/sleep-tech-devices-market
 

Different sleeping disorders among males will accelerate the market demand

The male segment garnered the highest market share and generated more than USD 7.5 billion in 2020. New technologies and gadgets always appeal to men and they adopt such devices more quickly. Also, studies suggest that sleeping disorders are more prevalent in males than females.
 

Rising cases of obstructive sleep apnea to boost the market revenue

Obstructive sleep apnea (OSA) accounted for the second-highest sleep tech devices market share with around USD 3 billion in 2020. It also creates an interruption in regular breathing patterns that may lead to hypertension, depression, heart disease, stroke as well as cardiac arrhythmia. Although common and dangerous, it is relatively easily diagnosed and treated. For diagnosing the severity of sleep disorder, sleep tech devices are recommended by healthcare professionals that is slated to propel the market statistics.
 

Easy availability of sleep tech devices through online platforms will augment the sleep tech devices market progression

The direct-to-consumer (DTC) segment captured over 46% market share in 2020 and is predicted to remain a prominent distribution channel for sleep tech devices. Growing promotional activities and broadcasting of sleep tech devices on e-commerce websites and social media platforms will fuel the market revenue. Also, the rising preference of consumers towards online shopping for faster and easier access to a wide range of sleep tech devices and similar products will further propel the market expansion.
 

Growing demand for sleep tech devices in the European countries will foster the market growth

Europe sleep tech devices market is estimated to observe more than 17.5% CAGR through 2027. Increasing adoption of innovative sleep tech devices attributing to the high purchasing power of the majority of the population in Europe will drive the market growth. Germany is one of the countries that have a high prevalence of OSA, thereby increasing the demand for sleep tech devices in the country and proving beneficial for the regional sleep tech devices industry growth. Additionally, increasing healthcare expenditure and desire to enhance mental health in the region will further augment the market demand.
 

Strategic implementation by market leaders will enable them to capture high revenue share

Some of the prominent market players operating in the sleep tech devices market include Casper Sleep Inc., Beddit (Apple Inc.), Dreem, Dodow (LIVLAB), Eight Sleep, Fitbit Inc. (Google LLC), Sleep Shepherd LLC, Emfit Ltd., Oura Health Ltd., Koninklijke Philips N.V., ResMed Inc., Sleepace, Withings, and Xiaomi among others. These industry participants are involved into different strategic agreements such as mergers and acquisitions to gain a competitive edge in sleep tech devices business.

 

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