Sleep Tech Devices Market value is set to grow by USD 60,955 Million from 2022 to 2030

The Global Sleep Tech Devices Market size was valued at USD 15,407 Million in 2021 and is estimated to reach the value of USD 60,955 Million by 2030, growing at a CAGR of 16.8% from 2022 to 2030.

The increasing prevalence of sleep disorders among individuals is the primary factor boosting the worldwide sleep tech devices market revenue. One of the major sleep disorders faced by an individual is obstructive sleep apnea (OSA). Obstructive sleep apnea (OSA) is a common respiratory sleep disorder characterized by recurring partial (hypopnea) or complete (apnea) obstruction of the upper airway in sleep, resulting in hypoxia, arousals, and sleep fragmentation. According to the American Academy of Sleep Medicine (AASM), it has recently been estimated that more than 930 million adults aged 30-69 years have mild-to-severe OSA, and around 425 million people have moderate to severe OSA worldwide.

The increasing adoption of wearable technology is a recent trend in the sleep tech devices market. In addition, the surging awareness for sleep disorders among individuals especially in emerging economieshas positively impacted the sleep tech devices market share. As result, the global sleep tech devices market forecast the CAGR to rise with more than 16%from 2022 to 2030.

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Sleep Tech Devices Market Regional Overview

The global sleep tech devices market regional outlook is given as North America, Europe, Latin America, Asia-Pacific, and the Middle East and Africa. North America is the leading region in the overall sleep tech devices market. However, the Asia-Pacific region expected to register rapid growth rate in the coming years. The growing number of obstructive sleep apnea cases in countries like China and India is likely to boost the demand for sleep tech devices. For instance, according to a study performed in rural India, the occurrence of obstructive sleep apnea by Apnea Hypopnea Index (AHI) criteria is 3.7%. In absolute numbers, this accounts for 36.4 million individuals suffering from OSA in rural India.

Sleep Tech Devices Market Dynamics

Increasing technological advancements in sleep trackers is one of the significant opportunities for the sleep tech devices market growth. Sleep trackers are becoming more sophisticated. For example, 2breathe is a smart device that is supposed to be worn around the waist before going to bed. The device can detect breathing and play tones to aid sleep, and it automatically shuts off when it detects snoozing. It's linked to an app that shows how one slept every morning. Beddit, on the other hand, is a sleep sensor that consists of a thin rectangle that is placed beneath sleeper sheets. It then monitors a variety of parameters, including sleep, varying sleep stages, respiration rate, heart rate, and more.

The industry is driven by the increasing elderly population. For instance, according to the United States Census Bureau, the number of Americans aged 65 and older is expected to double over the next 40 years, reaching 80 million by 2040.
However, the market growth is limited by the strict regulations imposed on these devices. Additionally, high cost of these devices is another aspect that is expected to limit the industry growth. Furthermore, miniaturization of newly developed sleep trackers could generate numerous growth opportunities for the market in the coming years.

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Worldwide Sleep Tech Devices Market Segmentation

The global sleep tech devices market has been segmented into product, gender, application, distribution channel, and region. The product type segment is categorized into wearable (smart watches and bands) and non-wearable (beds, sleep monitors, and others). In 2021, wearable products generated largest sleep tech devices market revenue.

Based on gender, the market is bifurcated into male and female. According to our analysis, males required the maximum number of sleep trackers and devices, whereas females' sleep device needs are growing dynamically. Insomnia, narcolepsy, obstructive sleep apnea, and others are the categorization of application segments. Among them, obstructive sleep apnea gathered a considerable sleep tech devices market share in 2021. Furthermore, by distribution channel, the industry is split into specialty clinics, hospitals, direct-to-consumer, and others. The direct-to-consumer segment is likely to witness the fastest growth due to the surging demand for online shopping.

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Sleep Tech Devices Market Players

Some sleep tech devices companies covered globally include Fitbit Inc. (Google LLC), Beddit (Apple Inc.), Koninklijke Philips N.V., Xiaomi, Oura Health Ltd., Sleep Shepherd LLC, Casper Sleep Inc., Dodow (LIVLAB), Cadwell Industries Inc., Eight Sleep, ResMed Inc., Dreem, Sleepace, Emfit Ltd., and Withings.

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