The Sleep Tech Devices market is expected to register a CAGR of 15.5% over the forecast period. The major factors attributed to the market growth include rising burden of sleep disorders and technological advancements. According to the Journal of Familiy Medicine and Primary Care, 2016, insomnia is often associated with diabetes and increasing age with the prevalence of it about was around 33%. Furthermore, in 2017, around 22 million people in the United States were found to be suffering from sleep apnea as per the data of Sleep Apnea Organization. Also, in 2019, Philips launched a “Philips Nightbalance”, a sleep therapy device which is specially designed for positional obstructive sleep apnea patients. Thus, the higher prevalence of sleep disorders is expected to increase the demand for sleep tech devices.
Key Market Trends
Wearables Segment is Expected to Exhibhit a Significant Market Growth in the Sleep Tech Devices Market
Wearable segment is expected to show a lucrative growth in the sleep tech devices market. The adoption of sedentary lifestyle may play a crucial role on the sleeping health. Wearable devices helps an individual to track the sleeping pattern. According to the study of Internationa Journal of Environmental Research and Public Health, 2018, wearble trackers showed closer approximation to sleep outcomes and offers a low-cost alternative to the conventional devices. In 2019, Samsung introduced a new Fitbit in the market that tracks the sleep data. Therefore, with the rising adoption of wearable sleep tech devices, it is expected to positively influence on the market growth.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America is expected to be a dominant region in the Sleep Tech Devices market owing to rising geriatric population and the higher prevalence of sleeping disorder. Older adults are at higher risk of insomnia. According to the National Sleep Foundation, in 2018, around 44% of adults (aged 65 and above) were diagnosed with some kind of sleep disorder. As per the data of Sleep Zone, 2018, 22 millions of people in the United States were found to be suffering from obstructive sleep apnea. Hence, these factors are affected to influence positively on the market growth in this region.
Companies are taking initiatives to grow their presence in the market. In 2019, ProSomnus Sleep Technologies designed a sleep apnea device that offers precision Continuous Advancement in Sleep Apnea Device. Key players that are expected to be dominant in Sleep Tech Devices market are Eight Sleep, Phillips, Dodow, Casper, Compumedics, Sleep Shepherd, Sleepace, Xiaomi, Oura Health and Nihon Kohden Corporation, Inc.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support