Sleep Tech Devices Market Set To Grow At Highest Pace Owing To Rising Preference For Wireless Devices

The Sleep Tech Devices Market comprises products used for tracking and monitoring various sleep parameters. Sleep tech devices help diagnose sleep disorders and improve sleep quality through continuous monitoring. Key sleep tech devices include sleep tracker watches, sleep apps, under mattress sensors, and wearables. Sleep trackers help track critical parameters like snoring levels, heart rate, sleep cycles, and oxygen levels. The growing demand for wireless products to monitor health in real-time is fueling the demand for sleep tech devices.

The Sleep Tech Devices Market is estimated to be valued at US$ 19.9 Bn in 2024 and is expected to exhibit a CAGR of 17% over the forecast period 2024-2031.

Rising awareness regarding the importance of good sleep and various sleep-related disorders is driving the demand for sleep tech devices among consumers. Sleep tech devices help diagnose sleep apnea and insomnia and recommend lifestyle changes and therapies to enhance sleep quality.

Key Takeaways

Key players operating in the Sleep Tech Devices Market are Koninklijke Philips N.V., Huawei Device Co Ltd., ResMed, Xiaomi, and Apple Inc. Philips offers a wide range of sleep and respiratory care solutions including ventilators, masks, and sleep tracking devices. Huawei launched its Band 6 sleep tracker in 2021 with 90+ workout modes and two-week battery life. With over 90 million happy customers, ResMed is a global leader in sleep apnea treatment solutions including sleep apnea masks and VPAP devices.

Rising health awareness is fueling the adoption of sleep tech devices globally. Data from sleep trackers indicating poor sleep quality is encouraging users to opt for CPAP machines and dental appliances. CPAP machine shipments grew over 7% during the pandemic as more people were diagnosed with sleep apnea symptoms owing to remote monitoring via oximeters and pulse oximeters.

Technological advancements are boosting the adoption of wearables and apps for tracking sleep. Integration of advanced technologies like infrared sensors, GPS, and heart rate sensors has enhanced the accuracy of sleep data from wearables. The availability of advanced data analytics tools is further helping identify correlations between sleep, activity, and health parameters.

Market Trends

The rising popularity of biointegrated electronics is a key trend in the Sleep Tech Devices Market. Devices implanted under the skin can seamlessly and continuously track critical health data without the need for wearables or apps. Another major trend is the growing recognition of circadian rhythms and development of lighting and ambient products to sync body clock and enhance sleep cycles. Companies are integrating lighting, audio, and fragrance elements into devices and apps to create customizable circadian lighting programs and schedules.

Market Opportunities

The rapid pace of digital transformation also opens avenues to leverage AI and big data analytics to gain deeper insights into sleep-health correlations. Longitudinal health data from a large population of sleep tech users can help develop highly customized sleep solutions. Another key area is pediatric sleep tech which is still in nascent stages. Pediatric-focused sleep solutions can help address rising concerns over children’s screen time, bedtimes, and sleep quality.

Impact Of COVID-19 On Sleep Tech Devices Market Growth

The COVID-19 pandemic has significantly impacted the growth of the Sleep Tech Devices Market globally. During the initial stages of the pandemic in 2020, many economies imposed strict lockdowns and restrictions on travel. As people were confined to their homes, lifestyle changes such as increased screen time, disrupted sleeping schedules and high stress levels seriously affected sleep quality and patterns. This drove higher demand for sleep tech devices as consumers sought solutions to monitor and improve their sleep. However, supply chain disruptions and factory shutdowns posed challenges for manufacturers. As the pandemic progressed through 2021, while restrictions eased in some regions, demand continued to rise. Manufacturers responded by ramping up production capacities with safety protocols and accelerating their digital transformation strategies to sustain business continuity. Going forward, popularity of remote work arrangements and awareness about benefits of monitoring health vitals are expected to keep propelling the Sleep Tech Devices Market even in the post-pandemic era.

Europe Currently Concentrates Highest Value In Sleep Tech Devices Market

Among geographical regions, Europe currently holds the leading share of the Sleep Tech Devices Market in terms of value. Countries such as Germany, UK, France have high consumer spending power and awareness regarding importance of quality sleep. Several leading players have their headquarters and manufacturing facilities located within Europe, allowing for easy availability of a wide variety of products. However, COVID-19 induced lockdowns disrupted regional sales initially. With restrictions now easing, demand recovery is strong. Still, high energy costs and changing economic conditions pose near-term challenges to market growth in Europe. The region will continue facing stiff competition from rapidly expanding Asian markets in the forecast period.

Asia Pacific Emerging as the Fastest Growing Region for Sleep Tech Devices

The Asia Pacific region has emerged as the fastest growing regional market for sleep tech devices globally. Countries like China, India and Indonesia have large populations experiencing rising lifestyle diseases due to changing working patterns and digitization of daily lives. This is generating significant demand for sleep monitoring solutions. Additionally, these developing economies also offer attractive market opportunities owing to growing disposable incomes, increasing health awareness and technology adoption. Leveraging advantageous policies, low manufacturing costs and presence of supply chain facilities, key players have commenced local production in Asia to tap into its high growth potential. If distribution channel expansion, brand awareness campaigns and economic revival efforts sustain post-pandemic, the Asia Pacific Sleep Tech Devices Market is slated for continued strong expansion through 2031.

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About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)

What Are The Key Data Covered In This Sleep Tech Devices Market Report?

:- Market CAGR throughout the predicted period

:- Comprehensive information on the aspects that will drive the Sleep Tech Devices 's growth between 2024 and 2031.

:- Accurate calculation of the size of the Sleep Tech Devices and its contribution to the market, with emphasis on the parent market

:- Realistic forecasts of future trends and changes in consumer behaviour

:- Sleep Tech Devices Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa

:- A complete examination of the market's competitive landscape, as well as extensive information on vendors

:- Detailed examination of the factors that will impede the expansion of Sleep Tech Devices vendors

FAQ’s

Q.1 What are the main factors influencing the Sleep Tech Devices ?

Q.2 Which companies are the major sources in this industry?

Q.3 What are the market’s opportunities, risks, and general structure?

Q.4 Which of the top Sleep Tech Devices companies compare in terms of sales, revenue, and prices?

Q.5 Which businesses serve as the Sleep Tech Devices ’s distributors, traders, and dealers?

Q.6 How are market types and applications and deals, revenue, and value explored?

Q.7 What does a business area’s assessment of agreements, income, and value implicate?

\Note: 1. Source: Coherent Market Insights, Public sources, Desk research 2. We have leveraged AI tools to mine information and compile it*