by The Sleep Tech Devices Market comprises devices that help monitor and track sleep patterns and detect sleep disorders. This includes devices like sleep trackers, smartwatches, CPAP machines, and sleep apnea devices. Growing awareness about the importance of quality sleep and the increasing prevalence of sleep disorders like insomnia and sleep apnea are driving the demand for such devices.
The Sleep Tech Devices Market is estimated to be valued at US$ 19.9 billion in 2024 and is expected to exhibit a CAGR of 17% over the forecast period of 2024-2031.
Key Takeaways
Key players operating in the Sleep Tech Devices Market include Koninklijke Philips N.V., Huawei Device Co Ltd., Res Med, Xiaomi, and Apple Inc. These players are focusing on developing advanced sleep monitoring solutions and integrating them with their existing smart home devices and wearables.
The growing awareness about sleep-related problems and the availability of inexpensive sleep tracking solutions present significant growth opportunities in the market. Players are investing in R&D to develop affordable smart sleep solutions for mass consumers.
New innovations in sleep monitoring devices, integration of sleep data with healthcare systems, and expanding into lucrative regional markets will help major players strengthen their global footprint over the coming years.
Market Drivers
The rising prevalence of sleep disorders like insomnia and sleep apnea is a key growth driver for the Sleep Tech Devices Market. According to estimates, more than 40% of adults globally suffer from insomnia or have difficulty sleeping. Such a large patient pool requires effective sleep management solutions. Furthermore, the growing adoption of digital health tools for tracking health indicators like sleep will continue supporting the demand for sleep tech devices over the forecast period.
PEST Analysis
Political: Government bodies enact regulations and provide guidelines regarding the safety and efficacy of sleep tech devices. Regulations ensure quality standards are met.
Economic: Rising incomes and health awareness have increased consumer spending on wellness products and digital sleep solutions. The growing middle class is a major demand driver.
Social: Changing lifestyles, increasing stress levels, and growing prevalence of lifestyle diseases have boosted the need for good quality sleep. Social media influences consumers’ purchase decisions.
Technological: Continuous innovation is enhancing capabilities of devices. Technologies like AI, cloud connectivity, and ML are augmenting user experience. Data insights help design personalized solutions.
Regions Of Concentration
North America accounts for the largest share of the global market in terms of value. This can be attributed to growing consumer awareness about sleep disorders, sedentary lifestyles, rising healthcare costs related to poor sleep, and supportive insurance policies that cover costs of sleep devices.
Fastest Growing Region
Asia Pacific is expected to witness the highest growth during the forecast period. Rising health consciousness, increasing per capita income, growing geriatric population susceptible to sleep disorders, and penetration of online sales channels are fueling sales across developing nations such as India and China. Proliferation of local manufacturers further expands access to affordable devices.
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
About Author - Ravina Pandya
Ravina Pandya,a 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, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
