Sleep Tech Devices Market Size & Share, by Product (Wearables, Non-Wearables); Gender (Male, Female); End-user (Hospitals, Homecare Settings); Application (Insomnia, Obstructive Sleep Apnea, Narcolepsy) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4760
  • Published Date: Mar 29, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Sleep Tech Devices Market size is expected to surpass USD 300 billion by the end of 2035, growing at a CAGR of 17% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of sleep tech devices was over USD 18 billion. The growth of the market can be attributed to the increasing use of sleep-tracking technology. In the United States, around 15% of adults reported using sleep-related applications such as sleep cycle and sleep time. Moreover, in China and India, roughly a quarter of those who responded to an online survey indicated they had used sleep-tracking apps in the 12 months before the study.

In addition to these, factors that are believed to fuel the market growth of sleep tech devices include the rise in the instances of various sleep disorders among people. In the United States, between 125,000 and 200,000 people have narcolepsy. According to some estimates, the condition affects around 44-50 per 100,000 Americans. A long-term neurological condition called narcolepsy interferes with the brain's capacity to regulate sleep-wake cycles. Narcoleptics may feel rested when they first wake up and then experience extreme sleepiness for the majority of the day.


Sleep Tech Devices Market
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Sleep Tech Devices Sector: Growth Drivers and Challenges

Growth Drivers

  • Rising Advancements in Sleep Devices - More innovations in sleep tech are likely to create huge opportunities for the market's growth. For instance, Kryo Inc. a sub company collaborated with Major League Baseball's Cincinnati Reds and Seattle Mariners. The company provided the teams with an advanced sleep technology, the OOLER sleep system. It is a technology that regulates the body temperature to initiate a deep sleep in a person.
  • Rising Population of Old Adults - With increasing age the levels of melatonin decrease, which leads to fragmented sleep cycles. According to the World Health Organization, one in six individuals on the planet will be 60 or older by 2030. By this point, there are likely to be 1.4 billion people over the age of 60, up from 1 billion in 2020. The number of individuals in the globe who are 60 or older is further expected to double by 2050.
  • Increasing Levels of Noise Pollution - Noise pollution is a developing issue that can cause insomnia, sleep disruption, and chronic health concerns. About 35 million people who reside in the Tokyo metropolitan region struggle with noise pollution every day. In some places, decibel levels might reach 90. Furthermore, whereas noise levels often can reach 85 dB or greater, Shanghai traffic also contributes significantly to noise pollution.

Challenges

  • Technology Increases Paranoia and Overthinking – The brain is impacted by technology, which stimulates the mind and makes it difficult to go to sleep. Sleeping close to technology might result in unwelcome awakenings from sounds and blinking lights. Moreover, the amount of time we spend sleeping is typically shorter when we are using electronics. In addition, large-scale random controlled trials are still needed to confirm claims that sleep monitoring wearables can help with sleep disorders especially when it comes to serious conditions such as insomnia and hypertension.
  • High Cost of Smart Sleeping Services
  • Regulatory Framework for Manufacturing is Strict

Sleep Tech Devices Market: Key Insights

Base Year

2022

Forecast Year

2023 - 2035

CAGR

~17%

Base Year Market Size

~USD 18 billion

Forecast Year Market Size

~USD 300 billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Sleep Tech Devices Segmentation

Product (Wearables, Non-Wearables)

The wearables segment is estimated to hold 52% share of the global sleep tech devices market in the year 2035. The growth of the segment can be attributed to the increasing use of smart wearable devices, such as smartwatches, fitness bands, and others. Wearable devices are gaining popularity owing to their convenience in carrying around, they are cheaper than sleep monitors. Moreover, with the help of wearable devices, a person can continuously monitor the status of their body and the physiological activities happening within a person. In addition to this, many devices can record when a person goes to sleep at night and wakes up in the morning by monitoring the time when they are inactive. Globally, the number of linked wearable devices has increased from around 325 million in 2016 to nearly 722 million in 2019, the sales have more than doubled in only three years. Also, it is anticipated that in 2020, the number of smartwatches shipped globally exceeded 100 million.

Application (Insomnia, Obstructive Sleep Apnea, Narcolepsy)

Sleep tech devices market from the insomnia segment is expected to garner a significant share in the assessment period. A person has insomnia when they don't get enough sleep, don't sleep well, or have difficulties falling or staying asleep. Insomnia might be a minor annoyance for some people. Some may experience severe problems from sleeplessness. The causes of sleeplessness might also differ greatly. A rise in the number of people suffering from insomnia is expected to boost the segment growth. There are two types of insomnia, acute and chronic insomnia, and they both are very common. Around the world, one in three people experience symptoms of insomnia, and approximately 10% of adults actually have an insomnia disorder.

Our in-depth analysis of the global market includes the following segments:

 

           Product

  • Wearables
  • Non-Wearables

 

          Gender

  • Male
  • Female

 

          Application

  • Insomnia
  • Obstructive Sleep Apnea
  • Narcolepsy

 

          End User

  • Hospitals
  • Homecare Settings

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Sleep Tech Devices Industry - Regional Synopsis

North America Market Forecasts

The sleep tech devices market in North America is predicted to hold the largest share of 33% during the time period between 2023 – 2035. Major product launches, high concentration of market players or manufacturers, and high prevalence of sleep disorders in the United States are some of the factors fuelling the growth of the sleep technology devices market in the country. For example, according to a May 2022 published report, Camden, Boulder, Colorado has the lowest percentage of adults in the United States who sleep less than seven hours, about 24.2%. The highest numbers were in New Jersey, Detroit, and Michigan, where 49.8% of adults in those cities reported short sleep.

APAC Market Statistics

The Asia Pacific sleep tech devices market is set to hold a substantial market share by the end of 2035. The growth of the market can be attributed majorly to the rising cases of depression and anxiety in the region. There are around 38 million people in India who have an anxiety disorder, and nearly 56 million who suffer from depression. In addition to this, by 2022, there were around 60 million cases of depression in India, with a prevalence rate of approximately 5%. In addition to this, according to the World Health Organization, in China, around 54 million people are living with depression, additionally, nearly 41 million are suffering from anxiety disorders.

Research Nester
Sleep Tech Devices Market Size
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Companies Dominating the Sleep Tech Devices Landscape

top-features-companies
    • Huawei Consumer Business Group
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Samsung Electronics
    • Fossil Group, Inc.
    • Xiamoi Inc.
    • Masimo
    • Fitbit Inc.
    • Apple, Inc.
    • Nihon Kohden Corporation
    • Compumedics Limited
    • Garmin Ltd.

In-the-news

In The News

  • Huawei Consumer Business Group announced the launch of next-generation smart wearable devices for smart and healthy living. The products include HUAWEI Mate Xs 2, HUAWEI WATCH GT 3Pro, HUAWEI WATCH FIT 2, HUAWEI Brand 7, HUAWEI WATCH D, and HUAWEI S-TAG. These smartwatches have cutting-edge features like health alerts, sleep induction warnings, medicine reminders, and information on activity intensity.
     
  • Samsung Malaysia Electronics announced the launch of their new device Galaxy Fit2. It is used for monitoring the workout session and sleep quality. The Samsung Health app gives the user a Sleep Score in the morning that details how well they slept throughout the night and includes a thorough analysis.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 4760
  • Published Date: Mar 29, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The growing prevalence of sleep disorders and the increasing geriatric population are some of the major factors anticipated to drive the growth of the sleep tech devices market.

The market is anticipated to attain a CAGR of 17% over the forecast period, i.e., 2023-2035.

The major players in the market are Xiamoi Inc., Masimo, Fitbit Inc., Apple, Inc., Nihon Kohden Corporation, Compumedics Limited, Garmin Ltd. and others.

The insomnia segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in North America is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Sleep Tech Devices Market Report Scope
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