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.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023 - 2035 |
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CAGR |
~17% |
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Base Year Market Size |
~USD 18 billion |
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Forecast Year Market Size |
~USD 300 billion |
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Regional Scope |
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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:
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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.
Author Credits: Abhishek Verma, Hetal Singh
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