Sleep Tech Devices Market Share, Size, Trends, Report 2032

Sleep Tech Devices Market: Industry Perspective

The global sleep tech devices market size was worth around USD 20.90 Billion in 2023 and is predicted to grow to around USD 93.54 Billion by 2032 with a compound annual growth rate (CAGR) of roughly 18.12% between 2024 and 2032. The report analyzes the global sleep tech devices market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the sleep tech devices industry.

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The report covers forecasts and analysis for the Sleep Tech Devices market on a global and regional level. The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD Billion). The study includes drivers and restraints for the Sleep Tech Devices market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the Sleep Tech Devices market on a global level.

In order to give the users of this report a comprehensive view of the Sleep Tech Devices market we have included a competitive landscape and analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein Product, End user, and regional segments are benchmarked based on their market size, growth rate and general attractiveness.

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Sleep Tech Devices Market: Overview

Sleep tech devices are electronic devices used to monitor and improve sleep for people with sleep apnea, narcolepsy, and insomnia. A variety of technologically improved sleep tech devices are available on the market, including wearable smart watches and bands, headbands, rings, sleep pads, beds and ear plugs. Sleep improvement apps have seen significant developments over the past couple of years that have revolutionized the sleep tech industry. In addition to tracking sleep, newly developed sleep tech devices can also control temperatures that may otherwise disturb sleep. The increased availability of such upgraded sleep devices will have a positive impact on the growth of the market for sleep tech devices.

Sleep Tech Devices Market: Growth Factors

Over the forecast period, the rising geriatric population base will fuel market growth in sleep tech. Geriatric populations are vulnerable to rising chronic diseases such as cardiovascular disease and high blood pressure. Such diseases are known to cause metabolism to act inappropriately, which can lead to changes in rhythm and breathing patterns. Such changes include disruptive sleeping habits as a major consequence. In both developed and developing countries, aging demographics will further increase the demand for sleep tech devices to address the disruptive sleep problem in the geriatric population. Strict regulatory requirements for medical devices, however, were predicted to impede to some extent growth.

Sleep Tech Devices Market: Segmentation Analysis

The study provides a decisive view on the Sleep Tech Devices market by segmenting the market based on Product, End-user and regions. All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

Based on Product, the market is segmented into Sleep monitoring devices, Sleep wearables, Sleep trackers, Sleep gadgets, Digital application tools and others.  Due to the advent of new and innovative gadgets, the sleep gadgets segment will see robust growth over the forecast time frame. Modern sleeping gadgets are principally based on technology based on neuroscience and enable a 20-minute power nap corresponding to two hours of regular sleep. These gadgets comprise of comb cream, a device to stimulate cranial electrotherapy (CES), an eye mask and an app to soothe and relax the body. Such devices help people to reduce stress and fatigue and increase productivity significantly.

Based on the End-User segment, the market is bifurcated into Hospitals, Home care settings, Sleep laboratories and others. Home care settings in the coming years will see significant growth. People are inclined to home sleep test devices because they are portable and can easily measure biological parameters that are responsible for sleep disorders. Once sleep tech tools have been mounted, people can feel comfortable and easily fall asleep. The comfort provided by home care settings is gaining favor among people who are expected to drive growth in the segment.

Sleep Tech Devices Market: Regional Insights

The geographical segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. During the forecast period, North America is expected to dominate the global market. It is estimated that 22 Billion people in the U.S. suffer from sleep apnea, and 80 percent of cases of moderate to extreme obstructive sleep apnea are undiagnosed, according to an article published in 2017 by the American Sleep Apnea Association.

In addition, a growing prevalence of obesity and a rising geriatric population, especially in developed and other developing countries such as Australia, China and India, has led to an increased prevalence of obstructive sleep apnea.

Sleep Tech Devices Market: Report Scope

Sleep Tech Devices Market: Competitive Analysis

Some of the major players in the global sleep tech devices market include:

• Autonomic Technologies (ATI)
• Baxter Healthcare Corporation
• Bionano Genomics
• Compumedics Limited
• Infraredx
• Inovio
• Pharmaceuticals
• Masimo Corporation
• Neovasc Inc.
• Nihon Kohden Corporation

The global sleep tech devices market is segmented as follows;

Global Sleep Tech Devices Market: Product Segment Analysis

• Sleep monitoring devices
• Sleep wearables
• Sleep trackers
• Sleep gadgets
• Digital application tools
• Others

Global Sleep Tech Devices Market: End-User Segment Analysis

• Hospitals
• Home care settings
• Sleep laboratories
• Others

Global Sleep Tech Devices Market: Regional Segment Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa