Market Size of Sleep Tech Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 16.80 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Sleep Tech Devices Market Analysis
The sleep tech devices market is expected to register a CAGR of 16.8% over the forecast period.
The COVID-19 pandemic had a significant impact on the sleep tech devices market since many patients experienced sleep disorders after affecting COVID-19. For instance, according to the study published in January 2021 in PubMed, the rate of insomnia increased to 34.0% - 36.0% among patients who were diagnosed or at risk for COVID-19. Similarly, the study published in July 2022 in PubMed, stated that the patients who have recovered from COVID-19 in Vietnam are experiencing insomnia disorders. Hence, COVID-19 had a significant impact on the sleep tech devices market. In the post-pandemic situation, due to the rise in sleep diseases and advances in sleep monitoring devices, the market is likely to witness significant market growth over the forecast period.
Increasing cases of sleep disorders across the globe are anticipated to surge the market growth over the forecast period. For instance, according to the report published by the American Sleep Association (ASA) in January 2022, around 50.0 to 70.0 million adults in the United States suffers from sleep disorder every year. It also reported that each year around 30.0% to 40.0% of adults have symptoms of insomnia at some stage in their lifetime. Furthermore, it also reported that sleep disorders represent some of the most challenging medical conditions and affect 1 out of 3 people at some stage of their lives. The high prevalence of sleep disorders is expected to increase the demand for sleep tech devices, thereby boosting market growth over the forecast period. For instance, in May 2022, Sleep Disorders Facts and Statistics showed that the prevalence of sleep disorders in the United States follows a similar pattern, with 50-70 million United States adults impacted by lack of sleep.
Furthermore, rapid technological advancements and strategic activities by the key players are expected to fuel market growth. For instance, in July 2022, Telli Health launched its first cellular-enabled sleep monitor mat, which measures overall sleep, sleep time, heart rate, sleep cycles (deep, light, and REM), interruptions, sleep latency, and waking. Similarly, in February 2022, Redmi launched the Redmi Smart Band Pro equipped with features such as an AMOLED display and 50 meters of water resistance. In addition, it has a heart rate monitor and a SpO2 sensor that will enable blood oxygen monitoring and sleep monitoring.
Hence, due to the increase in the prevalence of sleep disorders and the rise in product launches coupled with technological advancements, the studied market is anticipated to witness growth over the analysis period. However, the high cost of sleep tech devices is likely to restrain the market growth.
