Market Trends of Sleep Tech Devices Industry
Smart Watches and Bands Segment is Expected to Hold a Significant Share of the Sleep Tech Devices Market Over the Forecast Period
The smartwatches and bands segment is expected to hold a significant market share in the sleep tech devices market owing to the increasing awareness of technologically advanced products such as smartwatches and bands among people and the rise in a sedentary lifestyle. Smartwatches and bands help an individual to track their sleeping pattern. Smartwatches are the most commonly used wearable devices. Smartwatches closely resemble a wristwatch or other time-keeping devices. Smartwatches help to track many health information such as tracks blood oxygen level, heart rate, body temperature, sleep tracking, and blood pressure.
Furthermore, various technological updates introduced by the key players in smartwatches for tracking sleep are expected to drive market growth. For instance, in December 2022, Mobvoi introduced an update for its TicWatch companion app, bringing users various advanced sleep-tracking features. Following the update, TicWatch users got access to a new selection of sleep-aid songs in the app, along with daily sleep-tracking reports, an overview of weekly and monthly sleep patterns, nap tracking, and more.
Moreover, the continuous product launches of smartwatches and bands are surging the market growth. For instance, in May 2021, Patron, a Korean electronics company, launched the We-temp Band and Urban HR smartwatches equipped with body temperature measurement features. It is the first smartwatch with a temperature measurement feature launched in Vietnam. In addition, these smartwatches can track heart rate, steps moved, and calories consumed throughout the day automatically, and analyze sleep indicators to provide the best sleep advice to people.
Hence, due to the increase in product launches along with rapid technological advancements in smartwatches, the studied segment is anticipated to witness growth over the analysis period.
North America Anticipated to Hold a Significant Market Share Over the Forecast Period
North America is expected to hold a significant market share in the sleep tech devices market owing to the rising product launches, presence of key players, rapid technological advancements, and the higher prevalence of sleeping disorders. The geriatric population is at higher risk of insomnia. According to the report published by the Sleep Foundation Organization in May 2022, around 35.2% of all adults in the United States reported sleeping on average for less than seven hours per night. Similarly, according to the report published by the American Academy of Sleep Medicine (AASM) in November 2021, around 75.0% of adults aged 65 and above suffer from insomnia symptoms and around 20.0% of preteens suffer from insomnia symptoms. Hence, these factors are anticipated to positively impact the market growth in this region.
Key product launches, the high concentration of market players or manufacturers' presence, and the high prevalence of sleep disorders in the United States are some of the factors driving the growth of the sleep tech devices market in the country. For instance, according to the report published by the Sleep Foundation Organization in May 2022, of major cities in the United States, Boulder, Colorado had the lowest percentage of adults who sleep less than seven hours per night, which was around 24.2%, Camden, New Jersey, and Detroit, and Michigan witnessed the highest rate, with 49.8% of adults in those cities reporting short sleep. Therefore, such a high prevalence of sleep disorders in the country is expected to surge the market growth over the forecast period.
Furthermore, government support to invest in sleep research is expected to promote market growth over the forecast period. For instance, according to the June 2022 update by Statistics Canada, the Ministry of Health, funded USD 3.8 million to support research on sleep health and insomnia. The Government of Canada supported this initiative through the Canadian Institutes of Health Research (CIHR) in partnership with Eisai Limited and Mitacs.
Thus, due to the increase in sleeping disorders and rise in government investment coupled with product launches, North America is anticipated to witness growth over the analysis period.
