The global sleep tech devices market is anticipated to grow at a significant CAGR of 16% during the forecast period. The rising burden of sleep disorders, including insomnia, narcolepsy, restless leg syndrome, sleep apnea, and parasomnias, globally is expected to have a major impact on the demand for sleep tech devices. According to a study conducted by the Sleep Foundation, between 10% and 30% of adults struggle with chronic insomnia every year. In addition, 15-30% of males and 10-30% of females are diagnosed with obstructive sleep apnea (OSA) in 2021. Moreover, according to American Sleep Apnea Association (ASAA), sleep apnea, has become a significant health issue in the US. It is estimated that 22 million Americans suffer from sleep apnea, with 80% of the cases of moderate and severe obstructive sleep apnea undiagnosed. This rising prevalence of sleep disorders is attributed to growing stress levels due to the transforming lifestyle of people. As a result, people are inclined toward sleep tech devices that control and manage sleep disorders. Owing to the growing cases of sleep apnea and other sleep disorders, sleep tech devices are highly recommended by healthcare professionals working in specialist clinics to boost mental health in individuals which is further adding to the growth of the market.
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Impact of COVID-19 Pandemic on Global Sleep Tech Devices Market
Although the sleep tech devices market was negatively affected by the COVID-19 pandemic due to the closing of production facilities of devices, as a result of the implementation of lockdown globally. However, during the COVID-19 pandemic, a large number of infected people suffered from sleep deficiency, as a result of health problems caused by the virus, which in turn, affected the sales of these sleep tech devices. People started working from home and investing in their health which augmented the use of sleep tech instruments that can diagnose monitor, and manage sleep disorders.
Segmental Outlook
The global sleep tech devices market is segmented based on the product, and end-use. Based on the product, the market is segmented into sleep wearables, sleep monitors, smart beds, digital application tools, and others. Based on the end-use, the market is sub-segmented into hospitals, home-care settings, and others. Among the product segment, the wearable sub-segment is expected to cater prominent market share over the forecast period owing to higher adoption of wearable and connected devices among people and launches of smart sleep tracker wearables.
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Market Coverage
- Segment Covered-
o By Product
o By End-Use
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- Casper Sleep Inc., Hatch, Inc., Koninklijke Philips N.V., Samsung Electronics Co., Ltd., Withings SA, and others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How are players addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Sleep Tech Devices Market Report Segment
By Product
- Sleep Wearables
- Sleep Monitors
- Smart Beds
- Digital Application Tools
- Others
By End-Use
- Hospitals
- Home-Care Settings
- Others
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