Sleep Tech Device Market size was estimated at $12.5 billion in 2021 and is expected to reach $46.3 billion by 2031, growing at a CAGR of 17.8% during the forecast period of 2022 to 2031.
Sleep Tech Device Market
Sleep tech devices are the smart devices used to monitor, track and improve the sleep of people suffering from sleep disorders such as sleep apnea, narcolepsy, and insomnia. These devices assist the users in understanding the sleep patterns to improve sleep and optimize daytime performance. Sleep tech devices are equipped with sensors that monitor a person’s movement, sleep pattern, heart rate, and blood oxygen level to estimate sleep states.
Sleep Tech Device Market Growth and Trend
Perfect sleep is crucial for good physical and mental health. These devices offer various health benefits such as improved productivity, improved concentration power, and reduces risk of cardiovascular diseases. The companies operating in the global sleep tech device market are focused on developing new advanced sleep technology to improve the quality of sleep and better management of sleep disorders. Moreover, the transforming lifestyle of people around the world has increased the prevalence of sleep disorders. The use of sleep tech devices helps people to control and manage sleep disorders. In addition, growing awareness of people across the globe regarding sleep etch devices will further escalate the market growth during the forecast period. Additionally, there has been a steady rise in the geriatric population around the world. Sleep tech devices help the geriatric population to have a fast sleep. On the other hand, high cost and stringent regulatory framework are expected to act as the major restraint for the growth of the global sleep tech device market over the forecast period.
Sleep Tech Device Market Segmentation
The global sleep tech device market is segmented on the basis of product and end-users. Based on product, the sleep tech device market is classified into sleep monitoring devices, sleep wearable, sleep trackers, sleep gadgets, digital application tools, and others. Due to advanced and innovative technology, the sleep gadgets segment will witness robust growth over the forecast timeframe. Moreover, modern sleep devices are designed by technology based on neuroscience and help people to reduce stress, fatigue, and increase productivity significantly. The end-user segment of the sleep tech device market includes hospitals, home care settings, sleep laboratories, and others. The home care setting segment is expected to witness rapid growth in the coming years due to the rising inclination of people toward home sleep tech devices as they are portable and can easily detect the biological parameters responsible for sleep disorders.
Sleep Tech Device Market Country Analysis
North America is dominating the global sleep tech device market and is expected to expand at a fast pace due to the increasing number of people suffering from sleep disorders. According to a report, More than 22 billion people in the U.S. suffer from sleep disorders. The increasing demand for sleep tech devices is propelling the regional market. However, the growing prevalence of obesity and the rising geriatric population in the Asia Pacific region will escalate the growth of the regional market during the forecast period.
Sleep Tech Device Market Share and Competition
The prominent players operating in the global sleep tech device market are Autonomic Technologies (ATI), Baxter Healthcare Corporation, Bionano Genomics, Compumedics Limited, Infraredx, Inc., Inovio, Pharmaceuticals, Masimo Corporation, Neovasc Inc., and Nihon Kohden Corporation, Inc.
• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2022 – 2031)
• Data breakdown for every market segment (2022 – 2031)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Product Analysis (Revenue, USD Million, 2022 - 2031)
• Sleep Monitoring Devices
• Sleep Wearable
• Sleep Trackers
• Sleep Gadgets
• Digital Application Tools
End-Users Analysis (Revenue, USD Million, 2022 - 2031)
• Home Care Settings
• Sleep Laboratories
Region Analysis (Revenue, USD Million, 2022 – 2031)
• United States
• United Kingdom
• South Korea
• Middle East
• Rest of World
Sleep Tech Device Market Companies
• Autonomic Technologies (ATI)
• Baxter Healthcare Corporation
• Bionano Genomics
• Compumedics Limited
• Infraredx, Inc.
• Inovio, Pharmaceuticals
• Masimo Corporation
• Neovasc Inc.
• Nihon Kohden Corporation, Inc.
• United States Sleep Tech Device Industry Research Report
• Europe Sleep Tech Device Industry Research Report
• Asia Pacific Sleep Tech Device Industry Research Report
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