Sleep Tracker Market Outlook 2019 - Growth Drivers, Opportunities and Forecast Analysis to 2025
Growing wearable technology used in monitoring of various health parameters will boost the demand for sleep trackers over the coming years. Wearable medical devices offer high convenience and remote monitoring of numerous parameters. Besides, these devices are light weight, comfortable and the results can be viewed on a smartphone. Recent advances in wearable technology coupled with rapid adoption of smart wearable devices among young population will stimulate the global sleep tracker industry growth over the coming years.
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However, considerably high costs associated with sleep trackers may hinder the sleep tracker market growth to a certain extent, in the forthcoming years.
Global wearable sleep trackers will witness lucrative growth over the forecast period due to the rising incidence of sleep disorders such as insomnia and sleep apnea. According to the American Academy of Sleep Medicine (AASM), in 2018, about 30-35% of adults suffered from insomnia in the U.S. and approximately 10% of adults suffered from chronic insomnia. Recent technological advancements such as Oura Ring, the most accurate sleep activity tracker that detects the stress level, sleep, and overall health, will positively impact the segmental growth.
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The demand for sleep trackers will rapidly rise through e-commerce distribution channel due to growing internet penetration in emerging countries. Large population is seeking online distribution channels for product purchase due to greater convenience and availability of a wide range of products. Expanding number of online stores will further boost the sale of sleep trackers over the upcoming years, thereby stimulating the segment growth.
U.S. sleep tracker market is estimated to hold for significant market share during the analysis period. High growth can be attributed to increasing population base suffering from sleep disorders including sleep apnea, insomnia, restless-leg syndrome among few others. As per the American Sleep Apnea Association, about 11% of the American adults reported regarding insufficient sleep every night. Several associations, foundation and research groups are focusing on R&D regarding sleep disorders and its treatment in the nation. Moreover, presence of prominent market players such as Apple and FitBit, focusing on the development of novel sleep tracking solution will spur the U.S. sleep tracker industry growth over the forecast years.
China sleep tracker market is projected to grow at a momentous pace in the coming years due to rapidly rising geriatric population across the country. Elderly population are at a greater risk of suffering from various sleep-related disorders, thus offering lucrative potential for rise in demand for sleep trackers. Additionally, the Chinese technology is available at affordable price and is widely available through online stores. Presence of numerous wearable device manufacturers will further augment the China sleep tracker industry over the estimation period.
Some of the major market players involved in the global sleep tracker market are Apple, Inc., Fitbit, Simmons Bedding Company, Garmin and Emfit among other competitors. Innovative product launch, mergers and acquisitions and collaborations are some of the key strategies adopted by leading players to increase their profitability and gain competitive edge over others. For instance, in March 2019, Fitbit introduced Versa Lite Edition, a smartwatch used to track sleep stages and other health parameters that indicate conditions such as sleep apnea, thereby expanding their product offerings in sleep tracker market.
o Apple, Inc.
o Consumer Sleep Solutions LLC
o Emfit Ltd.
o Fitbit, Inc.
o Garmin Ltd.
o Simmons Bedding Company LLC
o Sleep Number Corporation
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