The Global Sleep Tech Devices Market is estimated to grow at a CAGR of 15.67% during the forecast period from 2022 to 2027

The global sleep tech devices market is estimated to grow at a CAGR of 15.67% during the forecast period from 2022 to 2027. The sleep tech devices market is witnessing positive growth owing to various factors such as the rising geriatric population, the increasing prevalence of sleep disorders such as insomnia and narcolepsy, and the surge in the launch of technologically advanced sleep tech devices. Therefore, the market for sleep tech devices is estimated to grow at a significant CAGR during the forecast period from 2022 to 2027.

Sleep Tech Devices Overview
Products and technologies meant to improve sleep are known as sleep tech devices. These devices have better sensor technology that can detect a person's sleep, to estimate sleep patterns.

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Regions covered in the report
• Global

Recent Developmental Activities in the Sleep Tech Devices:
• In June 2022, Garmin, a Swiss-domiciled multinational technology company launched its Vivosmart 5 fitness band in India, with health features such as it comes with, advanced sleep monitoring (with sleep stages).
• In June 2022, pTron, an Indian electronics manufacturer announced the launch of a new smartwatch in India: the Force X10E, which includes features such as sleep monitoring.
• In June 2022, Amazefit, a smart wearable brand, launched GTS 2 smartwatch with some special features such as sleep monitoring in India.
• In October 2020, Samsung, the largest producer of electronic devices launched Galaxy Fit 2 fitness tracker in India, which includes the monitoring of sleep.

Key Takeaways from the Sleep Tech Devices Market Report Study
• Market size analysis for current sleep tech devices market (2021), and market forecast for 5 years (2022-2027)
• The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the sleep tech devices market
• Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened over the last 3 years
• Key companies dominating the global sleep tech devices
• Various opportunities are available for the other competitor in the sleep tech devices market space.
• What are the top-performing segments in 2021? How these segments will perform in 2027.
• Which are the top-performing regions and countries in the current sleep tech devices market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for sleep tech devices market growth in the coming future?

COVID19 Impact on the Sleep Tech Devices Market
Additionally, the ongoing COVID-19 pandemic has significantly impacted the sleep tech devices market. There was a nationwide lockdown in almost every country, movement restrictions for non-essential goods, and unavailability of the workforce at the production sites hampered the manufacturing process of sleep tech devices. However, sleep problems appear to have been common during the ongoing COVID-19 pandemic, which was found to be associated with the high psychological distress level, this can increase the chances of sleep disorders. Therefore, the COVID pandemic could have significantly impacted the sleep tech devices market. As with masses being vaccinated, relaxation in lockdown restrictions, and resumption of supply chains, logistics, and manufacturing units, the sleep tech devices can be expected to further grow during the forecast period.

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Sleep Tech Devices Market Dynamics
One of the main drivers of the sleep tech devices market is the rising geriatric population. According to the World Health Organization (WHO) data published in the year 2021, it was estimated that between the years 2015-2050 the number of individuals aged 60 and more will get doubled from 12-22% and will reach 2.1 billion by the year 2050. In addition, according to the same source, by the year 2030, one out of every six people in the world will age 60 years or beyond. Moreover, as per the above-mentioned source and statistics, the number of people aged 80 years or above is expected to get triple between the years 2020 and 2050 to reach 426 million population. Thus, as the age increases chances of suffering from sleep disorders also increase such as Obstructive Sleep Apnea (OSA), Periodic Limb Movements in Sleep (PLMS), and others. Therefore, the rising geriatric population increases the demand for sleep tech devices, thereby driving the sleep tech devices overall market growth during the forecast period (2022-2027).

Sleep Tech Devices Market Growth Factors
Another key factor that is responsible for the growth of the sleep tech devices market is the increasing prevalence of insomnia globally. For instance, according to the sleep advisor data published in the year 2021, around 30% of the population in the United States suffer from insomnia of which 10% of them suffer from chronic insomnia. Thus, increasing the prevalence of insomnia can lead to a surge in the acceptance of sleep tech devices, since they can monitor sleep patterns. Therefore, this can boost the demand for sleep tech devices, thereby driving the global sleep tech device's overall market growth.

Sleep Tech Devices Market Segment Analysis:
• Sleep Tech Devices Market by Product Type (Wearable and Non-Wearable), Application (Obstructive Sleep Apnea, Central Sleep Apnea, Insomnia, Narcolepsy, and Others),
• Sleep Tech Devices Market by End-User (Hospitals, Home-Care Settings, and Others)
• Sleep Tech Devices Market by Geography (North America, Europe, Asia-Pacific, and Rest of the World)

North America is expected to dominate the global sleep tech devices market in the year 2021
Factors such as the increasing prevalence of sleep disorders such as narcolepsy and the surge in the launch of technologically advanced sleep tech devices in the United States are expected to increase the demand for sleep tech devices in the North America market. According to the data published by the National Institute of Neurological Disorders and Stroke in the year 2022, as per the latest statistics, an estimated 135,000 to 200,000 people in the United States have narcolepsy. Therefore, to monitor sleep and related disorders sleep tech devices are used, which increases the demand for sleep tech devices, thereby driving the overall market growth during the forecast period from 2022-2027.

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Table of Content
1. Sleep Tech Devices Market Report Introduction
2. Sleep Tech Devices Market Executive Summary
3. Regulatory Analysis
4. Sleep Tech Devices Market Key Factors Analysis
5. Sleep Tech Devices Market Porter's Five Forces Analysis
6. COVID-19 Impact Analysis on Sleep Tech Devices Market
7. Sleep Tech Devices Market Layout
8. Sleep Tech Devices Market Global Company Share Analysis - Key 3-5 Companies
9. Sleep Tech Devices Market Company and Product Profiles
10. KOL Views
11. Project Approach
12. About DelveInsight
13. Disclaimer & Contact Us

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