Sleep Tech Devices Industry Trends, Development, Demand and Forecast Report 2030

The Sleep Charity estimates that insomnia affects around one in three persons in the U.K. Further, the Royal Australasian College of Physicians (RACP) states that around 33-45% of Australian adults experience inadequate sleep. Additionally, the American Sleep Association (ASA) reveals that approximately 30% of the adults suffer from insomnia in the U.S. The ASA also states that 25 million adults in the U.S. have obstructive sleep apnea. All these sleep disorders affect the mental health, body weight, work performance, thinking ability, and relationships of affected people and also lead to the development of diabetes and heart diseases.

Thus, the increasing prevalence of sleep disorders, such as insomnia, sleep apnea, restless legs syndrome, and parasomnias, is expected to drive the sleep tech devices market at a healthy CAGR of 14.5% during 2020-2030. The market was valued at $12,888.4 million in 2020 and it is projected to generate $49,984.7 million revenue by 2030. The market growth can also be attributed to the surging public awareness about the detrimental impacts of untreated sleep apnea.

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Sleep tech devices used to monitor sleep patterns of patients having insomnia, narcolepsy, sleep apnea, rapid eye movement (REM) sleep behavior disorder, and restless legs syndrome, are available in wearable and non-wearable forms. In the recent past, wearable devices were preferred over non-wearable variants, due to their portable nature and cost-effectiveness. Wearable devices are equipped with advanced microsensors that constantly monitor the physiological activities of an individual. Additionally, the ability of such devices to track-real time data makes them popular among people suffering from several sleep disorders.

The age segment of the sleep tech devices market is categorized into below 45 years, 45-64 years, and above 65 years. Under this segment, the below 45 years category is projected to demonstrate the fastest growth throughout the forecast period (2021-2030). This will be because of the extensive technical knowledge possessed by the people of this age group. In comparison to people of other age groups, individuals below 45 years can rapidly pick up new technology and master it.

According to P&S Intelligence, North America will adopt the highest quantity of sleep tech devices in the foreseeable future. This will be on account of the high prevalence of chronic sleep disorders, the presence of a large number of obese people, the rise in the geriatric population, and the fast-paced lifestyle of people in the region. For instance, the Centers for Disease Control and Prevention (CDC) estimates that nearly 42.5% of adults aged 20 years and above in the U.S. were obese during 2017-2018.

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Whereas, the Asia-Pacific sleep tech devices market is expected to exhibit the fastest growth during the forecast period, owing to the increasing technological advancements, surging use of sleep technology, and booming geriatric population in the region. The United Nations Population Fund (UNFPA) states that the nearly 1.3 billion people in the APAC region will be over 60 years of age by 2050. As per the UNFPA, one in four people in APAC will be over 60 years old by 2050.

Therefore, the surging incidence of sleep disorders and mounting public awareness about the ill effects of sleep apnea will create a huge requirement for sleep tech devices globally.

Browse more reports:

Sleep Apnea Devices Market Report - https://www.psmarketresearch.com/market-analysis/sleep-apnea-devices-market

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This release was published on openPR.