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Sleep Tech Devices Market Drivers, Growth Value, Size and Forecast By 2033
Sleep Tech Devices Market Drivers
As per the report, the sleep tech devices market size has grown rapidly in recent years. It will grow from $19.14 billion in 2023 to $22.35 billion in 2024 at a compound annual growth rate (CAGR) of 16.8%. The sleep tech devices market size is expected to see rapid growth in the next few years. It will grow to $42.8 billion in 2028 at a compound annual growth rate (CAGR) of 17.6%.
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Rising Sleep Disorders Fueling Growth In The Sleep Tech Devices Market
The increasing prevalence of sleep disorders will boost the sleep tech devices market. Sleep tech devices monitor and improve sleep quality by providing data and insights into sleep patterns, offering personalized recommendations, and facilitating the adoption of healthy sleep habits. They can also help diagnose and monitor sleep disorders and provide personalized feedback and suggestions to improve sleep quality. It is becoming increasingly common for people with sleeping disorders to use sleep tech devices to help them improve the quality of their sleep. For instance, in June 2021, according to the American Psychological Association (APA), a professional organization company, sleep problems rose from 36% before the pandemic to more than 50%. Therefore, the increasing prevalence of sleep disorders will drive the sleep tech devices market forward.
Technological Advancements Driving Evolution In The Sleep Tech Devices Market
Technological advancements are a popular trend in the sleep tech devices market. Major companies operating in the sleep tech devices market are focused on developing innovative technologies to sustain their position in the market. For Instance, in August 2021, Somne, a US-based digital health company, launched a novel class II neck collar medical device. This device employs variable negative pressure technology and a tiny device put beneath the chin to detect breathing patterns and modify airflow accordingly. The collar prototype uses gentle suction to keep the patient's airway open while sleeping, allowing them to breathe normally and sleep soundly.
The sleep tech devices market covered in this report is segmented -
1) By Product Type: Wearable, Monitoring Devices, Smart Gadgets, Digital Tools, Other Types
2) By Age: Below 45 Years, 45-64 Years, Above 65 Years
3) By Distribution Channel: Sleep Centers And Fitness Centers, Hypermarkets And Supermarkets, E-Commerce, Pharmacy And Retail Stores, Other Channels
4) By Application: Insomnia, Obstructive Sleep Apnea, Narcolepsy, Other Applications
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Major companies operating in the sleep tech devices market report are Masimo Corporation, Koninklijke Philips N.V., Fitbit Inc., Xiaomi Corporation, Apple Inc., Eight Sleep, Oura Health Oy, Nihon Kohden Corporation Inc., Casper Sleep, Compumedics Limited, ResMed Inc., Withings, Samsung Electronics Co. Ltd., ASUSTek Computer Inc., Motorola Mobility LLC, Apollo Neuroscience Inc., Nokia Corporation, Huawei Technologies Co. Ltd., Sleep Shepherd LLC, Sleepace, Fossil Group Inc., Serta Simmons Bedding LLC, Tempur Sealy International Inc., Sleep Number Corporation, Emfit Ltd., Beacon Biosignals Inc., Beddit Oy, SleepScore Labs, ZANSOR, Somnox, Sleep Cycle
Contents of the report:
1. Executive Summary
2. Sleep Tech Devices Market Report Structure
3. Sleep Tech Devices Market Trends And Strategies
4. Sleep Tech Devices Market - Macro Economic Scenario
5. Sleep Tech Devices Market Size And Growth
…..
27. Sleep Tech Devices Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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