Sleep Tech Devices Market Witnesses Significant Growth due to Rising Prevalence of Sleep Disorders



The Sleep Tech Devices Market has witnessed significant growth in recent years owing to the rising prevalence of sleep disorders globally. Sleep tech devices help in monitoring sleep patterns and quality through devices like smartwatches, sleep trackers, and sleep apps. Devices record biometric data like heart rate, breathing patterns, and movements during sleep helping people understand their sleep better. The growing sedentary lifestyle and increasing stress levels have been major factors contributing to the rising cases of insomnia and sleep apnea globally. Sleep tech devices assist in diagnosis and treatment of various sleep disorders while also helping to improve sleep hygiene.

The Sleep Tech Devices Market is estimated to be valued at US$ 19.9 Bn in 2024 and is expected to exhibit a CAGR of 17.% over the forecast period 2024-2031.

Key Takeaways

Key players operating in the sleep tech devices are Koninklijke Philips N.V.,Huawei Device Co Ltd.,ResMed,Xiaomi,Apple Inc. These players are focused on new product launches and expansion plans to strengthen their presence.

Some key opportunities in the Sleep Tech Devices Market include increasing awareness about benefits of monitoring sleep, growing preference for wearable sleep trackers, and integration of AI and biosensors in devices.

The market players are expanding their businesses globally especially in emerging regions of Asia Pacific, Middle East, and Latin America where the prevalence of sleep disorders is increasing rapidly.

Market Drivers:

The rising geriatric population globally is one of the key drivers as old age groups are more prone to sleep disorders. According to the United Nations, the number of people aged 60 years or above is estimated to more than double by 2050, driving the need for sleep tech devices for real-time sleep monitoring and elderly care.

Market Restraints:

High costs of advanced sleep tech devices and lack of reimbursement policies in many countries limit the adoption. Also, data privacy and security concerns with devices connected to the internet pose a restrain in the market growth.

Segment Analysis

The Sleep Tech Devices Market is dominated by the wearables sub segment which accounts for over 40% share. Factors such as increasing health concerns, focus on fitness, rising disposable incomes have led to the growing popularity of wearable sleep tech devices such as smartwatches and fitness bands in recent years. These devices track various parameters related to sleep through in-built sensors and apps and have emerged as a convenient solution for self-monitoring of sleep patterns. The ease of use, portability and declining price points of wearable devices have boosted their demand over other conventional devices in the sleep tech market.

Global Analysis

North America holds the major share in the overall Sleep Tech Devices Market currently owing to robust healthcare infrastructure and high awareness levels about sleep disorders. The region is expected to continue its dominance during the forecast period as well supported by ongoing technological advancements and favourable health insurance policies facilitating easy adoption of sleep tech devices. Asia Pacific is poised to depict the fastest growth rate owing to growing elderly population, increasing income levels, expanding medical tourism industry and development of economical wearable sleep tech devices by regional manufacturers catering to local needs. Countries such as China and India are likely to drive maximum opportunities for market players within the Asia Pacific region.

Get more insights on this topic: https://www.marketwebjournal.com/sleep-tech-devices-market-to-grow-at-a-robust-cagr-of-17-driven-by-rising-prevalence-of-sleep-disorders/

 

About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)

 

What Are The Key Data Covered In This Sleep Tech Devices  Market Report?

:- Market CAGR throughout the predicted period

:- Comprehensive information on the aspects that will drive the Sleep Tech Devices 's growth between 2024 and 2031.

:- Accurate calculation of the size of the Sleep Tech Devices  and its contribution to the market, with emphasis on the parent market

:- Realistic forecasts of future trends and changes in consumer behaviour

:- Sleep Tech Devices  Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa

:- A complete examination of the market's competitive landscape, as well as extensive information on vendors

:- Detailed examination of the factors that will impede the expansion of Sleep Tech Devices  vendors

FAQ’s

Q.1 What are the main factors influencing the Sleep Tech Devices ?

Q.2 Which companies are the major sources in this industry?

Q.3 What are the market’s opportunities, risks, and general structure?

Q.4 Which of the top Sleep Tech Devices  companies compare in terms of sales, revenue, and prices?

Q.5 Which businesses serve as the Sleep Tech Devices ’s distributors, traders, and dealers?

Q.6 How are market types and applications and deals, revenue, and value explored?

Q.7 What does a business area’s assessment of agreements, income, and value implicate?

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

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