Sleep Tech Devices Market Report | Size, Share & Growth 2030

[Research Report] The global sleep tech devices market size is expected to grow from US$ 17,200.2 million in 2022 to US$ 69,200.1 million by 2031; it is estimated to register a CAGR of 18.5% from 2022 to 2031. 

Analyst’s ViewPoint

The global sleep tech devices market analysis explains market drivers such as the rising sleeping disorders and growing demand for sleep apnea diagnostic devices and therapeutic solutions. Further, technological developments are expected to introduce new trends in the market during 2022–2031. The global sleep tech devices market is bifurcated based on product type into wearable and non-wearable. The wearable segment held a larger market share in 2022, and the same segment is anticipated to register a higher CAGR during the forecast period. The global sleep tech devices market, by application, is segmented into insomnia, obstructive sleep apnea, narcolepsy, and others. The insomnia segment held a larger market share in 2022 and the segment is anticipated to register a higher CAGR during the forecast period. Based on distribution channel, the global sleep tech devices market, is segregated as sleep centers & fitness centers, hypermarkets & supermarkets, e-commerce, pharmacy & retail stores, and others. The sleep centers & fitness centers segment is expected to account for a maximum share of the global sleep tech devices market during 2022–2031.

Sleep tech devices are electronic devices that improve the body's capacity to fall asleep by properly tracking sleep hours. Also, sleep tech devices employ a variety of characteristics to improve sleep management, heartbeat, breathing rhythm, movement, sleep phases, snoring, and the sleeping environment, as well as noise level and light. Such devices provide insights that can be utilized to understand sleep patterns better and identify solutions to combat sleep loss.

Market Insights

Rising Sleeping Disorders

According to the National Sleep Foundation 2023 report, between 10% to 30% of adults struggle with insomnia. Additionally, 2-9% of the adults are affected by obstructive sleep apnea (OSA). On average, 35% of US citizens report sleeping less than seven hours per night. Insufficient sleep results in a rising incidence of chronic health conditions such as Alzheimer's disease (AD), anxiety, dementia, depression, hypertension, and type 2 diabetes. Therefore, insufficient sleeping patterns and rising chronic health conditions among the population are responsible for the accelerated demand for sleep tech devices. Therefore, medtech device companies are designing innovative products that improve the sleep timings of sleep apnea patients. Resmed's devices and digital health technologies to treat sleep apnea are one such example. Through Resmed's wearables, sleep apnea patients can access their personal data, use cognitive behavioral therapy (CBT) applications to treat their health conditions, and monitor their progression and improvement.

Additionally, the consumer wearable is a valuable tool for collecting data about sleep behaviors, such as monitoring regular bedtimes. Therefore, the utility of such sleep tech devices technology to gain consumer insights assists consumers in adopting constructive steps to improve their sleep. The aforementioned factors are responsible for the influential growth of the sleep tech devices market during the forecast period of 2022-2031.

Future Trend

Technological Developments

Constant technological advancements and awareness regarding sleep apnea are boosting the adoption of various medical devices, such as polysomnography (PSG) and home sleep testing. Many industry players focus on innovative product strategies to meet the growing demand for sleep apnea diagnostic devices. For instance, in August 2021, ResMed successfully launched "AirSense 11," the first available in the US. The company's next-generation positive airway pressure device is designed to assist people suffering from sleep apnea. In August 2021, Nihon Koden Corporation announced the launch of Polysmith 12 polysomnography software. The Polysmith software includes more than 40 market-driven features that offer sleep specialists to improve the medical device's workflow, analysis, and outcomes. The new product also offers a cost-effective design with a broad range of features, such as the enhancement of scheduling, prioritization, and email notification capabilities for enhanced workflow, improved status tracking to organize patients based on priority and status, and the ability to track patient progress to improve clinical outcomes.

Market Opportunity

Innovative Product Launches and Clinical Trials

Investments in medical Research & Development (R&D) activities are on the rise in Americas. Medical device manufacturers are highly involved in research and development (R&D) to offer innovative products and serve a large customer base suffering from sleep apnea disorders. Additionally, manufacturers are experiencing rapid product approvals by the Food & Drug Administration. In September 2021, Sommetrics, a pioneer in manufacturing products and services to improve sleep health, announced the launch of a pivotal clinical trial for the "aerSleep II device" for the treatment of OSA. The company termed the clinical trial as "SUPRA study" (i.e., Study Using Negative Pressure to Reduce Sleep Apnea). The trial aims to evaluate the treatment benefits and safety of applying a mild external vacuum over the upper way airway with the aerSleep II device. Thus, such innovative product launches and clinical trials are projected to offer lucrative opportunities to the market players during the forecast period

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Sleep Tech Devices Market: Strategic Insights

Sleep Tech Devices Market

• Market Size 2023
  US$ 20.38 Billion
• Market Size 2031
  US$ 79.25 Billion

Market Dynamics

GROWTH DRIVERS

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FUTURE TRENDS

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OPPORTUNITIES

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Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Product Type

• Wearable
• Non-Wearable

Application

• Insomnia
• Obstructive Sleep Apnea
• Narcolepsy

Distribution Channel

• Sleep Centers & Fitness Centers
• Hypermarkets & Supermarkets
• E-Commerce
• Pharmacy & Retail Stores

Distribution Channel

• Sleep Centers & Fitness Centers
• Hypermarkets & Supermarkets
• E-Commerce
• Pharmacy & Retail Stores

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Report Segmentation and Scope

Product Type-Based Insights

The global sleep tech devices market is bifurcated based on product type into wearable and non-wearable. Wearable segment is further sub-segmented as smart watches & bands, and others. Non-wearable segment is further sub-segmented as sleep monitors, beds, and others. The wearable segment will account for a larger market share in 2022 and is anticipated to register a higher CAGR during the forecast period. Technological solutions such as wearables are becoming increasingly popular, addressing the decline in sleep levels among the population. Also, consumer wearables can be utilized to investigate the relation of sleep to demographics, socioeconomic, and lifestyle factors. Additionally, the adoption of consumer wearables results in remote monitoring as a helpful tool for physicians to analyze and develop a better understanding of consumer's sleeping patterns and to design effective ways of treatment. Further, insurance companies offer their clients free or subsidized wearables to encourage healthier habits and reduce long-term healthcare costs, and the ability to detect sleep disorders individually for accelerating adoption of wearables, thereby dominating the segmental growth during 2022-2031.

Distribution Channel-Based Insights

Based on distribution channel, the global sleep tech devices market is segmented into sleep centers & fitness centers, hypermarkets & supermarkets, e-commerce, pharmacy & retail stores, and others. The sleep centers & fitness centers segment held a larger market share in 2022 for global sleep tech devices market. With the rising number of patients preferring sleep centers for quality sleeping patterns, clinical research reveals that sleep centers provide accurate clinical results and diagnosis, resulting in precise and effective treatment for patients suffering from sleep apnea. Also, the wide availability of sleep apnea treatment devices adoption is at a high scale in sleep centers, ultimately driving the segment growth during the forecast period 2022-2031.

Regional Analysis

The growth of the sleep tech devices market is attributed due to increasing incidence of sleep disorders and growing demand for sleep apnea diagnostic devices and therapeutic solutions. However, low awareness of sleep tech devices hinders the market growth. Based on geography, North America accounts for the largest sleep tech devices market share. Likewise, Asia Pacific will register highest CAGR for sleep tech devices market during the forecast period 2022-2031.

Among North America, US accounts the largest share for the sleep tech devices market. Sleep apnea is one of the major health issues and a common sleep disorder in the US. The American Sleep Apnea Association estimates that 38,000 people in the country die each year from heart disease, with sleep apnea as a complication. In addition to the increasing number of deaths associated with sleep apnea and the rising awareness about risk factors of sleep apnea, the growing importance of sleep testing in adults and pediatric populations favors the sleep apnea market growth.

Excessive daytime sleepiness among people with narcolepsy or obstructive sleep apnea (OSA) at work, at home, or in daily activities hampers their daily lives. Therefore, rising incidence of sleep apnea among the US population, demand for sleep tech devices is high and will continue to rise in the coming years. Such aforementioned factors will dominate the sleep tech devices market during the forecast period 2022-2031.

Canadian market exhibits potential growth opportunities with an increase in the importance of diagnosis and treatment of chronic as well as acute diseases. The rapidly developing medical device sector and the proliferation of the healthcare sector are other factors that influence the sleep apnea market progress in the country.

The prevalence of sleep apnea is increasing in Canada. According to the Breathe, the Canadian Lung Association, 26% of Canadian adults aged 18 or older are at high risk of sleep apnea. It is one of the underdiagnosed respiratory diseases in the country. Continued positive airway pressure (CPAP) therapy is the most common intervention prescribed for patients with sleep apnea. The Assistive Devices Program by the Ministry of Health and Long-Term Care, covers the cost of CPAP machines and equipment in Canada, while organizations such as Canadian Home Care Setting Inc. provide financial assistance for the purchase of CPAP. Such aforementioned factors are responsible for accelerated demand for sleep tech devices among the Canadian population suffering from sleep disorders.

Developing healthcare infrastructure with increasing investments in research & development and a rising number of product launches favors the sleep apnea diagnostics market in Mexico. Further, the exponentially increasing prevalence of chronic conditions is also estimated to offer lucrative opportunities for the growth of the market during the forecast period. According to data published by Universidad Autónoma de Nuevo León, a public university in Mexico, ~30.0% of the population in Mexico was suffering from lower back pain in 2021. As per a research article by the National Institutes of Health (NIH), the complaints of sleep disturbances are found to be increasing among the people in Mexico. Overweight and obesity, a few of the prominent risk factors for sleep apnea, are major health issues among the Mexican population. Therefore, demand for sleep apnea diagnostics devices is on the rise in the country ultimately driving the market growth sleep tech devices during 2022-2031.

Likewise, Asia Pacific will register highest CAGR for sleep tech devices. Among the Asia Pacific region, China holds maximum share for sleep tech devices. According to the National Institute of Health (NIH) report, obstructive sleep apnea (OSA) syndrome is the most common sleep-related breathing disorder in Asia Pacific. The NIH report reveals that the prevalence of symptomatic OSA among middle-aged men and women is 4.1-7.5% and 2.1-3.2%, respectively. Additionally, obesity is still a major risk factor for OSA among the Asia Pacific population. With the rising incidence of sleep-related breathing disorders and obesity among the Asia Pacific population, demand for sleep tech devices is at an all-time high in the region, accounting for the highest CAGR during 2022-2031.

The report profiles leading players operating in the global sleep tech devices market. These include Google, Apple Inc, Koninklijke Philips N.V., SleepScore Labs, Withings, Casper, Compumedics, Nihon Koden Corporation, Huawei Technologies Co., Ltd., and Eight Sleep.

• In September 2021, Koninklijke Philips N.V. announced launching of "Philips NightBalance", a new prescription-based sleep position therapy device designed for patients suffering from OSA. The new product is clinically-validated positional therapy utilizing gentle vibrations to encourage users to alter their sleep positions and prevent different apneas.
• In August 2021, Nihon Koden, announced launching of "Polysmith 12 Polysomnography Software". The new product's version 12 of the Polysmith software involves more than 40 market-driven features for sleep specialists to improve workflow analysis and outcomes. The features involve:

• Scheduling, prioritizing, and email notification capabilities for proper sleep.
• Ability to track patient progress to improve sleeping outcomes.

Company Profiles

• Google
• Apple Inc
• Koninklijke Philips N.V.
• SleepScore Labs
• Withings
• Casper
• Compumedics
• Nihon Koden Corporation
• Huawei Technologies Co., Ltd.
• Eight Sleep

Sleep Tech Devices Market Report Scope