Globally, North America was the largest contributor to the sleep tech devices market in 2020. This is attributed to the rising healthcare spending, surging awareness to improve mental and physical wellness, and increasing cases of sleep disorders in the region.The global sleep tech devices market value is predicted to rise from $12,888.4 million in 2020 to $49,984.7 million by 2030. Furthermore, as per the estimates of the market research company, P&S Intelligence, the market will progress at a CAGR of 14.5% from 2020 to 2030 (forecast period). The major factors driving the advancement of the market are the growing incidence of sleep disorders, rising public awareness about the ill-effects of untreated sleep apnea, and soaring utilization of oral appliances.
The high occurrence rate of sleep disorders, such as restless legs syndrome, parasomnias, sleep apnea, narcolepsy, and insomnia, is pushing up the demand for sleep tech devices, as they affect every aspect of life, including relationships, work and school performance, mental health, body weight, thinking, and safety. Moreover, these disorders lead to the development of heart diseases and diabetes. Besides this factor, the rising public awareness about the harmful effects of untreated sleep apnea is also fueling the expansion of sleep tech devices market.
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As per the American Academy of Sleep Medicine (AASM), obstructive sleep apnea (OSA) is a common sleep disorder in which a person experiences pauses in breathing during sleep. If this condition is left untreated, it can negatively impact the health and well-being of a person, as pauses in breathing cause drastic changes in oxygen levels and vital signs and also affect the quality of sleep. Moreover, untreated apnea over a long period of time puts huge stress on the body, which, in turn, increases the risk of various other health issues.
Depending on product, the sleep tech devices market is divided into wearable and non-wearable categories. Between these, the wearable category contributed higher revenue to the market between 2015 and 2020, and this trend is predicted to continue in the forthcoming years as well. This is credited to the surging requirement for portable devices, which can track and monitor real-time data. Additionally, these wearable devices assist healthcare providers in detecting problems early and tracking patterns via continuous monitoring.
Geographically, North America held the largest share in the sleep tech devices market in the past. This was because of the high healthcare expenditure and public awareness about the significance of sound sleep for physical and mental wellness in the region. In addition, the growing incidence of sleep disorders is also fueling the demand for sleep tech devices in the region. For example, as per the Sleep Apnea Statistics, around 50–70 million adults had various sleep disorders in the U.S. in 2018.
Browse detailed report on Sleep Tech Devices Market Trends, Business Strategies, Regional Outlook, Challenges and Analysis Through 2030
In the coming years, the Asia-Pacific (APAC) region is expected to be the fastest-growing region in the sleep tech devices market. This will be because of rapid technological advancements, surging population of geriatric people, and mushrooming adoption of the sleep technology in the region. As geriatric people are highly vulnerable to various sleeping disorders, their rising population is positively impacting the demand for sleep tech devices in the region. Moreover, in order to meet the rising customer requirement for these devices, the players operating in the industry are focusing on mergers and acquisitions.
Hence, it can be safely said that the sales of sleep tech devices will soar in the coming years, primarily because of the growing incidence of sleep disorders all over the world.
Sleep Tech Devices Market Size Breakdown by Segment
By Product
- Wearable
- Non-Wearable
By Application
- Insomnia
- Sleep Apnea
- Narcolepsy
- Restless Legs Syndrome
- Rapid Eye Movement (REM) Sleep Behavior Disorder
- Others
By Gender
- Female
- Male
By Age
- Below 45 Years
- 45–64 Years
- Above 65 Years
By Distribution Channel
- Indirect
- Direct
By Region
- North America Sleep Tech Devices Market
- By product
- By application
- By gender
- By age
- By distribution channel
- By country – U.S. and Canada
- Europe Sleep Tech Devices Market
- By product
- By application
- By gender
- By age
- By distribution channel
- By country – Germany, France, U.K., Italy, Spain, and Rest of Europe
- Asia-Pacific (APAC) Sleep Tech Devices Market
- By product
- By application
- By gender
- By age
- By distribution channel
- By country – Japan, China, India, Australia, South Korea, and Rest of APAC
- Latin America (LATAM) Sleep Tech Devices Market
- By product
- By application
- By gender
- By age
- By distribution channel
- By country – Brazil, Mexico, and Rest of LATAM
- Middle East and Africa (MEA) Sleep Tech Devices Market
- By product
- By application
- By gender
- By age
- By distribution channel
- By country – Saudi Arabia, South Africa, and Rest of MEA
Market Segment Analysis of Countries
- U.S. Sleep Tech Devices Market
- By product
- By application
- By gender
- By age
- By distribution channel
- Canada Sleep Tech Devices Market
- By product
- By application
- By gender
- By age
- By distribution channel
- Germany Sleep Tech Devices Market
- By product
- By application
- By gender
- By age
- By distribution channel
- France Sleep Tech Devices Market
- By product
- By application
- By gender
- By age
- By distribution channel
- U.K. Sleep Tech Devices Market
- By product
- By application
- By gender
- By age
- By distribution channel
- Italy Sleep Tech Devices Market
- By product
- By application
- By gender
- By age
- By distribution channel
- Spain Sleep Tech Devices Market
- By product
- By application
- By gender
- By age
- By distribution channel
- Japan Sleep Tech Devices Market
- By product
- By application
- By gender
- By age
- By distribution channel
- China Sleep Tech Devices Market
- By product
- By application
- By gender
- By age
- By distribution channel
- India Sleep Tech Devices Market
- By product
- By application
- By gender
- By age
- By distribution channel
- Australia Sleep Tech Devices Market
- By product
- By application
- By gender
- By age
- By distribution channel
- South Korea Sleep Tech Devices Market
- By product
- By application
- By gender
- By age
- By distribution channel
- Brazil Sleep Tech Devices Market
- By product
- By application
- By gender
- By age
- By distribution channel
- Mexico Sleep Tech Devices Market
- By product
- By application
- By gender
- By age
- By distribution channel
- Saudi Arabia Sleep Tech Devices Market
- By product
- By application
- By gender
- By age
- By distribution channel
- South Africa Sleep Tech Devices Market
- By product
- By application
- By gender
- By age
- By distribution channel
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