Sleep Tech Devices Market Revenue to Cross USD 32 Bn by 2026: Global Market Insights, Inc.
Asia Pacific sleep tech devices market is estimated to attain a CAGR of 17.5% during 2020 to 2026 owing to the increasing awareness regarding the advantages of sleep tech devices across the developing economies of India and Japan.
SELBYVILLE, Del., Nov. 19, 2020 /PRNewswire/ -- According to the latest report "Sleep Tech Devices Market by Product (Wearables {Smart Watches and Bands}, Non-wearables), Gender (Male, Female), Application (Insomnia, Obstructive Sleep Apnea, Narcolepsy), Distribution Channel (Specialty Clinics, Direct-to-consumer, Hospitals), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026", by Global Market Insights, Inc., the market valuation of sleep tech devices will cross $32 billion by 2026. Rising awareness regarding availability of sleep tech devices in developed and developing countries will elevate the market growth during the forecast period.
Increasing geriatric population base will positively impact the market expansion over the coming years. The increasing size of the elderly population is one of the principal factors boosting market revenue across Europe. Multiple etiologies contribute to insomnia in the elderly population. Sleep disorders are fairly common in older adults due to alcohol consumption, changes in the body's natural internal clock, and intake of certain medicines and supplements and other factors. Also, elderly people are prone to suffer from one or multiple diseases hampering their sleep cycle that escalates the demand for sleep tech devices. These devices effectively track the sleep patterns and quality of sleep that improves sleep behavior. Countries including United Kingdom, Romania and Denmark across Europe among others implement various strategies to decrease age-related health care costs. Thus, the growing elderly population base will foster the market value.
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The sleep tech devices market for wearables segment is expected to showcase around 16.1% growth rate till 2026. These devices come in the form of wrist bands, rings, head belts, ear plugs, and others. These devices provide accurate data regarding sleeping patterns and are user-friendly. Also, healthcare specialists can use this data for analyzing and recommending treatment to patients that escalate the market size. Increasing application of wearable devices in tracking sleeping patterns will surge the market demand.
The female segment in the sleep tech devices market accounted for more than USD 4.5 billion in 2019 owing to the rising number of pregnancy cases in developing and developed economies. Pregnant women often suffer from insomnia that surges the demand for sleep tech devices. Also, females with post-menopause symptoms face difficulties in sleeping, leading to an increase in the adoption rate of sleep tech devices among females. As per the National Sleep Foundation in America, it was observed that women are more likely to have difficulty in falling asleep as compared to men and experience more daytime sleepiness at least a few days/nights a week.
The narcolepsy application held over 16.5% of the sleep tech devices market share in 2019. The rising prevalence of narcolepsy will surge the demand for sleep tech devices over the forecast period. Narcolepsy affects an estimated 1 in every 2,000 people in the U.S. Sleep tech devices such as sleep trackers are majorly used by patients for therapeutic purposes in narcolepsy. Wearable devices provide an accurate picture of sleep pattern and measures total rest and disturbances in sleep activity for people suffering from narcolepsy.
The specialty centers in the sleep tech devices market valued at around USD 3.3 billion in 2019. Growing demand for sleep tech devices due to an increase in the number of patients suffering from sleeping disorders will propel market growth. Individuals suffering from psychological diseases usually suffer from sleep disorders and prefer getting treatments from specialty clinics. Healthcare professionals functioning in specialty clinics suggest sleep tech devices such as sleep trackers to promote mental health in individuals.
Asia Pacific sleep tech devices market is projected to grow at a CAGR of 17.5% through 2026 on account of the increasing awareness regarding the advantages of sleep tech devices across the developing economies of India and Japan. Several industry players are entering into the developing economies to explore untapped opportunities. Improving regulatory scenario for ensuring superior quality sleep tech devices will boost industry growth.
Some of the eminent leaders operating in sleep tech devices market are Withings, Dodow (LIVLAB), Beddit (Apple Inc.), Sleepace, Emfit, Oura Health, ResMed, Xiaomi, Fitbit, Dreem, Koninklijke Philips N.V., Eight Sleep, Sleep Shepherd, and Casper Sleep. These companies are adopting various growth strategies such as collaborations, novel product launch and mergers to expand their geographical reach and customer base. For instance, in May 2020, Eight Sleep announced the launch of Pod Pro, a high-tech bed that provides a modified sleep experience for better health. This launch helped the company to expand their business portfolio.
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Table of Contents (ToC) of the report:
Chapter 3 Sleep Tech Devices Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2015 - 2026
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls and challenges
3.4 Growth potential analysis
3.4.1 By product
3.4.2 By gender
3.4.3 By application
3.4.4 By distribution channel
3.5 COVID-19 impact analysis
3.6 Porter's analysis
3.7 Competitive landscape, 2019
3.7.1 Strategy dashboard, 2019
3.8 PESTEL analysis
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Sleep Tech Devices Market Growth Predicted at 16.6% Through 2026: GMI
Major sleep tech devices market players include Withings, Dodow (LIVLAB), Beddit (Apple Inc.), Sleepace, Emfit, Oura Health, ResMed, Xiaomi, Fitbit, Dreem, Koninklijke Philips N.V., Eight Sleep, Sleep Shepherd, and Casper Sleep.
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SOURCE Global Market Insights, Inc.
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