Sleep Tech Devices Industry is anticipated to register 18.1% CAGR between 2022 and 2030 due to growing awareness regarding availability of sleep tech devices in developing and underdeveloped countries.
Selbyville, Delaware, May 25, 2022 (GLOBE NEWSWIRE) --
The sleep tech devices market value is expected to reach USD 67 billion by 2030, according to a new research report by Global Market Insights Inc. Rising awareness regarding availability of sleep tech devices and technological advancements will boost the market expansion.
Sleep disorders are widely recognized for hampering quality of life and causes life shortening conditions. Sleep apnea is considered as one of the major sleep disorders becoming a serious health issue in the U.S. It is estimated that around 75 percent of adult U.S. citizens experience sleep disorder symptoms at least a few nights per week. Moreover, obstructive sleep apnea when left untreated may lead to various chronic diseases such as obstructive pulmonary disease, chronic heart failure, stroke, atrial fibrillation, and other cardiovascular problems. Sleep apnea is also associated with type 2 diabetes and depression. Sleep disorders are widely recognized for hampering quality of life and causes life-shortening conditions.
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Sleep tech devices market from non-wearables segment accounted for around 23% business share in 2021 and is set to register a significant CAGR through 2030. Non-wearable devices such as mattress, sleep pads/mats, beds and glow lights are integrated with advanced technology that has increased its overall preferences. Additionally, non-wearable devices also track snoring that will further fuel the segment revenue.
Some major findings of the sleep tech devices market report include:
Rising prevalence of obesity and diabetes globally will propel the market trends.
Surging popularity of sleep screening devices is proving beneficial for the overall sleep tech devices industry.
Growing trend of wearables sleep trackers and home sleep care for the management of sleep apnea the overall industry progression.
Government funding and rising R&D activities to develop efficient therapeutic devices will foster the market demand.
The impact of COVID-19 on market was significant as research showed that the prevalence of insomnia increased significantly during the COVID-19 outbreak.
However, high cost of sleep tech devices may hinder the business progression to a certain extent.
Browse key industry insights spread across 257 pages with 440 market data tables & 16 figures & charts from the report, “Sleep Tech Devices Market Analysis by Product, Application, Distribution Channel, Industry Analysis Report, Regional, Application Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Insomnia segment held around USD 7.4 billion in 2021. Globally, millions of people suffer from insomnia, this has led to increasing acceptance of sleep technology devices. For instance, according to the 2021 WHO report, 5% of adults suffer from depression. Depression and post-traumatic stress are the leading causes of many insomnia symptoms. Aging and diabetes are also significantly associated with insomnia. Also, increasing age and diabetes are significantly associated with insomnia.
Sleep tech devices market from direct-to-consumer segment garnered over USD 7 billion in 2021. The Direct-to-Consumer (D2C) is becoming a popular route for manufacturers and sleep tech devices brands to enter the market directly, instead of through a middle-man entity. Additionally, the promotion of sleep technology devices and increasing celebrity support on social media platforms and other online platforms are some of the factors contributing to the segmental growth.
Asia Pacific sleep tech devices industry accounted for 190% revenue share in 2021 and is projected to witness considerable CAGR during the forecast timeframe. The region is witnessing high number of people suffering from sleeping disorders. For instance, it is estimated that one in five Australians is affected by severe sleep disorders. These include restless legs syndrome (RLS), obstructive sleep apnea (OSA), insomnia, circadian rhythm disorders, and central hypersleep disorders. Similarly new product launches will also drive the regional business landscape.
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Some of the prominent players operating in the sleep tech devices market comprise Casper Sleep Inc., Cadwell Industries Inc., Beddit (Apple Inc.), Eight Sleep, Dodow (LIVLAB), Emfit Ltd., Dreem, Koninklijke Philips N.V., Fitbit Inc. (Google LLC), Oura Health Ltd., ResMed Inc., Sleepace, Sleep Shepherd LLC, Xiaomi, Withings. These market participants are implementing various growth strategies to sustain market competition in sleep tech devices industry.
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, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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