The “Sleep Tech Devices Market – Growth, Trends, and Forecasts (2020 – 2025)” report has been added to ResearchAndMarkets.com’s offering.
The Sleep Tech Devices market is expected to register a CAGR of 15.5% over the forecast period. The major factors attributed to the market growth include rising burden of sleep disorders and technological advancements.
According to the Journal of Family Medicine and Primary Care, 2016, insomnia is often associated with diabetes and increasing age, with the prevalence of it about 33%. Furthermore, in 2017, around 22 million people in the United States were found to be suffering from sleep apnea as per the data of Sleep Apnea Organization. Also, in 2019, Philips launched a “Philips Nightbalance,” a sleep therapy device which is specially designed for positional obstructive sleep apnea patients. Thus, the higher prevalence of sleep disorders is expected to increase the demand for sleep tech devices.
Key Market Trends
Wearables Segment is Expected to Exhibit a Significant Market Growth in the Sleep Tech Devices Market
Wearable segment is expected to show lucrative growth in the sleep tech devices market. The adoption of sedentary lifestyles may play a crucial role in sleeping health. Wearable devices help an individual to track the sleeping pattern.
According to the study of International Journal of Environmental Research and Public Health, 2018, wearable trackers showed closer approximation to sleep outcomes and offer a low-cost alternative to conventional devices.
In 2019, Samsung introduced a new Fitbit in the market that tracks sleep data. Therefore, with the rising adoption of wearable sleep tech devices, it is expected to positively influence the market growth.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America is expected to be a dominant region in the Sleep Tech Devices market owing to a rising geriatric population and the higher prevalence of sleeping disorders. Older adults are at higher risk of insomnia. According to the National Sleep Foundation, in 2018, around 44% of adults (aged 65 and above) were diagnosed with some kind of sleep disorder. As per the data of Sleep Zone, 2018, 22 million people in the United States were found to be suffering from obstructive sleep apnea. Hence, these factors are expected to influence positively on the market growth in this region.
Companies are taking initiatives to grow their presence in the market. In 2019, ProSomnus Sleep Technologies designed a sleep apnea device that offers precision Continuous Advancement in Sleep Apnea Device.
Key players that are expected to be dominant in Sleep Tech Devices market are Eight Sleep, Phillips, Dodow, Casper, Compumedics, Sleep Shepherd, Sleepace, Xiaomi, Oura Health and Nihon Kohden Corporation, Inc.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Prevalence of Sleep Disorders
4.2.2 Technological Advancements
4.3 Market Restraints
4.3.1 High Cost of Sleep Tech Devices
4.4 Porter’s Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Product
188.8.131.52 Smart Watches and Bands
184.108.40.206 Sleep Monitors
5.2 By End-User
5.2.2 Home-care Settings
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.4 Eight Sleep
6.1.5 Nihon Kohden Corporation, Inc.
6.1.6 Oura Health
6.1.8 Sleep Shepherd
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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