Sleep Tech Devices Market: Size, Share, Trends & Forecast (2024-2029)Â
The market report offers a detailed analysis segmented by Product (Wearables, Non-Wearables); by End User (Hospitals, Homecare Settings, Others); by Geography (North America, South America, Asia Pacific, Europe, The Middle East, Africa).
Outlook
- The sleep tech devices market is estimated to be at USD 22,205.01 Mn in 2024 and is anticipated to reach USD 39,780.13 Mn in 2029.
- The sleep tech devices market is registering a CAGR of 12.37% during the forecast period 2024-2029.
- The global sleep tech devices market is driven by increasing awareness about the importance of sleep for overall health, along with the innovation of advanced sleep-tracking devices and solutions.
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Ecosystem
- The participants in the global sleep tech devices industry are always developing innovative sleep tech solutions in their strategies to preserve a competitive advantage.
- These companies primarily focus on launching more advanced products, along with strategic partnerships and acquisitions to maintain a competitive edge in the market.
- Several important entities in the sleep tech devices market include Compumedics Ltd.; Huawei Devices Co., Ltd.; Eight Sleep, Inc.; Oura Health Oy; Philips International B.V.; and others.
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Findings
| Attributes | Values |
|---|---|
| Historical Period | 2018-2022 |
| Base Year | 2023 |
| Forecast Period | 2024-2029 |
| Market Size (2024) | USD 22,205.01 Mn |
| Market Size (2029) | USD 39,780.13 Mn |
| Growth Rate | 12.37% CAGR from 2024 to 2029 |
| Key Segments | Product (Wearables, Non-Wearables); End User (Hospitals, Homecare Settings, Others); Geography (North America, South America, Asia Pacific, Europe, The Middle East, Africa) |
| Key Vendors | Compumedics Ltd.; Huawei Devices Co., Ltd.; Eight Sleep, Inc.; Oura Health Oy; Philips International B.V. |
| Key Countries | The US; Canada; Mexico; Brazil; Argentina; Colombia; Chile; China; India; Japan; South Korea; The UK; Germany; Italy; France; Spain; Turkey; UAE; Saudi Arabia; Egypt; South Africa |
| Largest Market | North America |
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Trends
- Integration of Smart Home Technology: Sleep tech devices are increasingly being integrated with smart home ecosystems. In 2023, Google Nest announced compatibility between its sleep-tracking devices and other smart home systems, allowing users to control sleep environments, such as lighting and temperature, through a single platform.
- Focus on Sleep Health in the Corporate Sector: Employers are now focusing on sleep wellness as part of corporate health programs. In 2023, Apple partnered with Fitbit to offer employees sleep tracking and wellness solutions to improve productivity and overall health.
- Use of AI for Sleep Analysis: AI-powered algorithms are being used to provide deeper insights into sleep data. For example, in 2023, Oura Ring introduced AI-based personalized sleep coaching, which uses data analytics to recommend better sleep habits and routines.
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Catalysts
- Focus on Health and Wellness: The global shift toward wellness has led consumers to invest in health-related products, including sleep tech devices. In 2023, Fitbit saw a surge in sales of its sleep tracking wearables as part of a broader consumer movement toward health optimization.
- Adoption of Telemedicine and Digital Health: The expansion of telemedicine has contributed to the growth of sleep tech devices. In 2023, SleepScore Labs collaborated with healthcare providers to incorporate sleep data from wearables into telemedicine consultations, enhancing remote patient monitoring.
- Increasing Awareness of Sleep Health: The expansion of telemedicine has contributed to the growth of sleep tech devices. In 2023, SleepScore Labs collaborated with healthcare providers to incorporate sleep data from wearables into telemedicine consultations, enhancing remote patient monitoring.
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Restraints
- High Cost of Advanced Sleep Tech Devices: Advanced sleep tech devices often come at a premium price, limiting their accessibility. In 2023, Oura Ring faced criticism for the high cost of its newest model, which deterred potential consumers in emerging markets.
- Limited Accuracy of Consumer-Grade Devices: Consumer-grade sleep devices may not always provide medical-grade accuracy, raising concerns about their reliability. In 2023, a study by the University of California found that some widely used sleep trackers showed discrepancies in measuring sleep stages, impacting their effectiveness.
- Data Privacy Concerns: With the growing use of wearable and non-wearable devices, data privacy concerns have emerged. In 2023, Fitbit faced scrutiny over data collection practices, with users raising concerns about how their health data, particularly sleep-related information, was stored and used.
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Table of Contents
| 1.       Introduction 1.1.    Research Methodology 1.2.    Scope of the Study 2.       Market Overview / Executive Summary 2.1.    Global Sleep Tech Devices Market (2018 – 2022) 2.2.    Global Sleep Tech Devices Market (2023 – 2029) 3.       Market Segmentation 3.1.    Global Sleep Tech Devices Market by Product 3.1.1. Wearables 3.1.2. Non-Wearables 3.2.    Global Sleep Tech Devices Market by End User 3.2.1. Hospitals 3.2.2. Homecare Settings 3.2.3. Others 4.       Regional Segmentation 4.1.    North America 4.1.1. The US 4.1.2. Canada 4.1.3. Mexico 4.2.    South America 4.2.1. Brazil 4.2.2. Argentina 4.2.3. Colombia 4.2.4. Chile 4.2.5. Rest of South America 4.3.    Asia Pacific 4.3.1. China 4.3.2. India 4.3.3. Japan 4.3.4. South Korea 4.3.5. Rest of Asia Pacific 4.4.    Europe 4.4.1. The UK 4.4.2. Germany 4.4.3. Italy 4.4.4. France 4.4.5. Spain 4.4.6. Rest of Europe 4.5.    The Middle East 4.5.1. Turkey 4.5.2. UAE 4.5.3. Saudi Arabia 4.5.4. Rest of the Middle East 4.6.    Africa 4.6.1. Egypt 4.6.2. South Africa 4.6.3. Rest of Africa 5.       Value Chain Analysis of the Global Sleep Tech Devices Market 6.       Porter Five Forces Analysis 6.1.    Threats of New Entrants 6.2.    Threats of Substitutes 6.3.    Bargaining Power of Buyers 6.4.    Bargaining Power of Suppliers 6.5.    Competition in the Industry 7.       Trends, Drivers and Challenges Analysis 7.1.    Market Trends 7.1.1.    Market Trend 1 7.1.2.    Market Trend 2 7.1.3.    Market Trend 3 7.2.    Market Drivers 7.2.1.    Market Driver 1 7.2.2.    Market Driver 2 7.2.3.    Market Driver 3 7.3.    Market Challenges 7.3.1.    Market Challenge 1 7.3.2.    Market Challenge 2 7.3.3.    Market Challenge 3 8.       Opportunities Analysis 8.1.    Market Opportunity 1 8.2.    Market Opportunity 2 8.3.    Market Opportunity 3 9.       Competitive Landscape 9.1.    Compumedics Ltd. 9.2.    Huawei Devices Co., Ltd. 9.3.    Eight Sleep, Inc. 9.4.    Oura Health Oy 9.5.    Philips International B.V. 9.6.    Company 6 9.7.    Company 7 9.8.    Company 8 9.9.    Company 9 9.10.  Company 10 |
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Sleep Tech Devices Market – FAQs
1. What is the current size of the sleep tech devices market?
Ans. In 2024, the sleep tech devices market size is USD 22,205.01 Mn.
2. Who are the major vendors in the sleep tech devices market?
Ans. The major vendors in the sleep tech devices market are Compumedics Ltd.; Huawei Devices Co., Ltd.; Eight Sleep, Inc.; Oura Health Oy; Philips International B.V.
3. Which segments are covered under the sleep tech devices market segments analysis?
Ans. The sleep tech devices market report offers in-depth insights into Product, End User, and Geography.