Growing at a 14.5% CAGR between 2020 and 2030, the global sleep tech devices market revenue is set to reach $49,984.7 million by 2030 from $12,888.4 million in 2020.
This is primarily attributed to the rising prevalence of sleep disorders, including insomnia, narcolepsy, restless leg syndrome, sleep apnea, and parasomnias, around the world. These issues can cast a shadow on personal safety, school and work performance, relationships, thinking, and mental health and lead to an increased body weight, diabetes, and even heart diseases.
Therefore, people who suffer from these issues are increasingly using a variety of sleep issue diagnosis, monitoring, and treatment devices at homes. Moreover, their usage is growing at hospitals, sleep labs, and clinics, where the number of patients seeking a diagnosis for their sleep disorders is surging. In terms of personal usage, their sales remain the highest among people aged below 45 years, as this population is more technically inclined than older ones.
Wearable devices are witnessing the higher demand as they have embedded microsensors that continuously track people’s physiological behavior. The usage of these devices will grow the fastest for the management of sleep apnea, which, as per RT Magazine, has a global incidence of more than 900 million individuals.
North America has been the largest sleep tech devices market till now because of the rapid technological advancements, improving healthcare infrastructure, high prevalence of obesity, and increasing geriatric population.
Moreover, key regional market players are collaborating with well-known entities and individuals as a marketing strategy. For instance, Kryo Inc. is collaborating with Seattle Mariners and Cincinnati Reds, wherein the teams will use its OOLER sleep system to initiate deep sleep.
Device sales will increase the fastest in Asia-Pacific (APAC) due to the advancements in wearables’ technology and booming number of elderly, especially in India and China.
Key players are launching new and improved products. For instance, the Samsung Galaxy Fit 2 fitness tracker was launched in September 2020; it allows one to track the number of steps, quality of sleep, and heart rate.
Although the sleep tech devices market was negatively affected by the COVID-19 pandemic in the first two quarters of 2020, it has witnessed a resurgence since the lifting of lockdowns. The social and physical isolation and financial stress have given people many sleepless nights, which has augmented the use of instruments that can diagnose, monitor, and help in the management of sleep disorders.