The global sleep tech devices market is anticipated to grow at a significant CAGR of 16% during the forecast period. The rising burden of sleep disorders, including insomnia, narcolepsy, restless leg syndrome, sleep apnea, and parasomnias, globally is expected to have a major impact on the demand for sleep tech devices. According to a study conducted by the Sleep Foundation, between 10% and 30% of adults struggle with chronic insomnia every year. In addition, 15-30% of males and 10-30% of females are diagnosed with obstructive sleep apnea (OSA) in 2021. Moreover, according to American Sleep Apnea Association (ASAA), sleep apnea, has become a significant health issue in the US. It is estimated that 22 million Americans suffer from sleep apnea, with 80% of the cases of moderate and severe obstructive sleep apnea undiagnosed. This rising prevalence of sleep disorders is attributed to growing stress levels due to the transforming lifestyle of people. As a result, people are inclined toward sleep tech devices that control and manage sleep disorders. Owing to the growing cases of sleep apnea and other sleep disorders, sleep tech devices are highly recommended by healthcare professionals working in specialist clinics to boost mental health in individuals which is further adding to the growth of the market.

Impact of COVID-19 Pandemic on Global Sleep Tech Devices Market 

Although the sleep tech devices market was negatively affected by the COVID-19 pandemic due to the closing of production facilities of devices, as a result of the implementation of lockdown globally. However, during the COVID-19 pandemic, a large number of infected people suffered from sleep deficiency, as a result of health problems caused by the virus, which in turn, affected the sales of these sleep tech devices. People started working from home and investing in their health which augmented the use of sleep tech instruments that can diagnose monitor, and manage sleep disorders.

Segmental Outlook 

The global sleep tech devices market is segmented based on the product, and end-use. Based on the product, the market is segmented into sleep wearables, sleep monitors, smart beds, digital application tools, and others. Based on the end-use, the market is sub-segmented into hospitals, home-care settings, and others. Among the product segment, the wearable sub-segment is expected to cater prominent market share over the forecast period owing to higher adoption of wearable and connected devices among people and launches of smart sleep tracker wearables. 

Global Sleep Tech Devices Market Share by Product, 2021 (%)

The Smart Beds Sub-Segment is Expected to Grow Substantially Over the Forecasted Period

Smart beds and smart mattresses use sensors and other technologies to track a variety of information such as respiration, heartbeat, sleep restfulness, and pressure to self-adjust and improve the user's sleep. This smart bed can monitor and modify its settings automatically and is integrated with innovative features that enhance users' comfort and provides health benefits. Some beds are also capable of delivering sleep information to the user's smartphone, where they can report and infer tips for better sleep. These beds are featured with sleep tracking, automatic mattress adjustment, climate control, anti-snoring feature, and IoT among others. The demand for smart beds is soaring due to the increasing adoption of smart home devices and gadgets, uplifting the consumption of smart beds across households. Due to rapid technological changes, companies are also investing in introducing smart beds and smart mattresses with multiple features which is likely to trigger the demand for the product in the market. For instance, in 2022, the sleep company launched its latest transformative innovations - the ‘Elev8 Smart Adjustable Bed Frame’ and the ‘Smart Ortho Hybrid Pocketed Spring Mattress’. Both products will be exclusively available on the company's official website and amazon marketplace, with the design and functionality aimed at further uplifting the sleep and comfort experience. The Elevat8 Smart Adjustable Bed offers unique features such as zero gravity mode for balanced body comfort, anti-snore posture, TV mode as well as a dual-zone massager.

Regional Outlooks

The global sleep tech devices market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East &Africa, and Latin America).  The market can be analyzed for a particular region or country level as per the requirement. Among these, the North American regional market is expected to cater a prominent growth over the forecast period, however, the European region is projected to experience considerable growth in the sleep tech devices market.

Global Sleep Tech Devices Market Growth, by Region 2022-2028

The North American Regionis expected to Hold Prominent Share in the Global Sleep Tech Devices Market

The North American region is expected to hold a prominent share in the global sleep tech devices market owing to rapid technological advancements and the presence of well-developed healthcare facilities in this region. Rapid technological advancements are leading to the increasing launch of sleep tech devices with enhanced features in this region. For instance, in 2019, Dreem launched the second version of its AI-enabled sleep-tracking headband and companion app, Dreem 2, in the US. The system monitors and analyses users’ information with its technology including EEG, heart rate, respiration, and movement tracker. The headband comes with a companion app where the customers’ sleep data can be integrated into a seven-week sleep coaching program. Moreover, due to the increasing prevalence of obstructive sleep apnea in this region, various government and non-government organizations are making efforts to raise awareness and provide sleep disorders among people. For instance, in 2021, the National Sleep Foundation (NSF) joined the American Academy of Sleep Medicine (AASM) to raise awareness and provide education on obstructive sleep apnea through a grant awarded to AASM by the Centers for Disease Control and Prevention (CDC). Thus, such factors are expected to further drive the growth of the market. 

Market Players Outlook

The major companies serving the global sleep tech devices market include Casper Sleep Inc., Hatch, Inc., Koninklijke Philips N.V., Samsung Electronics Co., Ltd., Withings SA, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in 2022, Sleep Cycle, a popular sleep tracking application, launched ‘Auto Sleep Tracker’. Auto Sleep Tracker is intended for health and tech-focused sleep cycle users. This new feature minimizes inconsistencies and gaps in users’ sleep data, enabling everyday sleep tracking with minimal disruption. It automatically draws information from Apple Health gathered via the Apple Watch to provide the user with detailed sleep analysis and automated consistency of personal sleep data.

The Report Covers

• Market value data analysis of 2021 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global sleep tech devices market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.