The Sleep Tech Devices Market Is Driven By Increasing Awareness About Better Sleep Health

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Sleep tech devices such as sleep trackers, smart beds, and other monitoring devices help improve sleep by providing insights into sleep patterns and quality. The growing prevalence of sleep disorders and busy lifestyles that impact sleep have fueled demand for products that promote better sleep. Sleep trackers monitor heart rate, motion, respiration and other biometrics to analyze sleep stages and duration. Smart beds incorporate sensors to detect movement and respiration to track sleep. The data from these devices along with advice on sleep hygiene help address issues like insomnia.
The Sleep Tech Devices Market is estimated to be valued at US$ 19.9 Bn in 2024 and is expected to exhibit a CAGR of 17.% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the Sleep Tech Devices Market are Koninklijke Philips N.V., Huawei Device Co Ltd.,Res Med, Xiaomi, Apple Inc. Koninklijke Philips N.V. offers products like senseo and zenbreathe under its sleep and respiratory care portfolio.
The growing prevalence of lifestyle diseases and mental health issues due to erratic sleep cycles have ...
... increased demand for sleep tech devices. Remote patient monitoring solutions using these devices also help address issues of limited access to care in certain regions.
Growing health awareness and expanding e-commerce have fueled the global expansion of sleep tech companies. The market is witnessing high growth in Asia due to rising income levels and increasing preference for technology-enabled healthcare solutions.
Market Drivers
One of the key drivers for the Sleep Tech Devices Market is increasing awareness about sleep health. Sleep deprivation has several consequences like impaired cognition, mood swings and higher risk of chronic diseases. Educational campaigns by governments and health organizations have highlighted the importance of quality sleep. The COVID-19 pandemic has also underscored the impact of stress and sleep disorders on physical and mental health. The growing preference for self-monitoring and preventive healthcare is thus driving demand for sleep tech devices.
Russia-Ukraine Conflict And Its Impact On Sleep Tech Devices Market Growth
The ongoing Russia-Ukraine conflict has significantly impacted the Sleep Tech Devices Market. Supply chain disruptions due to sanctions on Russia have led to rising prices of raw materials used in sleep tech manufacturing like semiconductors, plastics, and textiles. This is negatively impacting the production and sales volumes of sleep tech companies globally. Firms are facing shortages of components and higher freight costs, forcing them to pass on inflated costs to customers. The consumer demand is also taking a hit as increasing inflation erodes consumer purchasing power. Players need to shore up alternate supplier networks and strategize pricing policies carefully to mitigate these challenges.

Over the long run, recovery in the European region will be slow. Ukraine and Russia have seen massive destruction of infrastructure which will take years to reconstruct. The consumer spending on non-essentials like sleep tech devices is expected to remain subdued. Companies must focus on other high-growth regions like Asia and North America while keeping a watch on the evolving geopolitical situation. Collaborations with local players can help regain lost footprint in the impacted markets gradually. Overall, diversifying supply chains on a global scale and tapping opportunities in fast growing economies will be crucial for sleep tech firms to navigate the turbulence arising from ongoing conflicts.
High Concentration In North America Region
In terms of value, North America currently holds the largest share in the Sleep Tech Devices Market. The region contributes over 40% to the global market revenues led by a high penetration of devices across households in countries like the US. Factors like growing awareness about sleep health, rising prevalence of sleep disorders, and advanced healthcare infrastructure have propelled the adoption of sleep tech devices in North America. Availability of innovative products from major players and presence of supportive insurance policies also make the devices highly affordable in the region. With continued R&D and new product launches, North America is expected to remain the most lucrative geographical market for sleep tech over the forecast period.
Fastest Growth Expected In Asia Pacific Region
The Asia Pacific region is poised to witness the fastest growth in the Sleep Tech Devices Market over the next few years. This can be attributed to rising living standards, increasing health expenditures, growing millennial population, and expanding middle-class demographics in emerging countries. China, India, Japan, and South Korea are rapidly emerging as highly promising markets. Favorable government initiatives for promoting digital health are also pushing adoption. While per capita spending on sleep tech is still low compared to developed markets, Asia Pacific offers immense headroom for penetration of these devices. With Asia projected to dominate the global economy in the coming decades, it will be a key region for sleep tech companies to focus and capitalize on the vast untapped opportunities.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)

What Are The Key Data Covered In This Sleep Tech Devices Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Sleep Tech Devices 's growth between 2024 and 2031.
:- Accurate calculation of the size of the Sleep Tech Devices and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Sleep Tech Devices Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Sleep Tech Devices vendors
FAQ’s
Q.1 What are the main factors influencing the Sleep Tech Devices ?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Sleep Tech Devices companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Sleep Tech Devices ’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it