03 March 2023
Visiongain has published a new report entitled Sleep Tech Market Report 2023-2033: Forecasts by Product (Wearables (Smart Watches and Bands, Other), by Non-wearables (Beds, Sleep Monitors, Other)), by Distribution Channel (Direct-to-Consumer (DtC), Hospital Networks, Specialty Clinics Networks, Other), by Gender (Male, Female), by Application (Insomnia, Obstructive Sleep Apnea, Narcolepsy, Continuous Positive Air Pressure (CPAP), Restless Legs Syndrome (RLS), Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global sleep tech market was valued at US$16.08 billion in 2022 and is projected to grow at a CAGR of 22.6% during the forecast period 2023-2033.
Awareness of Sleep Disorders to Fuel Market Growth
The major drivers for the growth of the sleep tech market are increasing prevalence of sleep disorders and growing awareness of sleep disorders. On the other hand, security concerns associated with the use of sleep tech and high costs of the sleep tech equipment factors are restraining the growth of this market. Companies are noticing there is a tremendous opportunity for innovation in the field as our society becomes more and more weary. In particular, technology can be used to address issues that nobody in the sleep industry has been able to resolve for decades. Everyone's attention has been drawn to sleep as a result of the expanding body of study on the subject and growing public awareness of it.
How has COVID-19 had a Significant Impact on the Sleep Tech Market?
The COVID-19 pandemic has had a significant impact on the sleep tech market. While the demand for sleep tracking and monitoring devices has increased due to the pandemic-induced stress and anxiety, the overall negative impact on the market has been significant. COVID-19 caused significant disruptions to the global supply chain, which impacted the manufacturing and distribution of sleep tech products. This led to delays in product launches, reduced production capacity, and increased costs, which affected the market negatively.
The COVID-19 pandemic has led to reduced diagnoses of sleep disorders as many people have avoided visiting healthcare facilities due to fear of exposure to the virus. This has led to a reduction in the demand for sleep tech products that help diagnose and monitor sleep disorders. The pandemic has also led to reduced research and development in the sleep tech market as companies have diverted their resources towards developing products that are more relevant to the pandemic.
How will this Report Benefit you?
Visiongain’s 274-page report provides 115 tables and 157 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global sleep tech market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Sleep Tech. Get financial analysis of the overall market and different segments including application, gender, distribution channel, wearables, non-wearables, and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing sleep tech market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Increasing Prevalence of Sleep Disorders will Foster the Market Growth
There are several negative consequences of sleep disordered breathing, which is a prevalent disorder. Since obesity is a significant contributing factor to sleep disordered breathing, it is necessary to update earlier estimates of the prevalence of this condition. Adults with sleep disturbances are more likely to die and experience poorer health outcomes, such as a lower quality of life. The research on sleep disturbances in young adults is, however, scant. The knowledge of the incapacitating impact sleep disorders, either alone or in conjunction with other diseases, can have has increased as a result of their transition from being seen as symptoms to disorders. Researchers point out that although though prevalence trends seem to be increasing, it is still unclear whether this is the result of increased incidence or greater awareness.
Technological Advancements Driving the Market Growth
technological advancements have driven the growth of the sleep tech market. With the increasing interest in improving sleep quality, there has been a rise in the development of new and innovative products, such as smart beds, sleep tracking devices, and sleep-enhancing software. These advancements have made it easier for consumers to monitor and improve their sleep patterns, leading to the growth of the sleep tech market.
Where are the Market Opportunities?
Technological Advancements will Boost the Overall Industry Progression
Devices for monitoring and enhancing outcomes in individuals with sleep disorders such sleep apnea, insomnia, narcolepsy, etc. are known as "sleep tech." The availability of cutting-edge sleep tech will increase demand, particularly in industrialised nations. An inquiry that spans multiple domains is necessary to understand what "sleep quality" entails. The necessity for a thorough investigation that provides a thorough taxonomy of sleep monitoring systems, focuses on sleep quality, and provides insightful information on the ideal mixture of metrics, signals, and sleep variables in relation to various user categories arises.
Growing Demand for Sleep Analytics Software will Propel the Industry Growth
The demand for sleep analytics software has been increasing in recent years due to the growing awareness of the importance of sleep for overall health and wellness. People are becoming more conscious of the impact of sleep on their mental and physical health, and are seeking ways to improve their sleep quality and duration.
Sleep Analytics Software helps users monitor and track their sleep patterns and provides insights into factors that may be affecting sleep quality, such as stress, diet, and physical activity. The software provides personalized recommendations and tips for improving sleep, making it an attractive tool for individuals looking to improve their overall well-being.
The major players operating in the sleep tech market are Beddit (Apple), Casper Sleep, Compumedics Limited, Eight Sleep, Koninklijke Philips N.V.( Philips), Nihon Kohden Corporation, Oura Health Oy, ResMed, Sleepace, Xiaomi Corporation. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
• In July 2022, Eight Sleep, introduced Pod 3, a new version of their award-winning sleep technology. Pod 3 features a new quad-core CPU as well as upgrades to its sensor system, powering more accurate biometric and health tracking with twice the number of sensors and 4000x greater resolution. The release of Pod 3 is part of Eight Sleep’s journey to transform an ordinary bed into an advanced health platform that fuels both recovery and performance.
• September 2022, Xiaomi MIJIA Smart Pillow was made available through a crowdfunding campaign in China. With its piezoelectric sensor, the new Xiaomi smart pillow can accurately capture heartbeat, snoring, body movement, and breathing. The new Xiaomi Smart Pillow incorporates an AI algorithm to monitor a variety of health and fitness metrics.
Notes for Editors
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