Sleep Tech Devices Market Size, Share Global Analysis Report, 2024 – 2032

Industry Insights

[218+ Pages Report] According to Facts & Factors, the global sleep tech devices market size was valued at USD 20.68 billion in 2023 and is predicted to surpass USD 83.79 billion by the end of 2032. The sleep tech devices industry is expected to grow by a CAGR of 16.82% between 2024 and 2032.

Market Overview

Sleep tech devices refer to the technologies made to manage and monitor the sleep patterns of individuals. These devices utilize data analytics, sensors, IoT technology, and many other advanced techs to track the psychological parameters of the human body. There are different kinds of sleep tech devices available in the market, including wearable and non-wearable sleep trackers, continuous positive airway pressure machines, smart mattresses, smart beds, sound devices, white noise machines, and many others.

These devices help improve sleep by adjusting environmental factors like sound, temperature, sleep duration, and many others. Many devices come up with mobile apps that offer personalized tips and suggestions to improve sleep patterns on the basis of an individual's body history.

Key Insights

• As per the analysis shared by our research analyst, the global sleep tech devices market size is estimated to grow annually at a CAGR of around 16.82% over the forecast period (2024-2032).
• In terms of revenue, the global sleep tech devices market size was valued at around USD 20.68 billion in 2023 and is projected to reach USD 83.79 billion by 2032.
• Rising prevalence of sleep disorders globally is driving the growth of the global sleep tech devices market.
• Based on the distribution channels, the sleep centers & fitness centers segment is growing at a high rate and is projected to dominate the global market.
• Based on applications, the insomnia segment is anticipated to grow with the highest CAGR in the global market.
• Based on the products, the wearables segment is projected to swipe the largest market share.
• Based on genders, the female segment is expected to dominate the global market.
• Based on region, North America is expected to dominate the global market during the forecast period.

Growth Drivers

• Rising prevalence of sleep disorders globally is driving the growth of the global market.

Growing incidences of sleep disorders like sleep apnea, insomnia, restless leg syndrome, narcolepsy, and many others are driving the growth of the global sleep tech devices market. Many people all across the globe are posing demand for wearable trackers and other diagnostic tools that can help them treat their sleep disorders.

However, the condition known as obstructive sleep apnea is rising rapidly, which is also likely to positively impact the growth of the industry. Growing awareness among people regarding the importance of proper sleep is also likely to support the growth of the market. Poor sleep is likely to cause many other health issues like diabetes, obesity, cardiovascular diseases, mental health conditions, and many others.

Therefore, people are increasingly adopting sleep tech solutions to improve their sleep patterns. For instance, Fisher & Paykel Healthcare Corporation Ltd came up with an F&P solo mask for OSA in Australia and New Zealand in 2023. This mask helps in lowering overtightening on the face.

Restraints

• High cost of devices is likely to hinder the growth of the global market.

Advanced sleep devices like smart mattresses are quite expensive. Therefore, this high upfront cost is expected to hamper the growth of the sleep tech devices industry. Moreover, companies have come up with more sophisticated and advanced products with features like home-based sleep diagnostic systems, further adding up to the overall cost and thereby creating barriers in the industry.

Opportunities

• Technological advancements are likely to foster growth opportunities in the global market.

Advancements in wearable technology, artificial intelligence, IoT, and big data analytics are likely to revolutionize the global sleep tech devices market. These devices are known to offer more advanced insights into the sleep patterns of individuals, thereby offering more personalized treatment plans. Innovations like AI-powered sleep coaching, non-contact sleep monitors, and many other tools are further expected to fuel the growth of the industry.

Moreover, the increasing demand for home sleep testing and remote monitoring techniques is further expected to support the growth trajectory of the industry. These devices help consumers check their sleep parameters from the comfort of their homes.

Moreover, these devices also offer personalized treatment programs on the basis of the individual's health and sleep patterns. For instance, Wakefit came up with AI-powered sleep solutions in India in 2024 to help the company easily integrate technology into the sleep environment.

Challenges

• Privacy and data security concerns are a big challenge in the global market.

Sleep tech devices work on different health metrics of the human body, like breathing patterns, heart rate, sleep cycles, and many others. Therefore, these rising concerns regarding data privacy and security are a big challenge in the sleep tech devices industry.

Segmentation Analysis

The global sleep tech devices market can be segmented into distribution channels, applications, products, genders, and regions.

On the basis of distribution channels, the market can be segmented into pharmacy & retail stores, e-commerce hypermarkets & supermarkets, sleep centers & fitness centers, and others. Sleep centers and fitness centers segment will account for the largest share of the sleep tech devices industry during the forecast period. Sleep centers help people diagnose and treat sleep disorders. Fitness centers are also helping people improve their sleep aspects as a part of their overall health and wellness program.

Therefore, these centers are leading the market. Sleep centers utilize advanced sleep devices to treat sleep disorders. These facilities rely heavily on sleep monitors, smart beds, and other wearables to collect deep insights into the individual's health to accurately treat the disorder.

On the basis of applications, the market can be segmented into narcolepsy, insomnia, obstructive sleep apnea, and others. The insomnia segment is likely to dominate the global sleep tech devices market during the forecast period. The rising prevalence of insomnia globally is contributing toward the high growth rate of the segment.

Many other factors, like poor sleep hygiene and high-stress levels, are also impacting the lifestyle of people. Moreover, the demand for non-pharmaceutical solutions is also a reason for the high demand for sleep tech devices among insomnia patients. However, these devices include smart pillows, wearable trackers, and many other tools to help patients manage and mitigate insomnia.

On the basis of products, the market can be segmented into wearables and non-wearables. Wearable products are the fastest-growing segment in the sleep tech devices industry. Wearable devices like sleeping tracking rings, fitness trackers, and smartwatches are gaining immense traction among consumers because of their high convenience. These devices help people monitor their sleep patterns.

Also, the rising focus on health and wellness trends is encouraging people to adopt wearable devices, not just for their fitness aspect but also to monitor and improve their sleep patterns. Sleep is now considered a critical component of a healthy lifestyle globally, and therefore, wearable sleep devices are becoming an essential item in everyday life.

Wearable sleep tech products can easily be integrated with health ecosystems like smartphones and other devices, thereby making it easy to track sleep and other health metrics like nutrition levels, mental well-being, and other physical activity.

On the basis of gender, the market can be segmented into male and female. The female segment is expected to witness significant growth in the coming years. An increasing number of women are suffering from disorders like insomnia and sleep apnea, which is a major reason for the high growth rate of the segment. Moreover, hormonal fluctuations during different phases of life, like pregnancy, menstruation, and menopause, are also raising the statistics.

Therefore, women are posing more demand for sleep tech solutions in the market. Moreover, there is a rising concern over the mental health of women globally because of rising depression. Sleep tech devices help female demographics to manage stress-associated sleep disorders and improve their overall well-being.

Report Scope

Regional Analysis

• North America to dominate the global market.

North America will account for the largest share of the global sleep tech devices market during the forecast period. One of the major factors fueling the growth of the regional market is the presence of leading tech device companies in the region. These giant companies are coming up with product innovations and collaborating with healthcare institutions to swipe a larger market area.

Also, the emergence of AI-powered sleep assistance and smart mattresses from these companies is further expected to support the growth trajectory of the regional market. The ongoing technological advancements like data analytics and IoT are further expected to revolutionize the market. Moreover, the growing awareness among people in the region regarding their sleep health is further strengthening the demand for sleep tech products in the region.

Asia Pacific is another major region in the sleep tech devices industry that is likely to witness significant growth in the coming years. APAC is witnessing an increasing number of people suffering from sleep disorders like circadian rhythm disorder, insomnia, and many others.

Moreover, the growing awareness among people regarding their overall health and well-being is also likely to support the growth of the market. Many wellness organizations, healthcare providers, and governments are running educational campaigns to make people aware of the long-term health risks associated with poor sleep patterns.

Additionally, the growing disposable income of people in the region is allowing them to adopt advanced sleep tech devices, which is also a crucial reason for the high growth rate of the industry in APAC. Asia Pacific is experiencing strong demand for smart wearable devices that can monitor sleep and other health aspects. Countries like India, China, Japan, and South Korea are likely to accentuate the growth of the regional market in the coming years because of the growing middle-class population in the region.

Therefore, all these factors are likely to positively impact the growth trajectory of the regional market in the coming years. For instance, Samsung said it would come up with the Galaxy Ring in 2024 as a finger-worn wearable device to monitor heart rate and sleep.

Competitive Analysis

The key players in the global sleep tech devices market include:

• Xiaomi
• Withings
• Somfy
• Smart Nora
• SleepScore Labs
• ResMed Inc.
• Koninklijke Philips N.V.
• Itamar Medical
• Fisher & Paykel
• Eight Sleep
• Apple Inc.

For instance, ResMed came up with AirCurve 11 series devices in 2024. These devices utilize two levels of support, namely, expiratory positive airway pressure and inspiratory positive airway pressure. This launch event is expected to help the company with a competitive advantage in the global marketplace.

The global sleep tech devices market is segmented as follows:

By Distribution Channels Segment Analysis

• Pharmacy & Retail Stores
• E-Commerce Hypermarkets & Supermarkets
• Sleep Centers & Fitness Centers
• Others

By Applications Segment Analysis

• Narcolepsy
• Insomnia
• Obstructive Sleep Apnea
• Others

By Products Segment Analysis

• Wearables
• Non-Wearables

By Genders Segment Analysis

• Male
• Female

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America