The sleep tech devices market is anticipated to be driven by intensifying demand for new sleep ailments treatments. Technological innovations are constantly being made in the sleep tech devices industry with an aim of tracking sleep patterns of individuals. Variation in the sleep pattern can lead to sleep ailments that could potentially be corrected with the help of sleep tech devices.
Sleep disorders are mostly linked to various factors including consumption of alcohol, tobacco, caffeine, habits of sleeping, and comorbid diseases. Restless legs syndrome (RLS), sleep apnea syndrome (SAS), sleep behavior disorder (RBD), rapid eye movement (REM) and psychiatric diseases such as depression and anxiety are evaluated among people who suffer from any of these ailments.
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The sleep tech devices market is bifurcated into wearable and non-wearable devices based on product. The wearable device segment is predicted to clock a 17% CAGR during the analysis timeline. The segment is majorly categorized into smartwatches, bands and others. Wearable sleep tech devices are easy and comfortable to wear. They are also capable of monitoring day to day and sleep activities of an individual.
Speaking of the application vertical, sleep tech devices are predominantly used for the treatment of narcolepsy which is one of the most common sleeping disorders across the globe. This disorder has affected people, regardless of the circumstances and they often face difficulty in staying awake for longer period of time. Various sleep tech products such as smart lamps and trackers are being increasingly utilized for the therapeutic purposes in narcolepsy patients. These factors are significantly driving the growth of narcolepsy segment. For the records, in 2020, the segment had accounted for nearly USD 2 billion revenue size.
Based on end-use bifurcation, specialty clinics segment had recorded a notable valuation of more than USD 3.5 billion in 2020 and is anticipated to grow exponentially over the upcoming years. The growth can be ascribed to the growing healthcare expenditure and infrastructure development which has subsequently increased the establishment of specialty clinics globally. These clinics are highly preferred by the patients as they provide effective diagnosis owing to the availability of high-end facilities and professional healthcare authorities.
Regionally, Asia Pacific is emerging as a prominent hub for sleep tech devices market. In 2020, the regional market had held a revenue share of around 19.5% on account of the growing awareness about the proper monitoring of sleeping patterns and conditions in the region. Besides, factors such as significant technological advancements in sleep tech products, strong presence of key market players and growing geriatric population are also supporting the business expansion to a greater extent.
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Partial Chapter of the Table of Content
Chapter 6 Sleep Tech Devices Market, By Application
- 6.1 Key segment trends
- 6.2 Insomnia
- 6.2.1 Market size, by region, 2016-2027 (USD Million)
- 6.3 Obstructive sleep apnea
- 6.3.1 Sleep Tech Devices Market size, by region, 2016-2027 (USD Million)
- 6.4 Narcolepsy
- 6.4.1 Market size, by region, 2016-2027 (USD Million)
- 6.5 Others
- 6.5.1 Market size, by region, 2016-2027 (USD Million)
Chapter 7 Sleep Tech Devices Market, By Distribution Channel
- 7.1 Key segment trends
- 7.2 Specialty clinics
- 7.2.1 Market size, by region, 2016-2027 (USD Million)
- 7.3 Direct-to-consumer
- 7.3.1 Market size, by region, 2016-2027 (USD Million)
- 7.4 Hospital
- 7.4.1 Market size, by region, 2016-2027 (USD Million)
- 7.5 Others
- 7.5.1 Sleep Tech Devices Market size, by region, 2016-2027 (USD Million)
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