Zion Market Research has published a new report titled “Sleep Tech Devices Market by Product (Sleep monitoring devices, Sleep wearables, Sleep trackers, Sleep gadgets, Digital application tools and others) and End user (Hospitals, Home care settings, Sleep laboratories and others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2019 – 2025”.
According to the report, global demand for Sleep Tech Devices Market was valued at approximately USD 11.79 Billion in 2018, and is expected to generate revenue of around USD 26.62 Billion by end of 2025, growing at a CAGR of around 12.44 % between 2018 and 2025.
In people with sleep apnea, narcolepsy, and insomnia, the sleep tech devices are electronic devices used to track and improve sleep. There are a range of technologically enhanced sleep tech devices on the market, including wearable smart watches and bands, rings, sleep pads, headbands, beds and ear plugs. Over the past couple of years, sleep enhancement applications have seen major developments that have revolutionized the sleep tech industry. Besides tracking sleep, newly developed advanced sleep tech devices can also control temperatures that might otherwise disturb sleep. The easy availability of such improved sleep devices will have a positive impact on sleep tech product market growth.
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Increasing geriatric population base would fuel sleep tech market growth over the forecast period. Elderly populations are vulnerable to growing chronic diseases such as high blood pressure and cardiovascular disease. These diseases are known to cause abnormal action by metabolism, which may result in changes in patterns of rhythm and breathing. Such changes include a major consequence of disruptive sleeping habits. Aging demographics will further increase demand for sleep tech devices in both developed and developing countries to tackle the disruptive sleep problem in the geriatric population. Nevertheless, it was expected that stringent regulatory requirements for medical devices would hinder industrial growth to some degree.
The market for Sleep Tech Devices is segmented based on product, end user, and region. Based on Product, the market is segmented into Sleep monitoring devices, Sleep wearables, Sleep trackers, Sleep gadgets, Digital application tools and others. Due to the advent of new and innovative gadgets, robust growth over the projected time frame will be seen in the sleep devices market. Modern sleeping gadgets are based primarily on neuroscience-based technology and require a 20-minute power nap equal to two hours of regular sleep. These gadgets include comb cream, a device that stimulates cranial electrotherapy (CES), an eye mask, and a body soothing and relaxing app. These apps help people reduce stress and tiredness and significantly increase productivity.
Based on the End user segment, the market is bifurcated into Hospitals, Home care settings, Sleep laboratories and others. Significant growth will be seen in home care settings in the coming years. People are inclined to test devices for home sleep because they are portable and can easily measure biological parameters that are responsible for sleep disorders. Once you have installed sleep tech devices, people can feel relaxed and sleep easily. The comfort provided by home care settings is gaining favor among people expected to drive segment growth.
Geographic segmentation includes the current and forecast demand for Asia Pacific, North America, Latin America, Europe, and Middle East & Africa with its further bifurcation into major countries. North America is expected to dominate the global market over the forecast period. According to an article published in 2017 by the American Sleep Apnea Association, it is estimated that 22 billion people in the U.S. suffer from sleep apnea, and 80% of cases of mild to severe obstructive sleep apnea are undiagnosed. In addition, an increasing prevalence of obesity and an increasing geriatric population has resulted in an increased prevalence of obstructive sleep apnea, especially in developed and other developing countries such as Australia, China and India.
Some of the players included in Sleep Tech Devices market are Autonomic Technologies (ATI), Baxter Healthcare Corporation, Bionano Genomics, Compumedics Limited, Infraredx, Inc., Inovio, Pharmaceuticals, Masimo Corporation, Neovasc Inc., and Nihon Kohden Corporation, Inc. amongst others.
The report segments global Sleep Tech Devices market as follows:
Global Sleep Tech Devices Market: Product Segment Analysis
Global Sleep Tech Devices Market: End user Segment Analysis
Global Sleep Tech Devices Market: Regional Segment Analysis
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