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From USD 12.8 billion in 2020, the global sleep tech devices market size will reach USD 47.5 billion by 2027. It will exhibit a 17.9% CAGR during the forecast period. The rising geriatric population are more prone to chronic diseases like high BP and cardiovascular diseases. Such changes can disrupt sleeping habits among patients, leading to a surge in market demand for sleep tech devices in developed and developing countries.
Also, the surge in number of wearable devices, new changes for regulatory compliance, and rising M&A among medical device companies will proliferate the growth of the sleep tech devices market.
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The changing lifestyles of individuals, junk food consumption, and lack of exercise have disrupted an individual’s body’s normal metabolism, resulting in an increase in the occurrence of sleeping disorders like obstructive sleep apnea, narcolepsy, insomnia, parasomnias, restless leg syndrome, and others. As a result, there has been a rise in market demand for sleep tech gadgets that improve sleep activity in people who suffer from sleep disorders.
Even though COVID-19 outbreak had a detrimental effect on the sleep tech devices market in the first two quarters of 2020, it has seen a recovery once the lockdowns were lifted. People had many sleepless nights as a result of social and physical isolation along with financial stress, which has increased the use of tools that can diagnose, monitor, and assist in the management of sleep problems.
The global sleep tech devices market is divided into wearable and non-wearable devices based on product. Smartwatches, bands, and others are some of the wearable devices. Sleep monitors, beds, and others are some of the non-wearable devices. Wearable devices contribute the largest share in the sleep tech devices market owing to their portable nature and developed microsensors that fit into devices and continuously monitor the physiological characteristics of a person.
Furthermore, the increased adoption of sedentary lifestyles and wearable devices are less costly than non-wearable devices, thus playing an important role in the market growth of sleep tech devices.
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An increase in physical, mental, and emotional functioning of the brain, often known as stress or anxiety, is increasing the frequency of anxiety disorder, chronic insomnia, and other sleep disorders in Asia Pacific. Also, the rising prominence of obesity and growing elderly population in developing countries like China, India, and Australia will increase the occurrence of obstructive sleep apnea. As a result, demand for wearable sleep tech devices or diagnostic tools is expected to rise. Thus, during the forecast period, the aforementioned factors are expected to fuel market expansion of sleep tech devices in Asia Pacific.
In March 2022, Span Health, a data-driven health-coaching company, has been acquired by Eight Sleep. Eight Sleep’s sleep-fitness offerings will be enhanced by the acquisition, which will provide new tools to users to help them improve every aspect of their health and performance through customized services according to the needs.
In March 2022, Withings announced that their most novel sleep monitoring device, the Withings Sleep mat, will also include a new diary feature. The mat, which is placed beneath a person’s mattress, collects biometric sleep data such as heart rate, sleep stages, and snoring automatically. Users can now combine their own observations with the data acquired by the mat in the new Sleep Diary function. This data is then collected into a new dashboard that shows how sleep data has changed over time. After that, users can create a PDF report to share with doctors.
Major Players in the Sleep Tech Devices Industry:
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