SLEEP TECH DEVICES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)
Global sleep tech devices market is estimated to be valued at USD 19.98 Bn in 2024 and is expected to exhibit a CAGR of 16.5% during the forecast period (2024-2031).The sleep tech devices market has been witnessing steady growth over the past few years owing to increasing prevalence of sleep disorders and rising health consciousness among consumers. Various devices offering features like sleep tracking, biofeedback, and stimulus control have entered the market to help users monitor and improve their sleep quality. Moreover, the integration of emerging technologies like AI, cloud computing, and wearable sensors is augmenting the demand for advanced sleep aids. With growing preference for non-pharmacological therapies and remote monitoring solutions, the sleep tech devices industry is likely to witness lucrative opportunities in the coming years.
Market Dynamics:
The global sleep tech devices market is driven by the rising geriatric population who are highly susceptible to sleep issues like insomnia. Rapid urbanization and hectic schedules have led to increasing work pressure and stress levels, thereby disrupting sleep cycles. Additionally, growing awareness about the ill-effects of improper sleep and benefits of monitoring sleep patterns are encouraging the adoption of smart sleep trackers and wearables. However, data privacy concerns regarding bio-data collection and possible security threats to sensitive sleep information may hinder the market growth. On the flip side, the development of affordable consumer-friendly products and integration of sleep tech with virtual assistants will create attractive prospects for market players over the forecast period.
Key Features of the Study:
- This report provides in-depth analysis of the global sleep tech devices market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global sleep tech devices market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include Wakefit , Fisher & Paykel Healthcare Limited., Fitbit Inc., Garmin Ltd., Itamar Medical, Koninklijke Philips N.V., Oura Health Oy, SleepScore Labs, ResMed Inc., Nihon Kohden Corporation, Huawei Technologies Co. Ltd., Smart Nora, Indiegogo, Inc.
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- The global sleep tech devices market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global sleep tech devices market
Market Segmentation
Market Segmentation
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