Sleep Tech Devices Market Prominent Players – Eight Sleep, Philips, Rhythm, Dodow, Casper, Nokia, Sleepace, Xiaomi, Oura Health, Fitbit, Sleep Shepherd, Emfit Ltd, Neuron
Sleep Tech Devices Market growth outlook with industry review and forecasts
Ocean View, DE -- (SBWIRE) -- 04/02/2020 -- Sleep Tech Devices Market is expected to exceed USD 27 billion by 2025. The growing environmental and health concerns across the globe are leading toward the adoption of environment-friendly transport solutions.
Some major findings of the sleep tech devices market report include:
- Increasing prevalence of sleeping disorders will positively impact the sleep tech devices market growth over the analysis timeframe
- Individuals suffering from insomnia and sleep apnea have high inclination towards wearable sleep tracking devices
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- Changing lifestyle and intake of unhealthy dietary supplements has escalated the anxiety and depression rate amongst youths that elevates the demand for sleep aid and diagnostics devices
- Availability of innovative and technological advanced sleep tech devices will surge its demand especially in developed countries
- Major players operating in the sleep tech devices market are Samsung, Xiaomi, Eight Sleep, Oura Health, Fitbit, etc. These companies constantly focus on integrating advanced technology in the sleep tech devices.
Technological advancements in sleep tech devices will prove beneficial for industry growth. Innovations introduced within these sleep devices have enhanced the comfort levels in individuals suffering from chronic disorders. Currently available sleep devices effectively monitor and provide overall analysis that enables people to optimize their sleep patterns. For instance, Rhythm has developed a product, DREEM, that is in the form of head belt. It monitors and enhances users' sleep by playing sound and providing ultimate relaxation to the user. Hence, growing availability of advanced sleep tech wearables and devices for treating sleep diseases will escalate the industry growth.
Changing lifestyle, consumption of junk food and lack of exercise have disturbed the normal metabolism of an individual's body ultimately increasing the prevalence of sleeping disorders such as obstructive sleep apnea, narcolepsy, insomnia, etc. Thus, there has been an increase in the demand for sleep tech devices that enhances the sleep activity in individuals suffering from sleep-related disorders. However, stringent regulatory scenario may impede sleep-tech devices market growth to certain extent.
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Type segment includes wearables and non-wearables. Wearables segment held more than 76% revenue share in 2018 and it is projected to show similar growth trends in coming years. Wearables segment include devices such as rings, wrist bands, head belts, ear plugs, etc. These devices are user-friendly and provide accurate data pertaining to sleeping patterns. Healthcare professionals can use this data for analyzing and recommending treatment to patients that elevates the business growth. Moreover, these devices are less expensive as compared to non-wearables that will further upsurge its demand over the forecast period.
By gender, sleep tech devices market is bifurcated into males and females. Male segment of sleep-tech devices market is anticipated to witness around 15% growth in near future. Significant segmental growth can be attributed to the growing prevalence of sleep apnea in male. According to several studies, prevalence of sleep apnea is greater in men as compared to women. Men that have been closely associated with machine jobs and construction have experienced difficulties while sleeping. Also, male population suffering from trauma and accidents have experienced anxiety and stress that has hampered their sleeping patterns. Above mentioned factors will boost the segmental growth.
Applications of sleep tech devices are insomnia, obstructive sleep apnea, environmental sleep disorder and others. Environmental sleep disorders segment was valued around USD 1 billion in 2018 and is expected to foresee enormous growth during the analysis timeframe. Environmental noise caused by vehicles and other industrial activities create hinderance in sleep. Moreover, nocturnal environmental noises in metropolitan cities affects the sleep cycles in elderly population that surges the demand for sleep-tech devices. Therefore, increasing prevalence of environmental sleep disorders will foster the segmental growth.
Sleep tech devices are distributed through specialty clinics, direct to consumer, hospitals and others. Specialty clinics segment will grow over 16.5% CAGR throughout the forecast years. People suffering from psychological disorders usually suffer from sleep diseases and prefer receiving treatments from specialty clinics. Healthcare professionals working in specialty clinics suggest sleep trackers and sleep enhancing devices to promote mental health in such individuals. Additionally, specialty clinics are the most effective mode for distribution of sleep tech devices as patients have to abide by the prescribed therapy that will propel the segmental growth.
Europe sleep tech devices market held over 26% revenue share in 2018 and substantial regional growth can be associated with the favorable demographic trends. Majority of the elderly population suffers from chronic ailments that disturbs their sleeping patterns. This scenario proves beneficial for industry growth as it raises the demand for superior quality sleep tech devices. Moreover, positive regulatory scenario also stimulates the regional growth. Regulatory authorities often frame regulations that needs to be complied by companies manufacturing sleep tech devices. Compliance to regulatory policies helps in reducing defects in the sleep tech devices that will stimulate the Europe sleep tech devices market growth.
Sleep tech industry is dominated by few major players that provide advanced wearables as well as non-wearable sleep devices. The players implement certain strategic initiatives such as merger, acquisitions and product launches for acquiring competitive advantage. For instance, recently in 2017, Eight Sleep launched smart mattress that enhances sleep in individuals by adjusting temperature. Therefore, introduction of new products will enhance the company's growth.