The Sleep Tech Devices Market is estimated to be valued at US$ 58.34 Billion in 2031

  • Ronak Shah
  • U.S.A
  • January 23, 2025

A newly published report by Coherent Market Insights reveals a sustainable growth opportunity in the sleep tech devices market. Coherent Market Insights’ analyst projected the sleep tech devices market to be valued at US$ 58.34 Bn in 2031. It is expected to exhibit a CAGR of 16.5% over the forecast period from 2024 to 2031.

Rising prevalence of sleep disorders and increasing awareness regarding sleep disorders drives market growth. According to the U.S. Centers for Disease Control and Prevention (CDC), over 50 million Americans suffer from some form of sleep disorders. Sleep disorders such as insomnia, sleep apnea, narcolepsy, and restless legs syndrome lead to daytime drowsiness, lack of focus, and irritability.

For instance, sleep apnea devices such as CPAP machines help in maintaining air flow and keeping the airway open during sleep. In addition, increasing investments by market players for development of technologically advanced sleep tech devices is also expected to boost the market growth over the forecast period.

 

Key market trends include Growing adoption of wearable sleep tech devices and integration of AI into smart sleep devices are the major trends gaining traction in the global sleep tech devices market. For instance, Dreem headband uses AI algorithms and EEG signals to monitor brain activity and muscle movements during sleep.

The device captures brain waves through bluetooth and tracks sleeping patterns to diagnose sleep issues and provide solutions. In addition, wearable sleep tech devices are also compatible with mobile apps to track sleeping trends over time and share reports with doctors for effective treatment and management of sleep disorders.

 

Sleep Tech Market Opportunities: The sleep tech devices segment is expected to hold a significant market share owing to the rising prevalence of sleep disorders globally. As per statistics, sleep apnea affects over 936 million people worldwide. Moreover, the development of innovative oral appliances and home sleep testing devices is further expected to drive the growth of this segment during the forecast period.

The wearables segment is anticipated to witness lucrative growth opportunities owing to the rising adoption of consumer-centric wireless sleep-tracking devices. Fitness trackers and smartwatches integrated with sleep tracking capabilities have gained widespread acceptance. Continuous technological advancements in miniaturization, sensors, and data analytics are expanding the applications of wearable sleep tech devices.

 

Key Market Takeaways: The global sleep tech devices market is anticipated to witness a CAGR of 16.5% during the forecast period 2024-2031. This is owing to the increasing prevalence of sleep disorders and growing awareness regarding effective sleep management.

On the basis of application, the obstructive sleep apnea segment is expected to hold a dominant position. This is owing to the rising global disease burden of sleep apnea.

On the basis of product, wearables segment is expected to witness fastest growth during the forecast period. This is due to rising adoption of consumer-centric wireless sleep trackers and smartwatches.

By end user, homecare settings segment is anticipated to show lucrative growth prospects. This is owing to rising preference for home healthcare solutions and non-clinical treatment settings.

North America is expected to hold a dominant position over the forecast period. This is owing to well-established healthcare infrastructure and high adoption of digital health technologies in the region.

Competitor Insights: Key players operating in the sleep tech devices market include SleepScore Labs, Fitbit Inc, Garmin Ltd, Philips, ResMed Inc, Huawei, Nokia, and Apple.

Recent Developments: On October 28, 2024, Neurovalens, a well-known health-tech business, developed Modius Sleep, a revolutionary technology for treating chronic insomnia. This new tool uses non-invasive neurostimulation technology to improve sleep quality by targeting specific neurons in the brain that regulate sleep patterns. More information in full report

Summary

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