Market Research Report
Sleep Tech Devices Market Size By Product, By Gender, By Application, By Distribution Channel, COVID19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027
|Sleep Tech Devices Market Size By Product, By Gender, By Application, By Distribution Channel, COVID19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027|
Published: June 2, 2021
Global Market Insights Inc.
Content info: 223 Pages
Delivery time: 2-3 business days
The sleep tech devices market is projected to foresee commendable growth over 2021-2027 due to rising prevalence of sleep disorders, increasing cases of insomnia across the world, and technological advancement in non-wearable devices. Nowadays, numerous sleep technologies are being introduced in the market, mainly offering different ways to solve the largely tech-induced sleep issues.
The correct assessment of sleep is critical to better understand as well as evaluate its part in health and disease. The different sleep-tracking smart devices could certainly aid a person in recognizing the different patterns in their sleeping habits. The sleep tech devices market is segmented in terms of product, gender, application, distribution channel and regional landscape.
As per product, the market is classified into non-wearables and wearables. Among these, the non-wearables segment witnessed nearly 24% market share in 2020 and will exhibit consistent growth over the next few years. Advancement in non-wearable devices also include as hi-tech beds, which are witnessing increased awareness among consumers.
Non-wearable devices are those that are not attached to an individual. These can be a thin fabric strip placed under the mattress, or a covering lying above it. Other types of non-wearable devices might be no-contact ones, meaning that they could only sit on the nightstand table, or an application installed in smartphone.
Non-wearable sleep trackers such as the smartphone apps mostly rely on the phone's accelerometer to measure the body's movement and assessing whether the individual is asleep or awake. In case of an app on smartphone, specific instructions might vary for different applications.
Based on gender, the sleep tech devices market share is divided into female and male users. In 2020, male segment exhibited a market value of more than $7.5 billion and will witness notable expansion over 2021-2027. This growth can be chalked up to increased stress, and hectic work or travel schedule, leading to sleep disorders in men.
In terms of application, the overall market for sleep tech devices is categorized into narcolepsy, obstructive sleep apnea, insomnia and others. Among these, the insomnia segment is poised to grow at a CAGR of 17% over the assessment time period. The growth is ascribed to the increasing cases of insomnia in developed regions.
With respect to distribution channel, the sleep tech devices industry is bifurcated into hospital, direct-to-consumer, specialty clinics and others. Hospital segment witnessed more than 14% market share in 2020 and will record significant traction up to 2027. Factors such as increase in the flow of patients across hospitals, availability of specialists providing better care and advanced facilities will boost the segment growth.
On the regional front, in 2020, Latin America sleep tech devices industry exhibited a market value of more than $1 billion and will witness robust growth over the coming years. There a gradual rise in the prevalence of sleep disorders in Latin American countries due to work habits and other reasons, along with a better awareness of medical devices.