The global sleep tech devices market size is expected to reach around USD 113.16 billion by 2033 from USD 21.10 billion in 2023, growing at a CAGR of 18.23% from 2024 to 2033.
Key Points
- North America has held a revenue share of around 42.7% in 2023.
- By product, the wearables segment held the largest share of around 76% in 2023. The segment is observed to sustain the dominance throughout the forecast period.
- By application, the insomnia segment dominated the sleep tech devices market with revenue share of 48% in 2023.
- By distribution channel, the sleep centers and fitness centers segment stood as a dominating share of the market in 2023.
The Sleep Tech Devices Market has witnessed remarkable growth in recent years, driven by a growing awareness of the importance of sleep on overall health and well-being. Sleep tech devices encompass a wide range of products designed to monitor, improve, and optimize sleep patterns. From smart mattresses and sleep tracking wearables to sleep-aid devices, the market has experienced a surge in innovative solutions. This growth is fueled by a global shift in mindset towards prioritizing sleep as an essential component of a healthy lifestyle.
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Growth Factors
Several key factors contribute to the expansion of the Sleep Tech Devices Market. Firstly, the increasing prevalence of sleep disorders and the rising awareness of their detrimental effects on health have prompted individuals to seek effective solutions. Moreover, advancements in technology, such as the integration of artificial intelligence and machine learning in sleep tracking devices, have significantly enhanced their accuracy and functionality. Additionally, the proliferation of smartphones and wearables has made these devices more accessible to a wider consumer base, further driving market growth.
Sleep Tech Devices Market Scope
| Report Coverage | Details |
| Growth Rate from 2024 to 2033 | CAGR of 18.23% |
| Global Market Size in 2023 | USD 21.10 Billion |
| Global Market Size by 2033 | USD 113.16 Billion |
| U.S. Market Size in 2023 | USD 8.65 Billion |
| U.S. Market Size by 2033 | USD 38.46 Billion |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | By Product, By Application, and By Distribution Channel |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Region Insight:
The Sleep Tech Devices Market exhibits a dynamic regional landscape, with different regions showcasing varying adoption rates and preferences for sleep tech solutions. North America has emerged as a dominant player, driven by a tech-savvy population and a high prevalence of sleep-related issues. Europe follows closely, with an increasing emphasis on preventive healthcare. The Asia-Pacific region is witnessing rapid growth, propelled by rising disposable incomes and a growing awareness of the importance of sleep hygiene.
Trends:
Several noteworthy trends are shaping the Sleep Tech Devices Market. One prominent trend is the integration of smart home ecosystems, allowing users to create an optimized sleep environment through interconnected devices. Another trend is the emphasis on personalized sleep solutions, with companies leveraging data analytics to provide tailored recommendations for improving sleep quality. The advent of non-intrusive monitoring technologies, such as contactless sleep tracking, is gaining traction, addressing concerns about comfort and usability.
Read Also: Audiology Devices Market Size to Cross USD 18.71 Bn by 2033
Recent Developments
- In January 2024, the National Sleep Foundation (NSF) created the SleepTech® Network, a new community platform for stakeholders in the sleep technology business. The news comes from the CES® trade exhibition in Las Vegas, which shows the whole technology environment. NSF is located in Booth 8604 in Tech East’s North Hall. The inaugural members of the SleepTech® Network range from high-profile start-ups to Fortune Global 500 representatives, representing key segments such as consumer electronics, digital therapeutics, mobility, consumer home products, and sleep-monitoring AI software. Asleep, Pocket Kado, PureCare, Samsung Health, Variowell, and Waymo are among the companies that participate.
- In December 2022, ASLEEP, a sleep technology firm, announced that it would reveal the blueprint for an individually personalized sleep environment based on its unequaled AI-based sleep monitoring technology at CES 2023. ASLEEP offers a wide range of sleep-related services using AI technology that analyzes sleep phases based on breathing sounds. ASLEEP’s technology can identify sleep phases in any setting by utilizing microphone-equipped devices such as smartphones, smart TVs, and speakers. ASLEEP’s sleep detection technology provides the most accurate results without the need for wearable devices such as smartwatches. It detects REM sleep, non-REM sleep, and wake state with an average 15% higher accuracy than industry-leading smartwatches.
- In January 2023, Earable® Neuroscience conducted a global launch ceremony for its FRENZ™ Brainband at CES 2023. During the occasion, the business talked about the breakthroughs behind the award-winning gadget, its potential to disrupt sleep technology, a special discount pricing, and its 88 Pioneer project. Earable® Neuroscience, a deep tech firm creating scalable, human-centric solutions that improve everyday experiences, had a global launch event for the FRENZ™ Brainband at the 2023 Consumer Electric Show (CES 2023) on Jan 6, revealing the breakthroughs that power the award-winning gadget.
Competitive Landscape:
The Sleep Tech Devices Market is characterized by intense competition among key players striving to differentiate themselves through innovation and strategic partnerships. Established companies in the consumer electronics and healthcare sectors are entering the market, while startups are bringing fresh ideas and agility. Notable players include industry giants investing in research and development to create cutting-edge sleep tech solutions. Partnerships with healthcare providers and sleep clinics are becoming common, enhancing the credibility and adoption of these devices.
Sleep Tech Devices Market Companies
- Philips
- Fitbit
- Eight Sleep
- Dodow
- Rhythm
- Casper
- Xiaomi
- Oura Health
- Nokia
- Sleepace
Segments Covered in the Report
By Product
- Wearables
- Non-wearables
By Application
- Obstructive Sleep Apnea
- Insomnia
- Narcolepsy
- Others
By Distribution Channel
- Hypermarkets and Supermarkets
- Sleep Centers and Fitness Centers
- Pharmacy and Retail Stores
- E-commerce
- Others
`By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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