The global sleep tech devices market is projected to experience substantial growth, with a forecasted Compound Annual Growth Rate (CAGR) of roughly 17% through 2030, according to recent estimates from DelveInsight. This expansion is being driven by a confluence of factors, including an aging global population, a rise in the prevalence of sleep disorders like insomnia and narcolepsy, and rapid advancements in sleep technology.
Market Dynamics and Key Drivers
The increasing number of older adults worldwide is a primary catalyst for growth in the sleep tech devices market. Furthermore, the widespread occurrence of sleep disorders, such as insomnia, contributes significantly to market expansion. The increasing awareness of sleep and its impact on overall health among the public is another key factor. Organizations such as the National Sleep Foundation, the World Sleep Society, and various regional sleep medicine associations are working to educate people around the world about sleep and the associated negative health impacts of insufficient sleep.
Factors driving the rapid growth of the sleep tech devices market include:
- Aging Population: An older population is more susceptible to sleep disorders, thus driving demand for sleep tech devices.
- Rising Prevalence of Sleep Disorders: The growing number of individuals experiencing insomnia, sleep apnea, and other sleep-related issues creates a larger market for solutions.
- Technological Advancements: Continuous innovation in sleep tech, including wearable devices and AI-powered systems, enhances the effectiveness and appeal of these products.
However, concerns related to data privacy and the potential for inaccurate results from home monitoring devices may restrain the market expansion.
Key Market Players and Recent Developments
Several companies are at the forefront of the sleep tech devices market, offering a range of innovative products and solutions. These include industry leaders such as:
- Koninklijke Philips N.V.
- Huawei Device Co Ltd
- ResMed
- Xiaomi
- Apple Inc.
- SAMSUNG
- Garmin Ltd
Recent product launches and developments reflect the ongoing innovation in this sector:
- Neurovalens: Launched Modius Sleep in October 2024, using non-invasive neurostimulation to improve sleep quality.
- ResMed: Introduced new digital solutions for sleep apnea management in September 2024, incorporating AI and wearables.
- Wakefit: Launched the Wakefit Zense range in June 2024 which includes the Regul8 mattress temperature controller and the Track8 contactless sleep tracker.
- ResMed: Released the AirCurve 11 series of devices in February 2024, utilizing two levels of support and digital technology to help patients with sleep apnea.
- Fisher & Paykel Healthcare: Launched the F&P Solo mask in New Zealand and Australia in October 2023, designed for treating obstructive sleep apnea (OSA).
- Garmin: Released the Vivosmart 5 fitness band in India in June 2022, which includes sleep monitoring features.
- pTron: Announced the Force X10E smartwatch in India in June 2022, also featuring sleep monitoring capabilities.
- Amazefit: Launched the GTS 2 smartwatch in India in June 2022 with sleep monitoring capabilities.
Market Segmentation and Future Outlook
The sleep tech devices market is segmented by type (wearable and non-wearable devices), application (obstructive sleep apnea, central sleep apnea, insomnia, and narcolepsy), end-user (hospitals and home-care settings), and geography (North America, Europe, Asia-Pacific, and the Rest of the World).
North America is predicted to remain a dominant region in the sleep tech devices market, driven by the increasing prevalence of sleep disorders and the early adoption of advanced technologies. DelveInsight anticipates that the market size will experience a CAGR of approximately 17.31% during the forecast period of 2024 to 2030.
As the global population ages and awareness of sleep’s importance grows, the sleep tech devices market is poised for continued expansion, offering innovative solutions to improve sleep quality and overall health. Ongoing advancements in technology, coupled with increased consumer demand, are expected to fuel this positive growth trajectory.
