Sleep Tech Devices Market size to cross $95bn by 2032

Sleep Tech Devices Market size is projected to surpass USD 95 billion by 2032, as per a new research report announced by Global Market Insights Inc.
 

Rising awareness regarding the availability of new sleep tech devices will accelerate market trends. Sleep disorders can cause a major medical and financial burden on patients. Reportedly, its incidence is growing particularly in emerging nations such as China, Brazil, and India. Many of these problems go undiagnosed and untreated in clinical practice due to a lack of awareness. In order to raise awareness and improve the diagnosis and treatment of sleep problems, government officials have launched public education, clinician training, and surveillance and monitoring programs.
 

Development of non-wearable sleep tech devices for at-home screening

Sleep tech devices industry from the non-wearables segment exceeded at USD 6.6 billion in 2022. Non-wearable sleep tech devices offer extensive advantages in the diagnosis of multiple sleep diseases such as precise disease diagnosis, assessment of treatment efficacy, etc. Leading brands are innovating portable diagnostic devices for in-home screening which help diagnose sleep-disordered breathing (SDB). Companies are also looking to increase product accessibility and reduce costs. These devices are small, easy to use, and comprise combined scales, thermometers, and blood pressure monitors that are equipped with smart technology, etc. Numerous advantages offered by non-wearable sleep tech diagnostic devices are set to accelerate segment outlook.
 

Browse key industry insights spread across 270 pages with 406 market data tables & 15 figures & charts from the report, “Sleep Tech Devices Market Size By Product (Wearables {Smart Watches and Bands}, Non-wearables (Sleep Monitors, Beds}), By Application (Insomnia, Obstructive Sleep Apnea, Narcolepsy) and By Distribution Channel (Sleep centers and fitness centers, Hypermarkets and supermarkets, E-commerce, Pharmacy and retail stores), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/sleep-tech-devices-market
 

Prevalence of Obstructive Sleep Apnea (OSA) among the elderly

Sleep tech devices market from the obstructive sleep apnea segment to garner USD 25.5 billion by 2032. The growing aging population to boost the expansion of the market in coming years. The aging population is slated to increase the prevalence of sleep apnea diseases and sleep-related respiratory problems, increasing market progression. The aged population over 60 is predicted to triple by 2050, reaching around 1.3 billion. Rising geriatric population along with the increased prevalence of sleep apnea among the elderly is likely to fuel the market revenue globally.
 

Growing product purchases from hypermarkets and supermarkets

The hypermarkets and supermarkets segment is poised to be valued at over USD 25 billion by 2032. Supermarkets and hypermarkets are selling a wide variety of sleep tech devices. Strong distribution channels and a large network of suppliers to these sellers allow them to reach a broad demographic while also managing consumer compliance. Expansion of supermarket chains will boost product acceptance among customers. As a result, the aforementioned factors are predicted to boost sales of sleep tech products such as smartwatches through supermarkets and hypermarkets, hence boosting market landscape.

Spreading awareness regarding sleep tech devices across Asia Pacific

Asia Pacific sleep tech devices market to hit around USD 19.9 billion by 2032. The increasing awareness regarding the advantages of sleep tech devices and various government initiatives will augment the regional market over the forecast period. Factors like the demand for early diagnosis of sleep diseases, the rising number of industry players entering the market, and the presence of well-developed healthcare infrastructure will complement this progress. The presence of a rapidly aging population in the Asia Pacific region is anticipated to proliferate business growth.

New product launches by sleep tech device brands

Xiaomi, Philips, Fitbit (Google LLC), Apple Inc., Eight Sleep, Sleep Number, Rest, SleepScore Labs, and Withings's are some of the leading brands in the sleep tech devices industry.