The sleep tech devices market is in trends by remote health monitoring capabilities. Sleep tech devices have revolutionized the sleep diagnostics and treatment landscape by offering advanced remote monitoring of vital health metrics during sleep. Devices like sleep trackers, smart watches, actigraphy devices, and sleep apnea home testing devices monitor critical parameters like heart rate, blood oxygen levels, breathing patterns and movement during sleep to help diagnose and manage various sleep disorders.

The sleep tech devices market is estimated to be valued at USD 19.98 Bn in 2024 and is expected to reach USD 58.34 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 16.5% from 2024 to 2031.

Key Takeaways

Key players operating in the sleep tech devices market are Wakefit, Fisher & Paykel

Healthcare Limited., Fitbit Inc., Garmin Ltd., Itamar Medical, Koninklijke Philips N.V., Oura

Health Oy, SleepScore Labs, ResMed Inc., Nihon Kohden Corporation, Huawei

Technologies Co. Ltd., Smart Nora, and Indiegogo, Inc. These players are investing in new product development and expansion to emerging economies to gain market share.

The Sleep Tech Devices Market size is growing due to the increasing prevalence of sleep disorders and obesity globally. According to various reports, over 40% of adults suffer from sleep issues and obesity, which are root causes of various chronic illnesses. Devices offering remote monitoring are helping individuals self-manage their condition and adhere to treatment protocols prescribed by doctors resulting in better health outcomes.

The sleep tech devices market is also witnessing significant growth in demand from regions like Asia Pacific, Latin America, and Middle East & Africa. Manufacturers are focusing on customized solutions and strategic partnerships with local distributors and healthcare providers in these emerging economies to benefit from growing healthcare infrastructure and awareness around sleep health.

Market Key Trends

One of the major trends in the sleep tech devices market is the integration of advanced data analytics. Modern devices are capable of collecting vast amounts of physiological data during sleep which is then analyzed using artificial intelligence and machine learning algorithms. This big data helps provide personalized insights into sleep patterns, detect abnormalities early on, and offer customized recommendations for improvement. Data analytics is also helping doctors gain a more holistic view of patient health and optimize treatment strategies. Integration of such advanced data driven capabilities is expected to enhance user experience and clinical value of sleep tech devices.

Porter’s Analysis

Threat of new entrants: Low setup costs and intellectual property barriers allow large sleeping tech device companies to maintain strong positions in the market.

Bargaining power of buyers: Large buyers such as sleep clinics and hospitals can negotiate lower prices from suppliers of sleep tech devices. However, high customer switching costs reduce buyers’ power overall.

Bargaining power of suppliers: Component part suppliers possess some bargaining power due to concentration in certain segments like sensors. However, suppliers’ impact is limited by availability of substitutes.

Threat of new substitutes: New monitoring methods such as smartphone apps pose a mild threat, but lack clinical validation compared to medical-grade sleep tech devices.

Competitive rivalry: Sleep Tech Devices Market Challenges and Opportunities highlights intense competition among major manufacturers in areas like sleep apnea devices and wearables. Companies compete on technology, brand, customer support, and pricing.

Geographical Regions

North America currently holds the largest share of the global sleep tech devices market, owing to a high diagnosis and treatment rate for sleep disorders. The region is expected to continue dominating in terms of value through 2031.

The Asia Pacific region is poised to grow at the fastest pace over the forecast period. Factors like improving access to healthcare, rising living standards and growing health awareness are driving higher adoption of sleep tech devices, especially in populous nations such as China and India.