Sleep Tech Devices Market To Generate Revenue Worth $49,984.7 Million by 2030
- Published: October 2021
The increasing prevalence of sleep disorders, growing awareness about ill effects of untreated sleep apnea, and surging usage of oral appliances are the major growth drivers for the global sleep tech devices market. Due to the aforementioned factors, the industry is projected to generate $49,984.7 million revenue by 2030, advancing at a CAGR of 14.5% during 2020–2030.
The COVID-19 pandemic has brought into sharp focus the need to harness and leverage the digital infrastructure for remote patient monitoring. Although, the market for sleep tech devices was highly impacted during the pandemic, as the manufacturing and production of these devices were disrupted, due to the implementation of lockdown, globally. The market took a major turn after the lifting of lockdowns and restrictions, due to the rapid increase in the demand for the sleep tech devices as result of major affect of virus on sleep apnea patients. Moreover, during the pandemic, telemedicine and teleconsultations gained popularity, which has boosted the market's expansion.
Wearable Category to Hold Larger Share throughout Forecast Period
The sleep tech devices market is categorized into wearable and non-wearable, based on product. Of these, the wearable category dominated the market during the historical period (2015–2020), and it is expected to retain its dominance during the forecast period as well. This is mainly due to the surge in demand for portable devices and further, these are able to track real-time data. Moreover, these wearable devices help to spot problems early and track patterns through continuous monitoring, which can be easily shared with the healthcare provider.
Moreover, the market for sleep tech devices is categorized below 45 years, 45–64 years, and above 65 years, based on age. Out of these, the below 45 years category is expected to witness the fastest growth during the forecast period. This can be attributed to the fact that people below age 45 years are more technologically advanced as compared to other age groups. Moreover, this age group can quickly pick up a new technology and master it.
Globally, North America was the largest contributor to the sleep tech devices market in 2020. This is attributed to the rising healthcare spending, surging awareness to improve mental and physical wellness, and increasing cases of sleep disorders in the region. For instance, according to Sleep Apnea Statistics, in 2018, 50–70 million adults in the U.S. had sleep disorders. Moreover, approximately 3–7% men and 2–5% of women had sleep apnea in the country.
Whereas, the Asia-Pacific (APAC) region is expected to witness the fastest growth during the forecast period in the market for sleep tech devices. Rising technical improvements, growing geriatric population, and increasing usage of sleep technology would drive the regional market growth. The need for sleep technology products will rise as the aging population becomes more prone to sleeping disorders.
Mergers and Acquisitions Are Most-Effective Strategic Measures
Players in the global sleep tech devices market have been involved in mergers and acquisitions to remain competitive in the market. For instance, in December 2020, Koninklijke Philips N.V. acquired BioTelemetry Inc. to transform the delivery of healthcare facilities and become a global leader in patient care management solutions for hospital and homecare settings.
Similarly, in June 2020, Garmin Ltd. acquired Firstbeat Analytics Oy, a privately-held provider of physiological analytics and metrics for consumer devices in the health, wellness, fitness, and performance markets, to bring the most advanced and accurate health and performance data to its customers.
The major players operating in the sleep tech devices industry are Koninklijke Philips N.V., Resmed, Xiaomi Inc., Huawei Technologies Co. Ltd., Apple Inc., Samsung Electronics Co. Ltd., ASUSTek Computer Inc., Motorola Mobility LLC, Masimo Corporation, Fitbit Inc., Garmin Ltd., Fossil Group Inc., Compumedics Limited, Nihon Kohden Corporation, and Withings.