SELBYVILLE, Del., June 7, 2021 (Newswire.com) - According to the latest report, "Sleep Tech Devices Market by Product (Wearables, Non-wearables), By Gender (Male, Female), Application (Insomnia, Obstructive Sleep Apnea, Narcolepsy), Distribution Channel (Specialty Clinics, Direct-to-consumer, Hospitals), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027", by Global Market Insights Inc., the market valuation of sleep tech devices will cross $40.6 billion by 2027. Various technological upgrades in sleep tech devices to track different sleep patterns will foster the market growth.
Increasing awareness regarding the importance of sleep tech products in different economies will prove beneficial for the overall market progression. Over the past years, there has been a rise in sleep disorder cases and complications. This is adding to the patient pool seeking medical advice and services for sleep disorders. Thus, different societies, as well as organizations, are continuously working to increase awareness about sleep disorders and their consequences. For instance, the Brazilian Sleep Society strives to provide information on sleep disorders and increase awareness. Every year, it conducts an activity called Sleep Week. During the week, various activities are conducted comprising of lectures for the general population and health professionals to create awareness regarding sleep disorders. The availability of different health-awareness campaigns will accelerate the industry's growth.
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The wearables segment in the sleep tech devices market will witness around a 17% growth rate through 2027. Wearable sleep tech devices are compact and can be comfortably worn by every individual. Wearable products actively monitor a person's day-to-day activity as well as sleep patterns to estimate factors for quality sleep that influences the segment demand. In addition, these products are cheaper than non-wearables, thus augmenting the segment growth.
The sleep tech devices market for the female segment is estimated to exhibit over 19% CAGR by 2027, owing to the surged adoption of sleep tech products among the female population. Lifestyle changes have amplified the demand for smart sleep tech products among females, mainly due to rising awareness regarding the benefits of quality sleep to health and well-being. Similarly, pregnant women suffering from insomnia and other sleep issues increases the preference for sleep-enhancing devices, impelling the segment expansion.
The narcolepsy segment in the sleep tech devices market accounted for around USD 2 billion in 2020, as narcolepsy is one of the most common sleep disorders worldwide. Narcolepsy-affected people, regardless of the circumstances, often find it difficult to stay awake for long periods of time. Different sleep tech products, including smart lamps and trackers, are extensively utilized for therapeutic purposes in narcolepsy patients, which secures the market value.
The specialty clinics segment was valued at USD 3.5 billion in 2020. With growing healthcare expenditure and infrastructure, the number of specialty clinics throughout the globe is rapidly rising. These clinics offer effective diagnosis in the presence of professional healthcare authorities and facilities that boosts the overall segment progression.
The Asia Pacific sleep tech devices market captured over 19.5% of the revenue share in 2020. Technological advancements in sleep products along with rising awareness regarding proper monitoring of sleep patterns and conditions will spur the market expansion. The presence of significant market participants will escalate the regional growth. Moreover, the growing number of elderly population base in this region will stimulate the acceptance rate of sleep tech products, propelling the industry demand.
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Some of the eminent companies operational in the market include Emfit, Dodow, Dreem, Eight Sleep, Beddit, Philips, Oura Health, ResMed, Sleep Shepherd, Sleepace, Fitbit, Withings, Casper Sleep, and Xiaomi. The industry participants are focusing on developing advanced products that help the company increase its market share internationally.
Table of Contents (ToC) of the report:
Chapter 3 Sleep Tech Devices Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls and challenges
3.4 Growth potential analysis
3.4.1 By product
3.4.2 By gender
3.4.3 By application
3.4.4 By distribution channel
3.5 COVID-19 impact analysis
3.6 Porter's analysis
3.7 Competitive landscape, 2020
3.7.1 Strategy dashboard, 2020
3.8 PESTEL analysis
Browse the complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/sleep-tech-devices-market.
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