What Transformation Has the Sleep Tech Devices Market Undergone?
The sleep tech devices market has seen considerable growth due to a variety of factors.
•Over the past few years, the sleep tech devices market has expanded at an accelerated pace. The market value is anticipated to rise from $22.01 billion in 2024 to $25.64 billion in 2025, with a compound annual growth rate (CAGR) of 16.5%.
Factors such as labor scarcity in agriculture, the demand to boost crop outputs, emphasis on precision agriculture, sustainability objectives, and the pursuit of cost reductions and efficiency improvements have contributed to this growth in the past period.
How Will The Sleep Tech Devices Market Size Evolve In The Foreseeable Future?
The sleep tech devices market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of sleep tech devices is anticipated to expand quickly in the coming years, reaching "$49.92 billion by 2029 with a compound annual growth rate (CAGR) of 18.1%.
The projected growth in this period can be credited to factors such as independent harvesting vehicles, the application of predictive analytics to determine crop maturity, remote supervision and management, energy-saving harvesting methods, as well as market growth into diverse crops and locations. Key trends for the forecast period encompass the uptake of automation and robotics, the fusion of AI and machine learning, precise agriculture methodologies, IoT-supported harvesting gear, selective harvesting to enhance quality, and data-guided decision making.
Which Key Drivers Are Propelling The Sleep Tech Devices Market's Growth?
The sleep tech device industry is witnessing a surge due to the growing instances of sleep disorders. These devices are engineered to monitor as well as enhance sleep quality by providing detailed data and insights on sleeping patterns, delivering custom-made suggestions, and promoting the practice of good sleep habits. Furthermore, they are also employed in diagnosing and monitoring sleep disorders while providing personalized feedbacks and advice to improve sleep quality. It's emerging as a popular choice among individuals suffering from sleeping disorders to leverage these devices for enhancing their sleep quality. For example, NHS Digital, a government agency in the UK, revealed in November 2023 that 37.8% of children within the age group of 8-16 reported facing sleep issues three or more times in the past week in 2023. Consequently, the rise in sleep disorders is fueling the advancement of the sleep tech devices industry.
What Are The Key Segments Within The Global Sleep Tech Devices Market?
The sleep tech devices market covered in this report is segmented –
1) By Product Type: Wearable, Monitoring Devices, Smart Gadgets, Digital Tools, Other Types
2) By Age: Below 45 Years, 45–64 Years, Above 65 Years
3) By Distribution Channel: Sleep Centers And Fitness Centers, Hyper markets And Super markets, E-Commerce, Pharmacy And Retail Stores, Other Channels
4) By Application: Insomnia, Obstructive Sleep Apnea, Narcolepsy, Other Applications
Subsegments:
1) By Wearable: Smartwatches, Fitness Trackers, Sleep Headbands
2) By Monitoring Devices: Sleep Monitors, Bed Sensors, Smart Mattresses
3) By Smart Gadgets: Sleep Masks with Built-In Speakers, Smart Alarm Clocks, Sleep Therapy Machines
4) By Digital Tools: Sleep Apps, Online Sleep Programs, Sleep Journals
5) By Other Types: White Noise Machines, Essential Oil Diffusers, Smart Lighting Solutions
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How Are New Trends Impacting The Size Of The Sleep Tech Devices Market?
Prominent businesses in the Sleep Tech Devices market are concentrating on the advancement of superior technology like sleep solutions fueled by artificial intelligence (AI), with the goal of boosting sleep quality. AI-powered sleep solutions imply the application of AI to study, observe, and enhance sleep habits and quality. These solutions are utilized in sleep tech gadgets, like intelligent mattresses or wearable devices, to maximize sleep quality using data-driven insights and real-time feedback. As an illustration, Wakefit, an Indian furniture firm, inaugurated the Zense collection in June 2024. This collection includes two groundbreaking products, namely Regul8 and Track8, marking the debut of the first AI-powered sleep solutions in India, designed for improving sleep quality and monitoring. Some of the highlighting characteristics are temperature regulation and tailoring to individual needs via sophisticated AI algorithms.
Who Are the Key Players in the Sleep Tech Devices Market?
Major companies operating in the sleep tech devices market include:
• Masimo Corporation
• Koninklijke Philips N.V.
• Fitbit Inc.
• Xiaomi Corporation
• Apple Inc.
• Eight Sleep
• Oura Health Oy
• Nihon Kohden Corporation Inc.
• Casper Sleep
• Compumedics Limited
• ResMed Inc.
• Withings
• Samsung Electronics Co. Ltd.
• ASUSTek Computer Inc.
• Motorola Mobility LLC
• Apollo Neuroscience Inc.
• Nokia Corporation
• Huawei Technologies Co. Ltd.
• Sleep Shepherd LLC
• Sleepace
• Fossil Group Inc.
• Serta Simmons Bedding LLC
• Tempur Sealy International Inc.
• Sleep Number Corporation
• Emfit Ltd.
• Beacon Biosignals Inc.
• Beddit Oy
• SleepScore Labs
• ZANSOR
• Somnox
• Sleep Cycle
What are the Regional Insights into the Sleep Tech Devices Market?
North America was the largest region in the sleep tech devices market in 2024. Asia-Pacific is expected to be the fastest growing region in the global sleep tech devices market during the forecasted period. The regions covered in the sleep tech devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
