Smart Sleep Monitor Market Size, Share, Growth, and Industry Growth by Material Type (Wearable Devices and Non-Wearable Devices) By Application (Online Sales and Offline Sales) Regional Forecast From 2023 To 2030

Updated On: 20 November 2023

SMART SLEEP MONITOR MARKET REPORT OVERVIEW

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The global smart sleep monitor market size is expected to be USD 20880 million in 2022 and the market is expected to reach USD 58010 million in 2028, exhibiting a CAGR of 15.5% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the smart sleep monitor market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

As a rising number of non-wearable devices reside above or below customers' mattresses or even on the bedside table, the majority of top fitness trackers detect movement and heart rate while they sleep. These enable people to monitor their temperature, snoring, and breathing patterns as well as track any trends over time. Significant improvements have been achieved and new functions have been added to wearable technology since its inception. The tracking of sleep is one such feature. In order to provide useful insights for better health and sleep, sleep monitoring is the practice of evaluating the amount of time spent sleeping. Smart sleep tracking gadgets enable users to monitor their heart rate and find a thorough breakdown of their sleep cycles in the form of straightforward graphs.

COVID-19 Impact: Pandemic-related Disruptions Impacted Market Dynamics

Over the course of the analysis period, the market will rise as more people become aware of the availability of sleep technology in developing and undeveloped nations. Additionally, it is projected that growing consumer demand for portable, effective sleep therapy devices would open the door to profitable expansion for industry players. Additionally, the production, development, and shipment of sleep technology devices were hampered by the coronavirus pandemic. Due to these disruptions, production facilities had to temporarily close, while contract manufacturers and other supply chain providers had limited availability. The market did, however, see growth during the epidemic because the government relaxed the lockdown laws and regulations. 

LATEST TRENDS

"Increasing Adoption of Product to Bring Promising Opportunities"

Globally, people have a lot of anxiety about sleep-related disorders. People are becoming more interested in learning how to improve their sleep as a result of the increased worry about sleep deprivation among people. For instance, approximately 80% of adults worldwide said they wanted to sleep better because just about 10% of people said they slept exceptionally well and around 70% of people said they woke up at least once during the night. Disorders like insomnia, sleep apnea, narcolepsy, REM sleep behavior disorder, and others have been linked to sleep deprivation. There is an increasing demand for smart sleep monitors due to the increased worries about sleep-related ailments, which is anticipated to drive the smart sleep monitor market growth in coming years.

SMART SLEEP MONITOR MARKET SEGMENTATION

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• By type

The market is divided into Wearable Devices and Non-Wearable Devices.

• By Application

The market is divided into Online Sales and Offline Sales.

DRIVING FACTORS

"Growing Elderly Population to Drive Market Growth"

The global market for smart sleep monitors is expected to expand due to the rising incidence of sleep-related ailments like sleep apnea and insomnia. It is anticipated that the market for smart sleep monitors would have grown due to the expanding aging population around the world and the rising demand for sleep analysis due to the rising occurrence of sleep disorders in older persons. Additionally, the development in personal disposable income in both developed and developing countries, like the U.S., China, and others, is creating new opportunities for companies in the consumer electronics sector.

"Technological Advancements to Upturn Market Progression"

The development of the sleep technology business will benefit from technological developments in these devices. The comfort levels of people with chronic diseases have been improved by innovations made to these sleep gadgets. The best sleep monitoring and analysis tools now on the market help people improve their sleeping habits. The normal metabolism of a person's body has been disrupted by a changing lifestyle, junk food consumption, and a lack of exercise, which has increased the occurrence of sleeping disorders such as obstructive sleep apnea, narcolepsy, insomnia, etc. As a result, there has been a rise in demand for sleep technology that improves sleep activity in people with sleep-related problems.

RESTRAINING FACTORS

"Regulations Might Limit Market Expansion"

One of the main challenges expected to slow the growth of the wearable sleep trackers market is the lack of information regarding sleeping conditions and wearable medical devices available for tracking these conditions. A strict regulatory environment may somewhat restrain market growth for sleep technology products.

SMART SLEEP MONITOR MARKET REGIONAL INSIGHTS

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"Government Regulations to Foster Growth in Europe"

Europe is estimated to hold dominating part of the smart sleep monitor market share. It can be attributed to its favorable demographic trends. The majority of older people have chronic illnesses that interfere with their ability to sleep. This situation helps the business thrive since it increases the market for high-end sleep technology equipment. Additionally, a favorable regulatory environment encourages regional growth. Regulatory bodies frequently create requirements that manufacturers of sleep technology equipment must abide with.

North America is anticipated to have a sizable market share. The demand for smart sleep monitors and fitness trackers has increased, important companies are present, and there have been more creative product introductions for the treatment of various sleep disorders, all of which have contributed to the expansion of this market. The market for smart sleep monitors is expanding as a result of the rising prevalence of rapid eye movement sleep disorder.

KEY INDUSTRY PLAYERS

Market Players Focus on New Product Launches to Strengthen Market Position

The major market players are working together to conduct various research and development projects in order to introduce cutting-edge solutions for a range of sleep disorders.  Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and launch of new, technologically advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.

"List of Market Players Profiled"

• Apple (U.S.)
• Philips Healthcare (Netherlands)
• Samsung Electronics (South Korea)
• Xiaomi (China)
• Fitbit (U.S.)
• Emfit (U.S.)
• Garmin (U.S.)
• ResMed (U.S.)
• Nokia (Finland)
• Sleepace (U.S.)
• Misfit (U.S.)
• Polar (Finland)
• Beddit (Finland)

REPORT COVERAGE

This study examines a report with broad studies that describe the businesses in the market that have an impact on the forecasting period. By considering aspects including segmentation prospects, industrial advances, trends, growth size share, restrictions, and others, it provides a thorough analysis based on in-depth research. If the relevant market dynamics or important players change, this study may need to be modified.