Smart Sleep Tracker Market Size, Share, Growth, and Industry Analysis, By Type (Wearable, Non-Wearable, Others), By Application (Commercial, Health Care, Home, Other), Regional Insights and Forecast to 2031

Updated On: 22 April 2024

Smart Sleep Tracker Market Report Overview

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The global smart sleep tracker market size was USD 24460 million in 2022, and the market is projected to touch USD 89381.74 million by 2031, exhibiting a CAGR of 15.5% during the forecast period.

The smart sleep tracker market growth is propelled by several factors that collectively contribute to its robust growth. Primarily, the rising incidence of sleep disorders, such as insomnia and sleep apnea, has become a significant driver. Individuals grappling with these conditions are increasingly turning to smart sleep trackers as indispensable tools for monitoring their sleep patterns and identifying potential triggers. The granular insights provided by these devices empower users to make informed decisions about lifestyle adjustments and interventions to improve their sleep quality.

Additionally, the seamless integration of smart sleep trackers with other health and fitness devices further augments their appeal. The ability to track sleep data alongside crucial health metrics, including heart rate and activity levels, offers users a comprehensive understanding of their overall well-being, fostering a holistic approach to health management.

COVID-19 Impact: Demand Surged Due to Heightened Focus on Health and Well-Being

The COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The unprecedented challenges brought about by the COVID-19 pandemic triggered a profound shift in individuals' focus on health and well-being. The heightened awareness of the critical role sleep plays in overall health became increasingly apparent. The pandemic-induced stress and anxiety levels prompted people to prioritize their sleep quality, recognizing its pivotal role in maintaining a robust immune system and mental resilience. This surge in health consciousness significantly influenced the demand for smart sleep trackers, as these devices emerged as valuable tools for monitoring and improving sleep patterns. The pandemic-driven lifestyle changes underscored the importance of addressing sleep-related issues, driving the adoption of smart sleep trackers as a proactive measure. The market experienced a notable upswing as consumers sought technology-driven solutions to optimize their sleep amidst the challenges posed by the global health crisis.

Latest Trends

"Introduction of Non-Wearable Sleep Tracker to Offer Convenient Sleep Monitoring System"

The market is witnessing a notable shift with the emergence of a compelling trend – sleep tracking without wearables. This innovation addresses the evolving preferences of consumers who seek comfortable and convenient sleep monitoring options. Non-wearable smart sleep trackers have gained prominence as devices that utilize advanced sensors placed on a bedside table or in alternative locations, eliminating the need for users to wear any devices on their bodies. These trackers employ a range of sensors, including motion sensors, sound sensors, radar sensors, and light sensors, to comprehensively track sleep stages and disturbances without the encumbrance of wearables.

The advantages of non-wearable smart sleep trackers contribute to their growing popularity. Offering enhanced comfort, these trackers spare users from the inconvenience of wearing devices, making them a preferred choice for a broader audience. Their user-friendly design requires no elaborate setup or calibration, ensuring a seamless experience. Importantly, the accuracy of non-wearable smart sleep trackers rivals that of their wearable counterparts. Notable examples in the market include the Amazon Halo Rise, Withings SleepMat, and SleepScore Max, each employing unique technologies such as radar and sensor pads to track sleep stages, duration, interruptions, and heart rate.

Smart Sleep Tracker Market Segmentation

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•  By Type Analysis

Based on type, the global market can be categorized into wearable, non-wearable, others.

Wearable devices, including smartwatches and sleep-tracking bands, hold a significant market share, driven by the convenience and continuous monitoring they offer. Non-wearable devices, such as bed-based sleep trackers, are gaining popularity for their non-intrusive nature.

• By Application Analysis

Based on application, the global market can be categorized into commercial, health care, home, and others.

There is a notable surge in the adoption of smart sleep trackers for patient monitoring, particularly among individuals grappling with sleep disorders. The sophisticated capabilities of these devices contribute to more effective and continuous tracking of sleep patterns, enabling healthcare professionals to tailor interventions for improved patient outcomes. Simultaneously, the commercial and home segments are witnessing heightened demand, underscoring a broader societal awareness of the pivotal role quality sleep plays in overall well-being. Individuals, both in commercial settings and within their homes, are increasingly recognizing the significance of monitoring and enhancing their sleep quality, thereby driving the demand for smart sleep trackers in these segments.

Driving Factors

"Escalating Incidence of Sleep Disorders to Become Driving Force behind Market Growth"

The expansion of the market is fueled by a noteworthy surge in the prevalence of sleep disorders. The escalating incidence of conditions such as insomnia and sleep apnea is steering individuals toward the adoption of smart sleep trackers as indispensable tools for gaining comprehensive insights into their sleep patterns. With an increasing number of individuals grappling with these sleep disorders, smart sleep trackers have emerged as invaluable assets, offering detailed analyses to identify factors that significantly impact sleep quality. As individuals seek effective solutions to address the challenges posed by sleep disorders, the market experiences a significant impetus, positioning smart sleep trackers at the forefront of the quest for improved sleep health.

"Integration with Health and Fitness Devices to Open Product’s New Applications"

The pivotal integration of smart sleep trackers with other health and fitness devices emerges as a formidable driving force within the market. This symbiotic connection allows users to seamlessly synchronize sleep data with critical health metrics such as heart rate, activity levels, and other key parameters. The result is a comprehensive and nuanced overview of users' overall well-being, facilitating a holistic approach to health monitoring. This amalgamation of technologies not only enhances the user experience but also positions smart sleep trackers at the forefront of a connected health ecosystem, contributing significantly to the dynamic growth of the market.

Restraining Factor

"Concerns Related to Tracker's Accuracy to Impede Product Rising Demand"

A notable restraining factor in the market revolves around concerns related to accuracy. The accuracy of these devices is a critical consideration, and disparities exist among different trackers. This variance in accuracy levels raises apprehensions among users, as inaccurate information about sleep quality can have significant consequences. The reliability of sleep data is paramount for users seeking actionable insights into their sleep patterns and overall well-being. Instances of inaccuracies may compromise the effectiveness of smart sleep trackers, potentially leading to misguided decisions about lifestyle adjustments and interventions. Consequently, this concern about the precision of smart sleep trackers stands as a notable restraint in the market, emphasizing the need for ongoing advancements and standardization to ensure the delivery of trustworthy and precise sleep-related information to users.

Smart Sleep Tracker Regional Insights

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"Asia Pacific to Lead the Market Due to Region’s Large Consumer Base and Rapid Urbanization"

Asia Pacific emerges as a leading player in the smart sleep tracker market share. The region's dominance is attributed to factors such as a large consumer base, rapid urbanization, and a growing awareness of health and well-being. Countries in Asia Pacific are witnessing increased adoption of smart sleep trackers due to lifestyle changes and rising disposable incomes.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• ResMed (Australia)
• Beddit (Finland)
• Emfit Oy (Finland)
• Withings (France)
• Sleepace Reston (China)
• Fitbit (U.S.)
• Jawbone (U.S.)
• Nokia (Finland)

INDUSTRIAL DEVELOPMENT

September 2023: Oura announced the launch of its new Oura Ring 3 smart sleep tracker. The Oura Ring 3 features a new sleep-tracking algorithm that provides more detailed insights into sleep quality, including sleep stages, heart rate variability, and body temperature.

Report Coverage

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including the market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.