Sleep Monitoring Devices Market Size, Share, Opportunities, And Trends By Product Type (Wearable (Watched And Wrist Bands, Rings, Earbuds, Others), Non-Wearable (Bed Sensors, Bed Side Devices)), By Distribution Channel (Online, Offline), And By Geography - Forecasts From 2023 To 2028

The sleep monitoring devices market is expected to grow rapidly during the forecast period.

Sleep Monitoring Devices Market Overview:

Sleep tracking devices can be used to monitor a person's sleep patterns. The gadgets often track movement, heart rate, and breathing patterns. The adoption of sleep tracking devices, which help to enhance the conditions, is predicted to be driven by the rising prevalence of sleep disorders. According to a recent Direct Line Life Insurance survey, the UK has a severe sleep deficit. Medical experts consider the average amount of sleep that over 7.5 million people (14%) get each night, less than five hours, to be dangerously low and a hazard to both their physical and mental health. More than a third (34%) of Britain’s people think that their physical or mental health issues may be related to sleep deprivation (Source: directlinegroup.co.uk). Additionally, as these tracking devices are used more frequently, sleep issues are improved, and public awareness of the importance of getting enough sleep is rising.

Sleep Monitoring Devices Market Drivers:

• Increasing awareness about sleeping disorders

Worldwide, people have a lot of anxiety about sleep-related disorders. Disorders like insomnia, sleep apnea, narcolepsy, REM sleep behavior disorder, and others have been linked to sleep deprivation. People are becoming more interested in learning how to improve their sleep due to the increased worry about sleep deprivation among people. About 50 to 70 million Americans, according to the American Sleep Association, suffer from sleep disorders, and 1 in 3 adults do not routinely get the recommended amount of undisturbed sleep necessary to maintain good health (Source: nhlbi.nih.gov). Due to the increased awareness of sleep-related diseases, there is an increase in the demand for sleep-monitoring products, which is anticipated to fuel market expansion in the years to come.

• An increase in disposable money could help the market for sleep monitoring devices.

The world's population's rising disposable income is expected to be a major market driver. The urban population may now spend more on smart technology, like smart sleep-tracking devices, thanks to rapid urbanization and increased disposable income. Between 2013 and 2021, the household disposable income per capita in Europe increased by a total of 14%, with a 2.6% increase from 2020 to 2021 (source: ec.europa.eu). In the upcoming years, more people are expected to use sleep-tracking gadgets to monitor their sleep due to rising disposable income.

• The segment of wearable technology will hold a larger market share.

The sleep monitoring device market for wearables is the largest in the world. Many opportunities are opening up for producers of smart wearable sleep monitoring devices to expand and broaden their product lines in response to the growing demand for cutting-edge, comfortable wearable sleep monitoring devices. Additionally, people use cutting-edge technology to monitor their fitness level, sleep, and other factors. Such elements are accelerating the market expansion for wearable sleep monitoring devices. For instance, the mWear system, an entirely new wearable patient monitoring solution, was introduced in December 2022 by Mindray, a world leader in offering sophisticated medical device solutions. Utilizing specific health metrics, status indicators, and time analysis to record patients' physical activity and sleep, mWearTM offers a complete set of patient-related data to support caregivers in fully and impartially assessing patients' recovery status.

Sleep Monitoring Devices Market Key Developments:

• September 2022: Amazon released its first sleep-specific product, a brand-new sleep monitor that you don't have to wear while you sleep. Halo Rise monitors your sleep quality and duration using sensors that function like radar and sit by your side of the bed. It monitors your breathing and, as a result, can comprehend your sleep without making eye contact.
• September 2022: Hiber-AI, a first-of-its-kind technology and a non-wearable sleep tracker that gathers, evaluates, and responds to sleep data in real-time were both released by Sleepme Inc. The sleep tracker, put right on top of the mattress, keeps track of important health indicators, including heart and breathing rates, as well as the various sleep stages that are now occurring, including deep and REM sleep. Each morning, the user-friendly sleepme app generates a sleep report that contains this data and sends it to them.
• January 2021: The technology and assets of Spry Health were acquired by Itamar Medical Ltd., a major provider of medical devices and digital health services with a focus on the management of sleep apnea. The San Francisco Bay area company Spry creates a wrist-based remote patient monitoring (RPM) system. This makes it possible for Itamar to use Spry's currently available, FDA-cleared technology to commercialize the first sleep apnea RPM device.

COVID-19 Impact

The Covid-19 epidemic has had a variety of impacts on the market for sleep monitoring. Anxiety-related sleep issues sharply increased after the lockout. The constraints of balancing work and home-schooling, social isolation, job loss, financial difficulties, illness, and fear of contracting the coronavirus all contributed to the trend. The COVID-19 pandemic and governmental responses to it, such as homework and schooling, have increased gender differences in sleep deprivation, placing women and mothers at an even larger disadvantage. While supply chain difficulties marked the early stages of the pandemic in 2020, the market has since successfully dealt with these interruptions. This had a significant favourable impact on sleep-tracking device sales online. This results from the general public's growing preference for and use of online shopping.

Sleep Monitoring Devices Market Scope:

Segmentation:

• By Product Type
  • Wearable
    • Watched And Wrist Bands
    • Rings
    • Earbuds
    • Others
  • Non-Wearable
    • Bed Sensors
    • Bed Side Devices
• By Distribution Channel
  • Online
  • Offline
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Others
  • Middle East and Africa (MEA)
    • Saudi Arabia
    • UAE
    • Isreal
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Indonesia
    • Thailand
    • Taiwan
    • Others