Wearable Sleep Trackers Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Wearable Sleep Trackers market is projected to grow with a CAGR of 7.6% over the forecast period. The major factor attributing to the growth of the market is the rising incidence of sleep disorders like sleep apnea, insomnia, and narcolepsy globally. Therefore, the increasing variety of different type of wearable sleep trackers is expected to provide better and healthy sleep to the people suffering from these disorders. Furthermore, the increasing geriatric population who are more prone to sleep disorders is also boosting the market. Increasing, health awareness, technological advancements, new product launches, and increasing research and development activities across the globe boost the market growth.

Key Market Trends

Wrist Bands Segment Is Expected To Grow At A Faster Rate In The Forecast Period

The fast growth of the segment is attributed to the vast usage of the wrist bands and availability in many brands. The comfort of the wrist bands is one more reason for the increasing growth rate. Apart from the advantages of the wrist bands, the factors boosting the market are the increasing patient pool of sleep disorders. According to the Sleep Apnea Organization, in 2017, more than 22 million Americans suffered from sleep apnea and 80% of moderate to severe sleep apnea cases were undiagnosed; worldwide, over 100 million people suffer from sleep apnea. Thus, the increasing incidence of sleep apnea is one of the factors responsible for the growth of the market.

North America Dominates the Market and Expected to do Same in the Forecast Period

North America is expected to dominate the overall Wearable Sleep Trackers market, throughout the forecast period. The largest share is mainly due to presence of larger patient pool and increasing geriatric population. In North America region, the United States holds the largest market share due to the factors such as increasing number of geriatric populations, along with a growing number of patient pool in the country. According to the American Sleep Association, as of 2018, it was estimated that about 50-70 million adult population in the United States was found to have a sleep disorder, 48% were reported to be snoring, 37.9% were reported to be falling asleep during the day, unintentionally, and 4.7% were reported to be nodding off while driving. Insomnia is the most common specific sleep disorder, with short-term issues reported by about 30% of adults and chronic insomnia by 10%. Approximately 25 million adults in the United States have obstructive sleep apnea. As per the statistics the large patient pool and high disposable income propels the market growth in the region.

Competitive Landscape

The Wearable Sleep Trackers market is moderately competitive. A few of the crucial approaches followed by players functioning in the market are, product advancement, invention, acquisitions and mergers. Some of the companies which are currently domianting the market are Koninklijke Philips N.V, Huami Corporation, Fitbit, Inc., Huawei Device Co., Ltd. , Sleepace.

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