The global sleep tracking devices market size was estimated to be USD 2.02 billion in 2023 and is expected to reach at USD 11.21 billion by 2034 with a CAGR of 16.85% during the forecast period 2024-2034. Rise in the prevalence of sleep disorders, heightened awareness among the population regarding sleep health, an increase in the disposable income of the global population, the availability of technologically advanced products, a surge in mergers & acquisitions among market players, an escalating emphasis on the quality of sleep, and increase in the introduction of innovative sleep tracking devices are the factors contributing significantly to the growth of the market.
Increase in the introduction of innovative sleep tracking devices is predicted to boost the market growth during the forecast period. Sleep tracking devices are monitoring tools designed to observe an individual's sleep patterns by tracking the duration, quality, and phases of sleep. Typically, these devices track breathing patterns, heart rate, and movement. For instance, in September 2022, Amazon has introduced Halo View, a contactless sleep-tracking device designed for bedside use. The device's algorithm has undergone validation and training using polysomnography, a comprehensive test for analyzing sleep.
By component, hardware was the highest revenue-grossing segment in the global sleep tracking devices market in 2023 owing to the widespread adoption of wristbands across various brands, a growing patient population with sleep disorders, and increase in new product introductions by key market players. For instance, in August 2022, Samsung Galaxy unveiled the Watch 5 and Watch 5 Pro, both equipped with advanced sleep tracking capabilities. Additionally, software & solutions is predicted to boost the market growth during the forecast period owing to the continuous progress in technological advancements, a growing incidence of sleep disorders, and the increasing number of approvals granted by regulatory bodies.
By operating system, Android was the highest revenue-grossing segment in the global sleep tracking devices market in 2023 owing to the increase in the number of Android users, and a growing trend of introducing advanced devices. For instance, in May 2022, StimScience has launched a new sleep tracking product called Somnee. This electronic headband utilizes non-invasive, personalized brain stimulation to assist individuals in falling asleep. Additionally, iOS is predicted to grow at the fastest CAGR during the forecast period owing to the increase in the number of people using iOS, and a rising adoption of innovative devices.
By end-user, online Sales was the highest revenue-grossing segment in the global sleep tracking devices market in 2023 owing to many medical device companies are increasingly emphasizing online sales for promotion, as sales transactions become more convenient on digital platforms due to the rising consumer preference for online shopping. The growing introduction of advanced products aligns with this trend. For instance, in April 2022, BUZUD, Fosun Trade Medical Device, a Singaporean company, has revealed its latest smartwatches, the DM01 and DM02. These smartwatches utilize SpO2 technology for measuring blood oxygen levels and monitoring sleep quality. Additionally, pharmacy & retail stores is predicted to grow at the fastest CAGR during the forecast period owing to the ease of access, a growing number of advanced devices being introduced, and an increasing awareness about the availability of sleep tracking devices.
North America region is anticipated for the highest revenue share during the forecast period owing to the presence of key market players, rising research & development of new drugs, growing product launches. For instance, in August 2022, Interaxon, a wearable technology startup based in Toronto, has closed a USD12.1 million Series C funding to enable the introduction of a membership model for its Muse brain sensing headband. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the presence of a larger patient pool, increasing geriatric population, growing patient population suffers from insomnia, and surge in launch of advanced products. For instance, in July 2022, Boult Audio has marked its entry into the wearable segment by the launch of two smartwatches called Boult Drift and Boult Cosmic Smartwatch in India. These devices also include sleep trackers that offer in-depth analysis of sleep patterns.
Increase in the introduction of innovative sleep tracking devices is predicted to boost the market growth during the forecast period. Sleep tracking devices are monitoring tools designed to observe an individual's sleep patterns by tracking the duration, quality, and phases of sleep. Typically, these devices track breathing patterns, heart rate, and movement. For instance, in September 2022, Amazon has introduced Halo View, a contactless sleep-tracking device designed for bedside use. The device's algorithm has undergone validation and training using polysomnography, a comprehensive test for analyzing sleep.
By component, hardware was the highest revenue-grossing segment in the global sleep tracking devices market in 2023 owing to the widespread adoption of wristbands across various brands, a growing patient population with sleep disorders, and increase in new product introductions by key market players. For instance, in August 2022, Samsung Galaxy unveiled the Watch 5 and Watch 5 Pro, both equipped with advanced sleep tracking capabilities. Additionally, software & solutions is predicted to boost the market growth during the forecast period owing to the continuous progress in technological advancements, a growing incidence of sleep disorders, and the increasing number of approvals granted by regulatory bodies.
By operating system, Android was the highest revenue-grossing segment in the global sleep tracking devices market in 2023 owing to the increase in the number of Android users, and a growing trend of introducing advanced devices. For instance, in May 2022, StimScience has launched a new sleep tracking product called Somnee. This electronic headband utilizes non-invasive, personalized brain stimulation to assist individuals in falling asleep. Additionally, iOS is predicted to grow at the fastest CAGR during the forecast period owing to the increase in the number of people using iOS, and a rising adoption of innovative devices.
By end-user, online Sales was the highest revenue-grossing segment in the global sleep tracking devices market in 2023 owing to many medical device companies are increasingly emphasizing online sales for promotion, as sales transactions become more convenient on digital platforms due to the rising consumer preference for online shopping. The growing introduction of advanced products aligns with this trend. For instance, in April 2022, BUZUD, Fosun Trade Medical Device, a Singaporean company, has revealed its latest smartwatches, the DM01 and DM02. These smartwatches utilize SpO2 technology for measuring blood oxygen levels and monitoring sleep quality. Additionally, pharmacy & retail stores is predicted to grow at the fastest CAGR during the forecast period owing to the ease of access, a growing number of advanced devices being introduced, and an increasing awareness about the availability of sleep tracking devices.
North America region is anticipated for the highest revenue share during the forecast period owing to the presence of key market players, rising research & development of new drugs, growing product launches. For instance, in August 2022, Interaxon, a wearable technology startup based in Toronto, has closed a USD12.1 million Series C funding to enable the introduction of a membership model for its Muse brain sensing headband. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the presence of a larger patient pool, increasing geriatric population, growing patient population suffers from insomnia, and surge in launch of advanced products. For instance, in July 2022, Boult Audio has marked its entry into the wearable segment by the launch of two smartwatches called Boult Drift and Boult Cosmic Smartwatch in India. These devices also include sleep trackers that offer in-depth analysis of sleep patterns.
Segmentation: Sleep Tracking Devices Market Report 2023 - 2034
Sleep Tracking Devices Market Analysis & Forecast by Component 2023 - 2034 (Revenue USD Bn)
- Software & Solutions
- Hardware
- Non-wearables
- Bed Sensors
- Bedside Tracking Devices
- Wearable
- Rings
- Earbuds
- Watches
Sleep Tracking Devices Market Analysis & Forecast by Operating System 2023 - 2034 (Revenue USD Bn)
- IOS
- Android
Sleep Tracking Devices Market Analysis & Forecast by End-user 2023 - 2034 (Revenue USD Bn)
- Online Sales
- Pharmacy & Retail Stores
- Hypermarkets & Supermarkets
- Others
Sleep Tracking Devices Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Sleep Tracking Devices Market: Component Estimates & Trend Analysis
8. Sleep Tracking Devices Market: Operating System Estimates & Trend Analysis
9. Sleep Tracking Devices Market: End-user Estimates & Trend Analysis
10. Regional Market Analysis
11. North America Sleep Tracking Devices Market
12. Europe Global Sleep Tracking Devices Market
13. Asia Pacific Global Sleep Tracking Devices Market
14. Latin America Global Sleep Tracking Devices Market
15. MEA Global Sleep Tracking Devices Market
16. Competitor Analysis
17. Company Profiles
Companies Mentioned
- Philips Healthcare
- Apple Inc.
- Fitbit Inc.
- Misfit
- Emfit Ltd.
- Samsung
- ResMed
- Sleepace
- Polar
- Beddit
- Garmin Ltd.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | March 2024 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value ( USD | $ 2.02 Billion |
| Forecasted Market Value ( USD | $ 11.21 Billion |
| Compound Annual Growth Rate | 16.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
