Market Size of Global Wearable Sleep Trackers Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 2.22 Billion |
Market Size (2029) | USD 3.26 Billion |
CAGR (2024 - 2029) | 7.92 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Wearable Sleep Trackers Market Analysis
The Global Wearable Sleep Trackers Market size is estimated at USD 2.22 billion in 2024, and is expected to reach USD 3.26 billion by 2029, growing at a CAGR of 7.92% during the forecast period (2024-2029).
Unprecedented changes have occurred in people's lives as a result of the COVID-19 epidemic. For a lot of people, it has resulted in a lot of worry, anxiety, and worries about their health, social isolation, job, finances, and the difficulty of juggling work and family responsibilities. Sleep disruption and market growth are likely consequences of such a momentous life event. According to the study titled "Increased sleep duration and delayed sleep timing during the COVID-19 pandemic" Scientific Reports in July 2022, for 32% of users overall during the pandemic's acute phase, weekday sleep length increased by more than 20 minutes, while 17% of users reported sleeping less than normal. In addition, nearly all nations experienced considerable changes in sleep schedules in the second quarter (April to June) of 2020, just after the World Health Organization declared COVID-19. Thus, all people in every nation around the globe experienced changes in their sleep patterns during COVID-19, which had a substantial impact on the expansion of the market for sleep tracking devices.
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 types of wearable sleep trackers is expected to provide better and healthy sleep to people suffering from these disorders. According to the study titled "Prevalent, incident, and persistent insomnia in a population-based cohort tested before (2018) and during the first wave of COVID-19 pandemic (2020)" published in the Sleep in January 2022, Between 2018 and 2020, the prevalence of insomnia grew by 26.7%, from 25.4% to 32.2% (symptoms), and from 16.8% to 19% (syndrome). Thus, growing prevalence of insomnia across the globe the demand for sleep trackers is expected to increase to monitor the overall sleep performance, thereby boosting the market growth.
Health awareness, technological advancements, new product launches, and increasing research and development activities across the globe boost the market growth. For instance, in August 2021, Muse unveiled Muse S, the updated version of their well-liked EEG meditation and sleep headband. This improved plush brain-sensing headband uses real-time biofeedback to help people learn the art of meditation, fall asleep, stay asleep, and now go back to sleep if they wake up in the middle of the night. Thus, the growing prevalence of sleep disorders and product launches by the key market players support the market growth. However, the high cost of devices and increasing demand for nonwearable device trackers restrain the market growth.
Wearable Sleep Trackers Industry Segmentation
As per the scope of the report sleep tracking device takes the data regarding one's sleep and gives a complete analysis of it. It takes note of the time of sleep to the person's heart rate, breathing, snoring as well as the temperature; humidity of the person's surrounding environment or the room. The Wearable Sleep Trackers market is segmented by Product Type (Wrist Bands, Head Bands, Others), Application (Insomnia, Sleep Apnea, Others), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above segments.
By Product Type | |
Wrist Bands | |
Head Bands | |
Others |
By Application | |
Insomnia | |
Sleep Apnea | |
Others |
Geography | ||||||||
| ||||||||
| ||||||||
| ||||||||
| ||||||||
|
Global Wearable Sleep Trackers Market Size Summary
The wearable sleep trackers market is experiencing significant growth, driven by the increasing prevalence of sleep disorders such as insomnia and sleep apnea, as well as the impact of lifestyle changes brought about by the COVID-19 pandemic. The pandemic has led to altered sleep patterns globally, which has heightened awareness and demand for sleep tracking devices. These devices are becoming essential tools for monitoring and improving sleep quality, particularly for individuals suffering from sleep-related issues. The market is characterized by rapid technological advancements and the introduction of innovative products, such as the Muse S and Samsung Galaxy Watch 5, which incorporate advanced sleep tracking features. These developments are supported by ongoing research and development efforts aimed at enhancing the functionality and accuracy of sleep tracking technologies.
North America is poised to dominate the wearable sleep trackers market, largely due to its substantial patient pool and aging population. The United States, in particular, holds a significant market share, influenced by the high incidence of sleep disorders and the presence of key market players. The competitive landscape is marked by strategic initiatives such as product innovation, mergers, and acquisitions, with companies like Koninklijke Philips N.V, Huami Corporation, and Fitbit, Inc. leading the charge. Despite the high cost of devices and the rising interest in non-wearable alternatives, the market continues to expand, driven by the effectiveness of wearable trackers and the growing awareness of sleep health.
Global Wearable Sleep Trackers Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Market Overview
-
1.2 Market Drivers
-
1.2.1 Increasing Incidence of Sleep Disorders
-
1.2.2 Increasing Geriatric Population
-
-
1.3 Market Restraints
-
1.3.1 High Cost of The Trackers
-
1.3.2 Increasing Demand For Non Wearable Trackers
-
-
1.4 Porter's Five Force Analysis
-
1.4.1 Threat of New Entrants
-
1.4.2 Bargaining Power of Buyers/Consumers
-
1.4.3 Bargaining Power of Suppliers
-
1.4.4 Threat of Substitute Products
-
1.4.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION (Market Size by Value - USD million)
-
2.1 By Product Type
-
2.1.1 Wrist Bands
-
2.1.2 Head Bands
-
2.1.3 Others
-
-
2.2 By Application
-
2.2.1 Insomnia
-
2.2.2 Sleep Apnea
-
2.2.3 Others
-
-
2.3 Geography
-
2.3.1 North America
-
2.3.1.1 United States
-
2.3.1.2 Canada
-
2.3.1.3 Mexico
-
-
2.3.2 Europe
-
2.3.2.1 Germany
-
2.3.2.2 United Kingdom
-
2.3.2.3 France
-
2.3.2.4 Italy
-
2.3.2.5 Spain
-
2.3.2.6 Rest of Europe
-
-
2.3.3 Asia-Pacific
-
2.3.3.1 China
-
2.3.3.2 Japan
-
2.3.3.3 India
-
2.3.3.4 Australia
-
2.3.3.5 South Korea
-
2.3.3.6 Rest of Asia-Pacific
-
-
2.3.4 Middle-East and Africa
-
2.3.4.1 GCC
-
2.3.4.2 South Africa
-
2.3.4.3 Rest of Middle-East and Africa
-
-
2.3.5 South America
-
2.3.5.1 Brazil
-
2.3.5.2 Argentina
-
2.3.5.3 Rest of South America
-
-
-
Global Wearable Sleep Trackers Market Size FAQs
How big is the Global Wearable Sleep Trackers Market?
The Global Wearable Sleep Trackers Market size is expected to reach USD 2.22 billion in 2024 and grow at a CAGR of 7.92% to reach USD 3.26 billion by 2029.
What is the current Global Wearable Sleep Trackers Market size?
In 2024, the Global Wearable Sleep Trackers Market size is expected to reach USD 2.22 billion.