Market Trends of Global Wearable Sleep Trackers Industry
This section covers the major market trends shaping the Wearable Sleep Trackers Market according to our research experts:
Wrist Bands Segment is Expected to Grow at a Faster Rate OverThe Forecast Period
The fast growth of the segment is attributed to the vast usage of wristbands and their availability in many brands. The comfort of the wristbands 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 sleepassociation.org, in June 2020, Obstructive sleep apnea (OSA) is a well-known disorder that affects up to 20% of the world's population annually. Usually misdiagnosed and untreated, it is a dangerous and perhaps fatal sleep disorder. Moreover, according to the study titled "Performance of Four Commercial Wearable Sleep-Tracking Devices Tested Under Unrestricted Conditions at Home in Healthy Young Adults" published in the Dovepress in November 2021, study comprised the Polar Vantage V Titan, Fitbit Inspire HR, Oura ring, and Fatigue Science Readiband. Every technology detected sleep more effectively than wake, and most devices exceeded actigraphy in identifying wake. On nights with more consistent sleep patterns, devices worked best. Thus, the effectiveness of the wristband in tracking sleep is expected to expand the segment growth.
Additionally, product launches by the key market players is anticipated to boost the market growth. For instance, in August 2022, the Samsung Galaxy introduced the Watch 5 and Watch 5 Pro with advance sleep tracking features. Additionally, in April 2022, the Singaporean company BUZUD, Fosun Trade Medical Device, has unveiled its next-generation smartwatches, the DM01 and DM02, which use SpO2 technology to measure blood oxygen levels and track sleep quality. Thus, all aforementioned factors expected to boost the segment growth over the forecast period.
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 the presence of a larger patient pool and the increasing geriatric population. In the North American region, the United States holds the largest market share due to the factors such as the increasing number of geriatric populations, along with a growing patient pool in the country. According to the American Academy of Sleep Medicine 2020, up to 20% of people in the United States experience adjustment insomnia each year, which is often brought on by stress. Poor sleep patterns in kids increase their risk of behavioral insomnia, which 30% of kids experience. About 3% of the population suffers from insomnia, which is brought on by prescription medications, substance addiction, underlying medical illnesses, and mental health issues. Anemia, obesity, drug withdrawal, depression, and depression are a few of the specific conditions that might induce insomnia.
Moreover, the presence of key market players and the research and development of new drugs and product launches are expected to boost the growth of the market studied. For instance, in October 2021, Oregon created a headband that may improve both sleep and the cleaning that comes with it. Researchers plan to test the device on 90 people in a new USD 4.3 million projects funded by the United States Department of Defense. Additionally, 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. Thus, all aforementioned factors are expected to boost the segment growth over the forecast period.
