The global sleep tech devices market is expected to grow at a CGAR of 17.9% during 2021-2027. Sleep tech devices are designed to monitor and manage problems such as insomnia, sleep apnea, narcolepsy, etc. Headgear/belts, smartwatches, rings, earplugs, and sleeping mats are just a few of the innovative devices available. Companies are developing compact, more productive wearable sleep devices as well as advanced non-wearable sleep tech devices, and the market for sleep tech gadgets is significantly rising. In the foreseeable future, the industry's increased investment in R&D and technological advancement will contribute to growth potential. Nevertheless, the increasing volume of patients suffering from sleep disorders, changing lifestyle, consumption of junk food, lack of exercise, and rising adoption rate of sleep tech devices among females, will augment the growth of the sleep tech devices market.

In June 2021, Eight Sleep has launched SleepOS, the world's first data-driven digital eco-system focused on sleep optimization, which includes two new features: Smart Temp Autopilot and Sleep and Health Insights. SleepOS serves as the brains of Eight Sleep, combining many data points to develop a unique AI model for each user based on personal sleep patterns, prior temperature preferences, environmental variables, and customer feedback. SleepOS changes the Pod's sleeping environment in real-time until it achieves ideal sleep. The launch of SleepOS is another step forward in the company's mission to transform a regular bed into a cutting-edge health platform.

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COVID-19 has been found to have a negligible impact on the industry. In reality, businesses are working to develop new ways like telemedicine and teleconsultation to contribute to ongoing efforts to combat the disease.

The wearables devices dominate the market and are anticipated to have a high CAGR during 2021-2027 owing to the rising stress levels and other lifestyle issues that have reduced their sleep. Due to the development of revolutionary technologies in such devices, wearable wristwatches have seen a surge in popularity. Furthermore, these gadgets are less expensive than non-wearables, which will boost demand over the projection period.

Asia-Pacific is anticipated to be the fastest-growing region in the sleep tech devices market owing to development in wearables technology and rising geriatric population, particularly in India and China, rising cases of anxiety disorder, chronic insomnia, and other sleep disorders will proliferate the growth in the region.

Some of the major players in the global sleep tech devices market include Eight Sleep, Casper, Compumedics Limited, Sleep Shepherd LLC, Xiaomi, Sleepace, Oura Health Oy, Koninklijke Philips N.V., Fitbit, Inc., Withings, and ResMed.

Source: VynZ Research