Wearable Sleep Trackers Market Size Projected to Reach $4.2 Billion by 2026
Wearable Sleep Trackers Market size is projected to reach $4.2 billion by 2026, growing at a CAGR of 7.6% during the forecast period 2021-2026. Wearable sleep trackers are devices that help in tracking the amount of sleep an individual needs to take in twenty-four hours. These trackers have a sensor close to the body that keeps a note of sleep patterns regularly and record rapid eye movement sleep. Moreover, wearable medical devices such as fitness trackers help in maintaining fitness and activity monitor with the help of Global Positioning System (GPS). This fitness tracker device also offers fitness uptakes like distance walked, breathing, and heart rate. Increase in the prevalence of rapid eye movement sleep disorder, growing demand for smart wearable devices, and rise in the government initiatives are the factors that are set to drive the growth of the Wearable Sleep Trackers Market for the period 2021-2026.
Wearable Sleep Trackers Market Segment Analysis-By Application
The Wearable Sleep Trackers Market based on the Application can be further segmented into the Sleep Apnea, Insomnia, and Others. The Sleep apnea segment held the largest share in 2020 and is also estimated to be the fastest growing segment with a CAGR of 8.2% over the period 2021-2026. This growth is owing to the factors such as rise in the medical coverage for sleep apnea devices and growing demand for wearable medical devices for the treatment of sleep apnea. Sleep apnea during rapid eye movement sleep had severe cardiometabolic consequences, which is driving the growth of the Wearable Sleep Trackers Market. The Insomnia segment held the second largest share in 2020 owing to the growing penetration of new technological devices for the treatment of insomnia and increase in the adoption of smart wearable devices for the treatment of insomnia disorder by the young population in developed nations.
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Wearable Sleep Trackers Market Segment Analysis-By Distribution Channel
The Wearable Sleep Trackers Market based on the Distribution Channel can be further segmented into Supermarkets/Hypermarkets, Pharmacies, Online Channels, and Others. The Online Channels segment held the largest share in 2020 and is also estimated to be the fastest-growing segment with a CAGR of 8.5% over the period 2021-2026. This growth is owing to the factors such as growing demand for digitalized shopping experience among the customers and rise in the demand for door-step delivery. The increase in the demand for fitness tracker devices in online channels among the young population is driving the growth of the Wearable Sleep Trackers Market. The Supermarkets/Hypermarkets segment held the second-largest share in 2020 owing to factors such as the availability of a wide range of smart wearable devices with different brands and price ranges, presence of distinct product shelves coupled with attractive schemes in supermarkets, and increase in the investment by the key players.
Wearable Sleep Trackers Market Segment Analysis-By Geography
North America held the largest share with 33% of the overall market in 2020. The growth in this segment is owing to the factors such as increase in the demand for fitness tracker devices and wearable medical devices, the presence of key players, and increase in the innovative product launches for the treatment of various sleep disorders. The rise in the prevalence of rapid eye movement sleep disorder is driving the growth of the Wearable Sleep Trackers Market. Asia-Pacific is estimated to be the fastest growing segment over the period 2021-2026. The growth in this segment is owing to the factors such as growing demand for smart wearable devices for the treatment of sleep apnea and increase in government initiatives.
Wearable Sleep Trackers Market Drivers
Rise in the Prevalence of Sleep Disorders like Insomnia and Sleep Apnea
The rapid increase in the prevalence of sleep disorders like insomnia and sleep apnea in developing nations owing to frustration and busy lifestyles has created awareness about the importance of healthy sleep. This further propelled the demand for wearable medical devices and smart wearable devices, which is one of the major factors that is driving the growth of the Wearable Sleep Trackers Market.
Increase in the Government Initiatives
The governments and various sleep foundations across the world are focusing on making healthcare facilities more affordable by conducting various educational programs. These initiatives have increased the knowledge among customers about various treatments and advanced technological devices available for sleep disorders, which is propelling the growth of the Wearable Sleep Trackers Market.
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Wearable Sleep Trackers Market Challenges
Lack of Awareness Regarding Sleep Conditions and Devices
The key players in the market are collaborating with other players to carry out various research and development activities for launching advanced products for various sleep disorders. However, the lack of awareness regarding sleeping conditions and wearable medical devices available for tracking these conditions is one of the major factors that is estimated to reduce the growth of the Wearable Sleep Trackers Market.
Wearable Sleep Trackers Market Landscape
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Wearable Sleep Trackers Market. Key companies of this market are Koninklijke Philips N.V., Fitbit, Huami Corporation, Fossil Group Inc, Huawei Technologies Co Ltd, Garmin Ltd, Xiaomi Corporation, Nike Inc, Apple Inc, Sony Corporation among others.
Acquisitions/Product Launches:
In August 2020, Fitbit has launched Inspire 2 with features such as a heart-rate tracker, a sleep tracker, sedentary reminder guided breathing sessions, and more than 20 exercise modes. These products are coupled with the most advanced sensor technology and algorithms to unlock more information about bodies and health.
In January 2020, Huami Corporation has launched Amazfit T-Rex, which is an advanced activity and a sleep tracking sensor. This product features a 1.3-inch AMOLED display and aims to deliver an impressive 20-days battery life.
In September 2019, Koninklijke Philips N.V has launched its expanded wearable sleep trackers in the United States market to ultimately address approximately 80 percent of all sleep issues and to enhance consumer access to sleep information and solutions.
Key Takeaways
Geographically, North America Wearable Sleep Trackers Market accounted for the highest revenue share in 2020 and is poised to dominate over 2021-2026 owing to the growing product launches for the treatment of various sleep disorders.
The growing severity of cardiometabolic consequences owing to the rapid eye movement associated with sleep apnea is driving the sleep apnea segment.
The lack of awareness regarding sleep conditions and devices is one of the major factors that is said to reduce the growth of the Wearable Sleep Trackers Market.
Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Wearable Sleep Trackers Market report.
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