Wearable Sleep Trackers Market Sets Sights on a US$ 3.1 Billion Horizon by 2028

Wearable Sleep Trackers Market

By the end of 2028, wearable sleep trackers market size are expected to reach US$ 3.1 billion, rising at a compound yearly growth rate of 7.8%. The Asia-Pacific wearable sleep tracker market is expected to grow at a compound annual growth rate (CAGR) of more than 11% during the forecast period.

Market segmentation for wearable sleep trackers is done on the basis of product type, application, distribution channel, and geographic location. The global wearable sleep tracker market is divided into four product categories: sleep mask trackers, wearable sleep tracker devices, wearable wristband and hand band devices, and wearable sleep tracker rings. This division is based on product type. It is anticipated that the wearable ring gadgets will dominate the worldwide wearable sleep tracker market.

The global wearable sleep tracker market is divided into categories such as insomnia, sleep apnea, and others based on the kind of application. In the global wearable sleep tracker market, the others category (which includes wellness applications) is anticipated to hold a large revenue share and expand at a compound annual growth rate (CAGR) of 7.1% during the projected period. The global wearable sleep tracker market is divided into several segments based on the distribution channel, including supermarkets, hypermarkets, internet sales, pharmacies, and retail stores. Online sales are anticipated to be the fastest-growing category in the global wearable sleep tracker market, with a compound annual growth rate (CAGR) of 7.9% during the forecast period.

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The growth of the global wearable sleep tracker market is primarily driven by increasing incidence of sleep disorders such as insomnia and sleep apnoea globally, availability of different types of wearable sleep trackers and growing awareness regarding sleep-related ailments and importance of a healthy sleep. Likewise, the number of new cases of sleep disorders have increased globally owing to the rise in obese and geriatric population and increase in unhealthy habits leading to unhealthy lifestyle. Different types of wearable sleep tracker devices are present in the market with different price ranges and fitness requirements. Besides, awareness regarding healthy sleep is also growing due to several educational programs and availability of information on the internet on conditions such as insomnia and sleep apnoea. Several sleep foundations such as the National Sleep Foundation are consistently spreading awareness regarding sleep disorder symptoms, diagnosis and treatments available.

There is a consistent growth in the healthcare expenditure in developed regions such as North America, Western Europe and Japan owing to increased incidence and prevalence of health-related problems and sleep disorders. Besides, growth in disposable income has contributed to an increase in wellness penetration, which has led to the growth of the market for wearable sleep tracker. Improved wearable sleep tracker technologies and better aesthetics are also expected to drive the growth of the wearable sleep trackers market over the forecast period.

Key Takeways:

1. Growing Health Awareness: Consumers were becoming increasingly health-conscious, leading to a surge in demand for wearable devices that could track and analyze sleep patterns. People are recognizing the importance of good quality sleep for overall health and well-being.
2. Technological Advancements: Sleep tracking devices were becoming more sophisticated, offering a wide range of features such as heart rate monitoring, body temperature tracking, and even sleep stage analysis. This provided users with more comprehensive insights into their sleep patterns.
3. Integration with Smartphones: Many wearable sleep trackers were designed to sync with smartphones, allowing users to access detailed sleep data and trends through dedicated apps. This integration provided a more user-friendly experience and encouraged consistent use.
4. Competitive Market: The market was becoming increasingly competitive, with both established tech companies and startups entering the space. This competition was driving innovation and pushing companies to offer more advanced features at competitive prices.
5. Health and Wellness Partnerships: Some companies were forming partnerships with healthcare providers or wellness programs to offer sleep tracking as part of a broader health management strategy. This integration into healthcare systems was helping drive adoption.
6. Privacy Concerns: As with any health-related data, privacy concerns were growing. Users were becoming more cautious about sharing their sleep data and were looking for assurances that their data would be securely handled.

This report assesses the trends that are driving the growth of each segment of the wearable sleep tracker market on the global as well as regional level, and offers potential takeaways that could prove substantially useful to the manufacturers planning to enter the wearable sleep tracker market.

North America accounted a high revenue share in 2017 and is expected to be the dominant regional market for wearable sleep tracker over the forecast period. The U.S. wearable sleep tracker market is expected to hold a large share in North America and is expected to grow at a CAGR of 5.1% over the forecast period. China and Asia Pacific excluding China & Japan wearable sleep tracker markets are anticipate to exhibits with double digit CAGRs over the forecast period.

Examples of some of the key players covered in the report of the wearable sleep tracker market are Fitbit, Inc., Garmin Ltd., Koninklijke Philips N.V., Huami Corporation, Fossil Group, Inc., and Huawei Technologies Co., Ltd., among others. The companies are focusing on developing novel wearable technologies. However, the higher cost associated with certain wearable sleep trackers and lack of standardization of these devices might hinder the growth of the wearable sleep trackers market over the forecast period.

In this report, we have discussed the individual strategies followed by these companies regarding the improvements in their products, creating new manufacturing facilities, market consolidation and advanced R&D initiatives. The report has been concluded with the key takeaways of the players present in the market and the new players planning to enter the market.

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Key Companies:

• Fitbit Inc.
• Garmin Ltd.
• Huami Corporation
• Fossil Group Inc
• Koninklijke Philips N.V
• Others

Key Segments:

By Product:

• Wearable Ring Devices
• Wearable Wrist and Hand band Devices
• Wearable Headband Devices
• Sleep Mask Tracker Devices

By Application:

• Insomnia
• Sleep Apnea
• Others

By End User:

• Pharmacy and Retail Stores
• Online Sales
• Hypermarkets and Supermarkets
• Others

By Region:

• North America
• Western Europe
• China
• Japan
• Asia-Pacific Exc.C&J
• Latin America
• Eastern Europe
• Middle East and Africa

Author By:

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

About Future Market Insights (FMI)

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