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Sleep tracking is typically the process of tracking and analyzing a person's sleep for gaining beneficial insights for the improvement of the quality of sleep. Devices used for this purpose are called sleep trackers. Smart sleep tracking devices are involved in providing detailed breakdown of sleep stages in the form of simple graphs. They are capable of tracking the stages of a person's sleep (light sleep, deep sleep, REM sleep), the length/duration of a person's sleep, the quality of a person's sleep and the consistency of a person's sleep.
They also offer other enhanced features, such as, tracking the heart rate, "sleep scores" that rank how well a person slept, "smart alarms" that wake a person up slowly within a set period of time based on the circumstances of the person's sleep and the ability to track the amount of light and/or temperature and humidity in the person's bedroom.
In addition, these devices also have many other features, such as sleep reminders, sleeping coaching and can also be effectively synchronized with a person’s breathing to play relaxing sounds with the help of a Smartphone.
The global smart sleep tracking device market is anticipated to grow a significant CAGR of around 18.2% over the period of next 5 years. The market was held at USD 11.0 Billion in 2019.
The growth of this market is attributed towards major relying factors including; the rising number of sleep related diseases such as sleep apnea, obesity, restless legs syndrome, insomnia etc. across the globe, the growing geriatric population worldwide coupled, the increasing expenditure on healthcare devices globally and the increasing awareness among people regarding the importance of getting their sleep patterns checked and regulated etc.
Additionally, the increasing research and development activities coupled with major technological advancements in tracking devices across the globe to improve their accuracy, compatibility and various other parameters are leading to new and improved product launches which are more compact, comfortable, and user-friendly. This is enhancing the demand for these kinds of products substantially and creating proliferating growth opportunities for the market players in the market, which in turn is expanding the market as a whole.
Moreover, the stressful and hectic lifestyle schedules of the working class population across the globe has led to an increased occurrence of various sleep disorders predominantly in the middle aged and older class of adult population. Smart sleep tracking devices with their technologically advanced functions motivate these individuals to stay updated and healthy which helps them stay aware of their sleep patterns and rectify them effectively and efficiently if required in due course of time, thereby improving the quality of their life considerably. This makes these devices highly desirable among the masses and spurs the overall market growth comprehensively.
Furthermore, other factors such as the rising adoption of personalized healthcare devices, the increasing concerns over sleep-related issues such as accidents caused by sleep derivative and the growing demand from among a sizeable section of the global population already attracted towards owning smart devices further propel the growth of the market.
However, factors such as the high cost of smart sleep tracking devices, the lower adoption of smart sleep tracking device by consumers due to higher cost mainly in the developing and underdeveloped regions, the counterfeiting of these products which does not give the insights needed hinder the growth of this market.
SMART SLEEP TRACKING DEVICE MARKET SEGMENTATION:
By Distribution Channel:
The North American region holds the largest share in the smart sleep tracking device market followed by Europe and is expected to maintain its position at the top in the upcoming years as well. The growth in the region can be attributed to factors such as; the increasing awareness about the harmful effects of sleep deprivation, the increasing availability of innovative smart sleep tracking devices in the region, the proliferating number of technological advancements in the region, the spurring growth in the number of sleep disorders in the region and the presence of major key players in the region etc. Furthermore, the rapid urbanization and the rising disposable incomes of people in the region also contribute significantly in the growth of this market in the region. The U.S and Canada are the major contributors in the region.;
The European regions accounts for the second largest regional market for smart sleep tracking device market and is further projected to witness enormous growth in the next few years on account of factors such as the increasing support from countries, such as the U.K. and France, the increasing connectivity and smartphone penetration in the region and the growing demand for healthcare devices among the population across various economies in the region etc. The major contributors in the region include The U.K, Germany and France.
The Asia-Pacific region is the fastest growing regional market for smart sleeping tracking devices with predictions for massive growth in the foreseeable years as well. The growth in the region can be attributed to factors such as the rising healthcare concerns in the region, the surging prevalence of sleep related disorders in the region and the growing middle class population coupled with the proliferating disposable incomes of people in the region etc. The major contributors in the region include India, Japan and China.
FEW KEY PLAYERS IN SMART SLEEP TRACKING DEVICE MARKET:
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