Market Size – The smart sleep monitor market size has grown rapidly in recent years. It will grow from $22.25 billion in 2023 to $25.41 billion in 2024 at a compound annual growth rate (CAGR) of 14.2%. The growth in the historic period can be attributed to wearable technology popularity, the convenience of home monitoring, patient monitoring applications, customized sleep solutions, and the affordability of sleep apps.
The smart sleep monitor market size is expected to see rapid growth in the next few years. It will grow to $43.42 billion in 2028 at a compound annual growth rate (CAGR) of 14.3%. The growth in the forecast period can be attributed to a focus on mental health, regulatory support for sleep health initiatives, consumer demand for data-driven insights, a growing range of non-wearables, and increasing demand for smart sleep monitors. Major trends in the forecast period include integration with fitness devices, growing partnerships in the industry, increased investment in sleep research, advanced sensing technologies, and data analytics and AI.
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Scope Of Smart Sleep Monitor MarketThe Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Smart Sleep Monitor Market Overview
Market Drivers –The rising incidence of sleep-related ailments is anticipated to drive the growth of the smart sleep monitor market in the future. Sleep-related ailments disrupt the ability to achieve quality sleep, impacting its quantity, quality, or timing, and may result in excessive daytime sleepiness. The increasing prevalence of sleep-related ailments is mainly driven by socioeconomic stress, lifestyle shifts, and an aging population. Smart sleep monitors are designed to track various metrics, such as heart rate, fluctuations in heart rate, breathing patterns, snoring, body temperature, and periods of wakefulness, in order to analyze sleep patterns and detect potential health issues. For instance, in May 2023, according to SleepFoundation.org, a US-based non-profit organization dedicated to sleep health, it was reported that between 50 million and 70 million individuals experienced persistent sleep disorders, with a notable increase linked to post-traumatic stress disorder (PTSD). Additionally, 70% of adults are affected by seasonal affective disorder (SAD). Therefore, the rising incidence of sleep-related ailments is driving the growth of the smart sleep monitor market.
Market Trends – Major companies operating in the smart sleep monitor market are focusing on developing advanced solutions, such as artificial intelligence-based integrated smart sleep monitor devices, to enhance accuracy, provide personalized insights, and improve the overall user experience. Artificial intelligence-based integrated smart sleep monitor devices refer to advanced sleep tracking systems that utilize AI algorithms to analyze sleep patterns, predict sleep quality, and offer personalized recommendations for improving sleep. For instance, in July 2024, Samsung Electronics Co. Ltd., a South Korea-based electronic appliances company, launched the Galaxy Ring, which features extensive health tracking capabilities, including metrics for sleep such as movement, sleep latency, heart rate, and respiratory rate. It also tracks menstrual cycles through overnight skin temperature monitoring. Additionally, the ring offers continuous heart rate monitoring, alerting users to any unusual fluctuations, automatically detecting and tracking different exercises, and sending inactivity alerts to promote movement.
The smart sleep monitor market covered in this report is segmented –
1) By Type: Wearable Devices, Non-Wearable Devices
2) By Technology: Sensing Technology, Computing Technology, Display Technology
3) By Application: Online Sales, Offline Sales
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Regional Insights – North America was the largest region in the smart sleep monitor market in 2023. The regions covered in the smart sleep monitor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies – Major companies in the market are Apple Inc., Samsung Electronics Co. Ltd, Xiaomi Corporation, Nokia Inc., Koninklijke Philips NV, Garmin Ltd, ResMed Inc., Sleep Number Corporation, Fitbit LLC, Misfit Inc., Withings Corporation, Owlet Inc., Empatica Inc., Sibel Health Inc., Sleepiz AG, Eight Sleep, Early Sense Inc., Beddit Inc., Emfit Inc., Knownwell Corporation, Ultrahuman Inc., Onera Health Inc., Xsensio Inc.
Table of Contents 1. Executive Summary2. Smart Sleep Monitor Market Report Structure3. Smart Sleep Monitor Market Trends And Strategies4. Smart Sleep Monitor Market – Macro Economic Scenario5. Smart Sleep Monitor Market Size And Growth…..27. Smart Sleep Monitor Market Competitor Landscape And Company Profiles28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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