Global Wearable Sleep Trackers Market, by Product Type (Wearable Ring Devices, Wearable Wrist Devices & Hand Bands, Wearable Headband Devices, and Sleep Mask Tracker Devices), by Application (Insomnia, Sleep Apnea, and Others), by Distribution Channel (Pharmacy & Retail Stores, Sleep Centres & Fitness Centres, Online Sales, Hypermarkets & Supermarkets, and Others) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global wearable sleep trackers market in 2020 is estimated for more than US$ 1.6 Bn and expected to reach a value of US$ 2.9 Bn by 2028 with a significant CAGR of 7.4%.
As per the report, growing cases of patients suffering from sleep disorders and other related ailments, upsurge demand for personalized healthcare devices and the growing interest of people in gadgets are the major factors boosting the growth of global wearable sleep trackers market.
The increasing disposable income of the people coupled with the improvement recorded in healthcare expenses is also impacting the market growth in a positive direction. Growing, increasing count of suffering, and the easy availability of wearable sleep tracker devices also boost the growth of this market.
The growth of this market is also influenced in emerging nations, owing to the good wellness penetration in these regions, increasing awareness about the advantages of wearable sleep trackers, and lightweight and comfortable wearable sleep tracker.
Another factor that the results can be viewed on a smartphone is another add-on boosting the market growth. However, the expensive costs linked with sleep trackers coupled with the slower adoption of a smart sleep tracking device by consumers are considered to the major restraining factor affecting the market growth during the forecast years.
Furthermore, Meridian Market Consultants (MMC) Study identifies, that the upsurge count of geriatric and obese population across the globe, rising cases of the sleep disorder such as sleep apnoea, insomnia, and narcolepsy, and the adoption of business strategies adopted by the key players are the prime reasons boosting the market growth. For instance, Fitbit introduced Versa Lite Edition, a smart watch that is capable of tracking sleep stages and other health parameters. The company is also focusing on expanding its product offerings in the sleep tracker market.
Moreover, a study conducted by the American Sleep Apnea Association stated that more than 22 million Americans are reported to suffer from a lack of restorative sleep. Heavy snoring, excessive daytime sleepiness or fatigue, difficulty with concentration or memory, and waking during the night feeling short of breath are some of the common symptoms of sleep apnea.
MMC Study identifies some of the key participating players in wearable sleep trackers market globally are Apple, Inc., Consumer Sleep Solutions LLC, Emfit Ltd., Fitbit, Inc., Fossil Group, Inc., Garmin Ltd., Huami Corporation, Huawei Technologies Co., Ltd., Koninklijke Philips N.V., Simmons Bedding Company LLC, and Sleep Number Corporation
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