Consumer & Luxury Goods Market Research News

Global smart sleep tracking device market to register a CAGR of 18.5% through 2024

Consumer Market Research

The global smart sleep tracking device market is expected to grow at a robust growth over the forecast period i.e. 2017-2024.

Smart sleep tracking device is referred to a device which tracks the sleep of a person. The sleep tracker device takes the sleep data and gives a detailed analysis of the person’s sleep.

It also tracks the heart rate, breathing and snoring, time asleep, bedroom humidity and temperature. Smart sleep device is integrated with various features such as it wakes the person up by the alarm when the sleep is light sleep and the device also automatically senses when you go to bed and try to sleep.

Market Size and Forecast

Smart sleep tracking device market is driven by various factors such as growing awareness of sleep as a health concern and rising personal disposable income.

Further, the market of wearable devices by product type is expected to register a highest market share in overall smart sleep tracking device market by the end 2024. The growth of wearable smart sleep device market is attributed to the rising adoption of technologically advanced devices on the back of escalating sleep disorders.

  

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North America region is expected to dominate the market during the forecast period aided by the U.S. Further, wide use of these compact devices in the treatment of sleep apnea and rapid urbanization are believed to flourish the growth of smart sleep tracking device market in the region.

Moreover, presence of major key players in North America region is also predicted to bolster the growth of smart sleep tracking device market over the forecast period.

Europe region holds the second largest market of smart sleep tracking device in terms of revenue in 2016. Further, the major countries witnessing the augmented demand for smart sleep tracking devices are France, U.K.

and others countries. Additionally, increased connectivity and a greater demand for healthcare devices are envisioned to foster the growth of smart sleep tracking device market in the Europe region. Asia-Pacific region is also projected to show a tremendous growth over the forecast period i.e.

2017-2024. The growth in this region is credited to the rise of middle class and rising purchasing power of the population. Furthermore, Japan and China are the leading countries for smart sleep trackers in this region.

    

Market Segmentation

Our in-depth analysis segmented the global smart sleep tracking device market in the following segments:

By Product Type

Wearable devices

Non-Wearable devices

By Technology

Sensors

Electroactive polymers

Others

By Distribution Channel

Online store

Offline store

Growth Drivers and Challenges

Factors such as increased awareness among people to get their sleep patterns checked and rising sleep disorders such as sleep apnea, insomnia and others are anticipated to be the dynamic factors behind the rapid growth of smart sleep tracking device market across the globe. Further, technological advancements have made these devices compact, comfortable, and easy to use.  This factor is expected to propel the growth of smart sleep tracking device market.

Moreover, smart sleep tracking device market is driven by various factors such as rising adoption of personalized healthcare devices, explosion of interest in gadgets and  rising disposable income of the population. In addition to this, increasing concerns over sleep-related issues such as accidents caused by sleep derivative, obesity and others are also envisioned to fuel the demand for smart sleep tracking devices.

However, high cost of smart sleep tracking devices is expected to hinder the growth of smart sleep tracking devices market. Further, less adoption of smart gadgets by developing and underdeveloped nations is also believed to dampen the growth of smart sleep tracking devices market.

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This report also provides the existing competitive scenario of some of the key players of the global smart sleep tracking device market which includes company profiling of  Apple Inc., Samsung Group, Philips Healthcare, Nokia Corporation, Fitbit, Inc., Emfit Ltd., Garmin Ltd., ResMed and Sleepace. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.

On the whole, the report depicts detailed overview of the global smart sleep tracking device market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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