Global smart sleep tracking device market is projected to expand at USD 4,297.1 Million by the end of 2024
The global sleep tracking device market is segmented into product type such as wearable devices and non-wearable devices. Among these segments, wearable devices segment is expected to occupy the top position in the market.
Moreover, non-wearable device segment is believed to capture the highest CAGR over the forecast period i.e.2017-2024. The rise of the wearable devices segment is backed by its compact and lightweight design.
Moreover, growing popularity of wearable devices among the population is also fostering the growth of wearable devices segment.
Global smart sleep tracking device market is expected to register a CAGR of 18.5% over the forecast period.
Apart from this, the market of smart sleep tracking device is expanding on the back of rising personal disposable income coupled with growing adoption of smart gadgets.
The sensors segment is estimated to register a CAGR of 19.2% during the forecast period. Moreover, the sensors segment is expected to account for the largest share of revenue across the globe.
Factors such as rising purchasing power and rapid urbanization are expected to propel the growth of this segment. Further, populations across the globe are adopting advanced technology to track their sleep, fitness level and others.
Further, high adoption rate of smart devices for tracking is believed to intensify the growth of smart sleep tracking device market.
Increasing Healthcare Awareness
Rising awareness among people to get their sleep patterns checked is one of the key growth drivers for global smart sleep tracking device market. Further, increasing concerns over sleep related problems such as obesity, restless legs syndrome and others is propelling the growth of the global smart sleep tracking device market.
Furthermore, growing aging population across the globe coupled with rising demand for sleep tracking device due to numerous sleep disorders is envisioned to bolster the growth of smart sleep tracking device market by the end of 2024.
Technological Advancement in Sleep Tracking Device
Rising integration of technology into healthcare devices for better tracking such as smart sleep tracking device is predicted to fuel the growth of smart sleep tracking device market. Apart from this, increasing research and development activities related to tracking devices by major key players such as Philips healthcare is bolstering the growth of smart sleep tracking device market.
On the contrary, high cost associated with smart sleep tracking device and less disposable income in rural regions is expected to limit the growth of smart sleep tracking device market by 2024. Further, rising concern regarding the risks associated with data privacy and security among the consumers related with smart sleep tracking device is envisioned to restrain the growth of smart sleep tracking device market.
The report titled “Smart Sleep Tracking Device Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global smart sleep tracking device market in terms of market segmentation by product type, by technology, by distribution channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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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