An Incisive, In-depth Analysis on the Wearable Sleep Trackers Market
This study offers a comprehensive, 360 degree analysis on the Wearable Sleep Trackers market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Wearable Sleep Trackers market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
Sleep disorders are when a group of conditions, be it any health problem or excess of stress starts affecting the ability to have a healthy sleep on a regular basis. Sleep disorders such as insomnia, sleep apnea, parasomnia, restless leg syndrome, circadian rhythm sleep disorders and narcolepsy are highly prevalent globally. Whether they are caused by excess stress or any health problem, sleep disorders are becoming increasingly common. Sleep trackers are devices that track sleeping habits and help in determining important decisions for healthy sleep cycle and lifestyle. Sleep Trackers are wearable as well as non-wearable sleep trackers. Wearable sleep trackers are devices that are connected to the body. A sensor is attached to the body in a form of wearable sleep tracker device that tracks the sleep cycle and patterns. Sleep tracking involves recording REM and NREM sleep and analysis of dark and light sleep patterns. Wearable sleep trackers record the hours of sleep, analyse the data and recommend of what the body requires for an efficient sleep at night. Wearable sleep trackers can also serve as an activity and fitness monitor with GPS. With sleep analysis, wearable sleep trackers also provide fitness uptakes such as calories consumed, distance walked, heart and breathing rate, etc.
The wearable sleep tracker devices include wearable ring devices, wearable wristband and hand band devices, wearable headband devices and sleep mask tracker devices. Wearable sleep tracker ring devices are small devices worn in the fingers that have sensors, which are connected with a software and combine data for sleep tracking. The ring measures physiological signals of the body, stores understanding of the lifestyle and guides to make optimal health choices based on sleep tracking. Wearable wrist and hand band devices use actigraphy for tracking sleep. Sensors are attached to the wrist or a hand band that tracks and monitors the movement while sleeping. Wrist and hand band sleep tracker devices are the most common type of wearable sleep tracker devices. There are various other home sleep screeing devices also. Wearable head band devices analyse the brain activity, commonly known as electroencephalography. The sensors are present in the head band, which has electrodes to monitor the brain activity. This wearable sleep tracker device is entirely dependent on brain monitoring activity for tracking sleep. Sleep mask tracker devices include masks and smart components or trackers. The mask is glued to the face and smart components are attached to it. This smart component has sensors that further pick up the physiological measurements. These sleep mask tracker devices use accelerometry and electroencephalography.
In terms of revenue, the global wearable sleep tracker market is projected to expand at a CAGR of 7.6% during the forecast period and is expected to be valued at US$ 3,072.0 Mn by the end of 2028. The Asia-Pacific market for wearable sleep tracker is expected to witness significant growth over the forecast period.
The global wearable sleep tracker market is segmented into eight major regions, namely North America, Western Europe, Eastern Europe, Latin America, Asia Pacific (Asia-Pacific excluding China & Japan), Japan, China and Middle East & Africa (MEA). In terms of value. Asia Pacific, China and Latin America are expected to be the fast-growing regional markets in terms of revenue in the global wearable sleep tracker market, registering healthy CAGRs over the forecast period.
In North America, the U.S. is expected to be the dominant market for wearable sleep tracker due to growing incidence of insomnia, sleep apnea and other sleep-related disorders. According to the National Institutes of Health, the U.S. had a high incidence and prevalence of insomnia because of the growing obese population and unhealthy lifestyle. Easy availability of wearable sleep tracker devices and good wellness penetration in the region are the major factors expected to drive the growth of the market for wearable sleep tracker in the U.S. over the forecast period. Increasing healthcare expenditure and growing awareness regarding the benefits of wearable sleep trackers are also expected to drive the growth of the wearable sleep trackers market over the forecast period.
The second dominant market for wearable sleep tracker is Western Europe due to the increase in healthcare spending and prevalence of sleep disorders and other-related ailments. Wearable sleep trackers are available in different styles and types, which make the options wide for people to choose from. The wide price range allows them to opt for the wearable sleep tracker according to their affordability. Easy availability of different types of wearable sleep trackers in the region is expected to drive the growth of the wearable sleep trackers market in the region over the forecast period.
The China market for wearable sleep tracker is also expected to grow over the forecast period owing it to rise in geriatric and obese population. With growing population and unhealthy lifestyle, the market for wearable sleep tracker is expected to grow tremendously. With the changing world, there has been a shift from non-wearable sleep tracker devices to wearable sleep tracker devices. Wearable sleep tracker devices have been preferred over contact-free sleep monitoring system owing it to the consistency in data collection and improved efficiency of analysing the sleep cycles, patterns and other related data.
Future Market Insights offers a 10-year forecast on the global wearable sleep tracker market. The primary objective of the report is to offer updates and information related to opportunities in the wearable sleep tracker market.
In terms of revenue, the global wearable sleep tracker market is expected to register a CAGR of 7.6% during the forecast period, 2018–2028. The primary objective of the report is to offer insights on the market dynamics that can influence the growth of the global wearable sleep tracker market over the forecast period. Insights on the key trends, drivers, restraints, value forecasts and opportunities for companies operating in the global wearable sleep tracker market are presented in the report.
The global market for wearable sleep tracker is expected to witness high growth rate in terms of value in high economic countries due to increase in incidence of sleep disorders and other related ailments and improved healthcare expenditure. Increase in healthcare expenditure and rising obese and geriatric population is also expected to drive the growth of the market for wearable sleep tracker. Low- and middle-income regions such as APECJ and Latin America have a lower rate of diagnosis of sleep disorders, mainly insomnia and sleep apnoea.
The report includes wearable sleep tracker product types such as wearable sleep tracker ring devices, wearable sleep tracker wristband and hand band devices, wearable sleep tracker headband devices and wearable sleep mask tracker devices. By application, the wearable sleep tracker market has been divided into insomnia, sleep apnoea and others. The others segment includes wearable sleep trackers used for wellness tracking and other sleep-related ailments.
However, the report does not include revenue generated by the wearable sleep tracker applications and smart watches with sleep tracking feature through applications. Activity/ fitness trackers that do not track sleep are also not considered. Currency fluctuations and inflation are not considered while calculating the revenue of the wearable sleep tracker market.
Revenue from the wearable sleep tracker market in North America is expected to expand at a relatively higher CAGR due to growing awareness regarding sleep disorders. High incidence rates also contribute to the growth of the market for wearable sleep tracker in the region. To understand and assess the opportunities in this market, the report offers the market forecast on the basis of segment type classified into the product type, application, distribution channel and regions. The report provides analysis of the global wearable sleep tracker market in terms of market value (US$ Mn).
The global wearable sleep tracker market is segmented on the basis of product type into:
- Wearable Sleep Tracker Ring Devices
- Wearable Sleep Tracker Wristband and Hand band Devices
- Wearable Sleep Tracker Headband Devices
- Wearable Sleep Mask Tracker Devices
The report begins with the market definition of wearable sleep tracker, followed by definitions of different types of wearable sleep trackers and applications for which these wearable sleep trackers are used. The market dynamics section includes FMI’s analysis on key trends, drivers, restraints, opportunities and macro-economic factors influencing the growth of the global wearable sleep tracker market.
On the basis of the application, the global wearable sleep tracker market is segmented into:
- Sleep Apnoea
On the basis of the distribution channel, the global wearable sleep tracker market is segmented into:
- Pharmacy and Retail Stores
- Online Sales
- Hypermarkets and Supermarkets
Next, the report analyses the market on the basis of regions and presents forecast in terms of value for the next 10 years. On the basis of region, the global wearable sleep tracker market is segmented into:
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific excluding China and Japan
- Australia & New Zealand
- Rest of Asia- Pacific excluding China and Japan
- Middle East & Africa (MEA)
- South Africa
- GCC Countries
- Rest of Middle East and Africa
In addition, we have considered Year-on-Year (Y-o-Y) growth to understand the predictability of the market and identify the growth opportunities for companies operating in the global wearable sleep tracker market.
Another key feature of this report is the analysis of key segments in terms of absolute dollar opportunity. This is usually overlooked while forecasting the market. However, absolute dollar opportunity is critical for assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective for services offered by the wearable sleep tracker market. To understand the key segments in terms of their growth and performance in the global wearable sleep tracker market, Future Market Insights has developed a market attractiveness index. The resulting index will help identify the existing market opportunities in the wearable sleep tracker market.
In the final section of the report, the ‘competitive landscape’ has been included to provide a dashboard view of the key companies operating in the global wearable sleep tracker market. This section is primarily designed to provide clients with an objective and detailed comparative assessment of the key providers specific to a market segment in the wearable sleep tracker market. However, this section also includes market strategies and SWOT analysis of the key players operating in the global wearable sleep tracker market.
Detailed profiles of wearable sleep tracker drug manufacturers are also included in the scope of the report to evaluate their long- and short-term strategies. Examples of some of the key players operating in the wearable sleep tracker market are Fitbit, Inc., Garmin Ltd., Koninklijke Philips N.V., Huami Corporation, Fossil Group, Inc., and Huawei Technologies Co., Ltd., among others.