The sleep tech devices market will touch USD 49,984.7 million, propelling at a 14.5% compound annual growth rate, by 2030.
The growth of this industry is primarily attributed to the surging incidence of sleep disorders, growing utilization of oral appliances, and rising consciousness regarding the ill effects of untreated sleep apnea.
In recent years, the wearable category, based on product, accounted for the larger share of the industry. This can be mainly attributed to their portable nature, as well as the enhanced microsensors integrated into the devices that constantly monitor individual physiological activities. Furthermore, wearable devices are more affordable than non-wearable sleep aid devices.
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The sleep apnea category, based on application, is likely to propel at the fastest rate in the years to come. This is primarily because of the rising health and stress problems, for instance, excess weight or obesity.
In the past few years, the female category, based on gender, accounted for the largest sleep tech devices market share. This is mainly because the problems of sleep persist in females because of the major hormonal changes in the life of a woman, for instance, pregnancy, menopause, and menstruation.
The below 45 years category, based on age, will propel at the fastest rate in the years to come. This can be mainly attributed to the fact that individuals in this group of age are techie and utilize technology sooner as compared to individuals belonging to another group of age. Moreover, people in this age group can quickly handle new technology easily.
In the past few years, the indirect category, based on distribution channels, accounted for the dominating share of the industry. Most large e-marketplaces are universal platforms, providing goods all over the globe to numerous customers, various businesses are utilizing e-commerce platforms from third parties, which assist in enhancing their revenue from sales in overseas.
North America accounted for the dominating share in recent years. This is because of the increasing chronic sleep disorder incidence, rising count of overweight individuals, mounting aging populace, and fast-moving lifestyle.
The APAC sleep tech devices industry is likely to advance at the fastest rate in the years to come. This is mainly because of the surging advancement in technologies, the increase in the utilization of sleep technology, and the mounting elderly populace.
Moreover, the requirement for sleep technology products is likely to surge due to the fact that the elderly populace has become more inclined to sleep disorders.
It is because of the surging occurrence of sleep disorders, rise in the utilization of oral appliances, and increasing consciousness regarding the dangerous impact of untreated sleep apnea, the sleep tech devices industry will continue to advance significantly in the years to come.
