In terms of revenue, the Global Wearable Sleep Tracker Market Demand is predicted to grow at a 7.8% CAGR during the forecast period, reaching US$ 3.1 billion by the end of 2028. The Asia-Pacific wearable sleep tracker market is estimated to grow at a nearly 11% CAGR during the forecast period.
Wearable sleep trackers assist people in learning about their sleeping habits. A wrist sensor in a wearable sleep tracker monitors and tracks pulses. The overall time of sleep is measured by the wearable sleep tracker. A smart alarm feature on a wearable sleep tracker monitors light and heavy sleep by tracking an individual’s activity. Before a person falls asleep, the wearable sleep tracker begins the sleep cycle analysis so that the next morning, they may check their smart phone app and view the graphs.
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The graph shows the sleep cycles and quality of sleep during the night. In addition, the device also has a sensor which monitors the blood oxygen level, respiration rate, body temperature, movement levels and heart rate. The sensors in wearable sleep tracker tracks the sleep stages mainly REM (rapid eye movement), light and deep sleep. Basically, deep, light, and REM sleep are experienced as a cycle and every individual go through multiple sleep cycles each night. The wearable sleep trackers are small and more comfortable to wear in bed.
According to the National Institute of Health, 40 million Americans suffer from chronic sleep disorders and another 20 million experience sleeping problems at some point during their lives. Many sleep related problems are temporary. But some sleep related disorders are associated with the long-term and potentially life-threatening medical conditions including worsening diabetes, heart disease, depression, obesity and stroke.
Wearable Sleep Trackers Market: Drivers and Restraints
Increasing prevalence of sleep disorders and healthcare expenditure are the primary factors expected to drive the growth of the global wearable sleep trackers market over the forecast period.
In addition, low cost of wearable sleep trackers, rapid development in telecommunications and mobile technology are some additional factors expected to fuel the growth of the global wearable sleep trackers market. However, low awareness towards device and lack of standardization would remain major restraints for the growth of the global wearable sleep trackers market.
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Wearable Sleep Trackers Market: Overview
The wearable sleep tracker provides data about the sleep stages, number of times an individual wake up in the night, total time asleep in each sleep stage and total duration of sleep. Rising prevalence of sleep disorders would demand the adoption of wearable sleep trackers over the forecast period.
Wearable sleep trackers improve the quality of sleep and life as a whole. Based on different applications, the global wearable sleep trackers market is segmented into obstructive sleep apnea, insomnia, circadian rhythm sleeping disorders, narcolepsy and rapid eye movement sleep disorder.
Obstructive sleep apnea is a very prevalent sleep condition and accounted for major revenue share in the overall sleep disease treatment monitoring segment in 2015. Based on the end user, the market is segmented into hospitals, clinics, home care settings and sleep centers. Wearable sleep trackers are mostly used in home care settings.
Wearable Sleep Trackers Market Competitive Landscape:
Companies operating in the wearable sleep tracker market are actively seeking to strengthen their position through expansion, and merge & acquisition, with established as well as emerging market players. Some of the recent instances include:
- Koninklijke Philips teamed with the UAE’s major telecommunications carrier in June 2021 to help the country accelerate its transition of data-driven healthcare for online device sales.
- Fitbit Ace 3TM, the brand’s next generation activity and sleep tracker that makes it enjoyable and easy for kids ages 6+ to be active and create healthy habits with the whole family, was launched in March 2021.
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Key Players in the Wearable Sleep Trackers Market:
- Fitbit Inc.
- Garmin Ltd.
- Huami Corporation
- Fossil Group Inc
- Koninklijke Philips N.V
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