New York, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Sleep Tech Devices Global Market Report 2023" - https://www.reportlinker.com/p06479855/?utm_source=GNW
, Casper Sleep, Compumedics Limited, ResMed Inc., Withings, Samsung Electronics Co. Ltd., ASUSTek Computer Inc., Motorola Mobility LLC, Apollo Neuroscience Inc. and Nokia Corporation.
The global sleep tech devices market is expected to grow from $16.44 billion in 2022 to $19.14 billion in 2023 at a compound annual growth rate (CAGR) of 16.41%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The sleep tech devices market is expected to reach $36.03 billion in 2027 at a CAGR of 17.13%.
The sleep tech devices market consists of sales of sleep EEG headbands, charging cables, replacement sensors and vibration relaxation devices.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Sleep tech devices are technological tools designed to monitor and improve sleep quality. Sleep tech devices also help to provide individuals with data and insights into their sleep patterns.
North America was the largest region in the sleep tech devices market in 2022.Asia-Pacific is expected to be the fastest growing region in the forecasted period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main products of sleep tech devices are wearable, monitoring devices, smart gadgets, digital tools, and other types.Wearable refer to sleep tech devices worn on the body, such as smart watches or sleep tracker bands.
They are designed to monitor and track sleep patterns. The sleep tech devices is suitable for age below 45 years, 45–64 years, and above 65 years and they are distributed through sleep centers and fitness centers, hypermarkets and supermarkets, e-commerce, pharmacy and retail stores, and other channel to treat insomnia, obstructive sleep apnea, narcolepsy, and other disorders.
The increasing prevalence of sleep disorders will boost the sleep tech devices market.Sleep tech devices monitor and improve sleep quality by providing data and insights into sleep patterns, offering personalized recommendations, and facilitating the adoption of healthy sleep habits.
They can also help diagnose and monitor sleep disorders and provide personalized feedback and suggestions to improve sleep quality.It is becoming increasingly common for people with sleeping disorders to use sleep tech devices to help them improve the quality of their sleep.
For instance, in June 2021, according to the American Psychological Association (APA), a professional organization company, sleep problems rose from 36% before the pandemic to more than 50%. Therefore, the increasing prevalence of sleep disorders will drive the sleep tech devices market forward.
Technological advancements are a popular trend in the sleep tech devices market.Major companies operating in the sleep tech devices market are focused on developing innovative technologies to sustain their position in the market.
For Instance, in August 2021, Somne, a US-based digital health company, launched a novel class II neck collar medical device.This device employs variable negative pressure technology and a tiny device put beneath the chin to detect breathing patterns and modify airflow accordingly.
The collar prototype uses gentle suction to keep the patient’s airway open while sleeping, allowing them to breathe normally and sleep soundly.
In April 2021, ZOLL Medical Corporation, a US-based medical devices and solutions company, acquired Itamar Medical for $538 million.Zoll Medical’s acquisition aims to expand its portfolio of medical devices and solutions for patients with heart and sleep-related conditions.
Itamar Medical is an Israel-based medication devices company that provides sleep tech devices and innovative diagnostic technologies for sleep apnea and other sleep-related disorders.
The countries covered in the sleep tech devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resale along the supply chain, either further along the supply chain or as part of other products.
The sleep tech devices market research report is one of a series of new reports that provides sleep tech devices market statistics, including sleep tech devices industry global market size, regional shares, competitors with an sleep tech devices market share, detailed sleep tech devices market segments, market trends and opportunities, and any further data you may need to thrive in the sleep tech devices industry. This sleep tech devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06479855/?utm_source=GNW
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