According to the report titled ‘Sleep Tech Devices Market Size By Product (Wearables {Smart Watches and Bands}, Non-wearables {Sleep Monitors, Beds}), By Gender (Male {<18, 18-36, 37-55, >55}, Female {<18, 18-36, 37-55, >55}), By Application (Insomnia, Obstructive Sleep Apnea, Narcolepsy), By Distribution Channel (Specialty Clinics, Direct-to-consumer, Hospitals), COVID19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027’, available with Market Study Report, global sleep tech devices market is anticipated to register significant growth rate during 2021-2027.
 

Rise in sleeping disorders among people, surge in cases of insomnia, and technological innovations in non-wearable devices are the factors stimulating the progress of sleep tech devices market. For the unversed, sleep tech devices are equipped with features which can recognize a person’s sleeping patterns and offer different methods to solve sleeping issues.
 

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On the contrary, high cost of these devices, coupled with strict regulations associated with the development of sleep tech devices are impeding the industry expansion.
 

By product, non-wearable segment captured around 24% market share in 2020 and is expected to register notable expansion in the ensuing years. This expansion can be credited to technical advancements in these devices, and increased customer awareness.
 

Based on gender spectrum, the male segment accounted for USD 7.5 billion in 2020 and is likely to grow further during 2021-2027, owing high level of stress and hectic work schedule which lead to sleeping disorders.
 

With respect to application gamut of sleep tech devices market, the insomnia segment is slated to exhibit a CAGR of 17% over the analysis timeline, due to surge in insomnia cases in many developed regions.
 

Moving on to distribution channel, the hospital segment held 14% market share in 2020 and is set to maintain momentum by 2027, because of advanced facilities, increase in number of patients in hospitals, and wide availability of specialists to ensure better care to patients.
 

Speaking of geographical ambit, Latin America market value surpassed USD 1 billion in 2020. The regional market will showcase further growth during the assessment period, attributing to increase in sleeping disorders due to lifestyle and work habits, coupled with rising awareness about medical devices.
 

Key companies influencing the dynamics of worldwide sleep tech devices market are Casper Sleep Inc., Koninklijke Philips N.V., Xiaomi Corporation, ResMed Inc., Sleepace, Oura Health Ltd., Sleep Shepherd LLC, Withings, Emfit Ltd., Dreem, Fitbit Inc., Dodow- Livlab, Beddit- Apple Inc., and Eight Sleep.