Wearable Sleep Tracker Market Surpasses US$ 3.1 Bn As Prevalence Of Sleep Disorders Grows: FMI

A comprehensive research on wearable sleep tracker market by FMI provides insights into key micro and macro-economic factor affecting the growth trajectory in the market. It also examines growth prospects for the market across various segments on the basis of product, application, and end user between 2022 and 2028.

FMI in its latest study states, the global wearable sleep tracker market is totaled US$ 1.8 Bn in 2021. Driven by the increasing popularity of Internet of Things (IoT) and connected devices among tech-savvy population, the market is estimated to exceed US$ 3.1 Bn by the end of 2028.

Rising prevalence of sleep disorders such as insomnia, sleep apnea, circadian rhythm sleep disorders, narcolepsy, restless leg syndrome, and others worldwide has elevated the demand for devices to track human behavior in sleep. According to the Sleep Foundation, nearly 30% to 48% of adults in the U.S. were suffering from insomnia in 2021.

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As wearable sleep tracking devices keep a note of sleep cycle, timing, and patterns on a regular basis, they are increasingly being used by patients to take control of their sleep and share data for proper diagnosis. Hence, growing burden of sleep-ailments is expected to accelerate the sales at 7.8% CAGR over the forecast period (2022-2028).

In addition to this, increasing number of campaigns to spread awareness regarding sleep disorders, diagnosis, and treatments by sleep foundations, such as the National Sleep Foundation in the U.S., is estimated to facilitate the growth in the market. On account of this, the wearable sleep tracker market is projected to grow 1.7x through 2028.

As per FMI, Asia Pacific is anticipated to hold a significant share in the global market, expanding at 11% CAGR between 2022 and 2028. Increasing penetration of advanced wearable technologies and growing education programs regarding importance of sleep are the attributes favoring the sales in the region.

“Increasing emphasis on the development of technologically advanced hybrid sleep trackers with innovative features such as fitness, blood oxygen, and activity monitor is expected to augment the growth in the market,” says a FMI analyst.

Key Takeaways from Wearable Sleep Tracker Market Study

• The U.S. is anticipated to dominate the market in North America, accounting for more than 88.1% of the revenue share in 2022.
• Germany is projected to remain as a highly remunerative market in Europe, contributing around 31.1% of the sales through 2022.
• India is expected to account for a significant share in Asia Pacific excluding China and Japan market, growing at 9.9% CAGR over the assessment period.
• China is forecast to emerge a highly lucrative wearable sleep tracker market, accounting for over 14% of the total value share by 2022.
• On the basis of product, the wearable ring device segment is estimated to register impressive growth, expanding at nearly 9.5% CAGR between 2022 and 2028.

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Key Drivers

• Growing inclination towards online shopping and increasing availability of novel sleep tracking devices on e-commerce platforms is favoring the growth across the online sales segment.
• Surging demand for small-size devices to track data of sleep and assist in making optimal health choices based on sleep tracking is spurring the sales of wearable ring devices.

Key Restraints

• Sleep anxiety and related ailments caused by wearing sleep tracking devices for long durations are hampering the growth of the market.
• Increasing shift of consumers from wearable sleep trackers to high-end functional smartwatches with innovative features is hindering the sales in the market.

Competitive Landscape

Top five wearable sleep tracker manufacturers in the global market include Fitbit Inc., Garmin Ltd., Huami Corporation, Fossil Group Inc., and Koninklijke Philips N.V Company. As per Future Market Insights, these players are estimated to collectively hold around 31.5% value share in 2022.

Leading companies are actively seeking to strengthen their product portfolio and market position by adopting strategies such as new product launch and mergers & acquisitions with emerging as well as established players. Some of the recent instances include,

• In June 2021, Royal Philips announced entering into a partnership with the United Arab Emirates’ (UAE's) leading telecommunication company to help the country fast-track its transformation of data-driven healthcare for online sales of devices.
• In March 2021, Fitbit, an American consumer electronics and fitness company, announced launching its new product, Fitbit Ace 3™, a next generation sleep and activity tracker that makes it fun and easy for kids aged more than 6 years to get active and build healthy habits. This will assist the company to strength its product portfolio and market footprint.

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Some of the key players operating in the market profiled by FMI are:

• Fitbit Inc.
• Garmin Ltd.
• Huami Corporation
• Fossil Group Inc.
• Koninklijke Philips N.V
• Others

More Valuable Insights on Wearable Sleep Tracker Market

The latest study published by FMI offers a detailed analysis of the global wearable sleep tracker market, uncovering vital dynamics accelerating the market growth between 2022 and 2028. The survey also forecast sales projections for wearable sleep tracker market with detailed segmentation:

By Product

• Wearable Ring Devices
• Wearable Wrist and Hand band Devices
• Wearable Headband Devices
• Sleep Mask Tracker Devices

By Application

• Insomnia
• Sleep Apnea
• Others

By End User

• Pharmacy and Retail Stores
• Online Sales
• Hypermarkets and Supermarkets
• Others

By Region

• North America
• Western Europe
• China
• Japan
• Asia-Pacific Excluding China &Japan
• Latin America
• Eastern Europe
• Middle East and Africa

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Key Questions Covered in the Report

• The report offers insight into wearable sleep tracker market demand outlook for the forecast period 2022-2028
• The market study also highlights projected sales growth for wearable sleep tracker market between 2022 and 2028
• Wearable sleep tracker market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
• Wearable sleep tracker market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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