The Latest Sleep Tech Industry Statistics Explained
The global sleep tech market size was valued at USD 7.9 billion in 2020.
The statistic indicates that the global sleep tech market, which encompasses a wide range of technology-based products and services aimed at improving sleep quality and tracking sleep patterns, was estimated to be worth USD 7.9 billion in 2020. This suggests a growing interest and investment in sleep-related technology solutions, as individuals increasingly prioritize their sleep health and well-being. The market size figure serves as a key indicator of the significant demand and opportunities in the sleep tech industry, with companies innovating and developing new products to cater to the needs of consumers looking to enhance their sleep experience.
The global sleep tech industry is projected to expand at a compound annual growth rate (CAGR) of 16.6% from 2021 to 2028.
The statistic that the global sleep tech industry is projected to grow at a compound annual growth rate (CAGR) of 16.6% from 2021 to 2028 indicates a strong and steady increase in market size and adoption of sleep-related technology over the specified timeframe. This rapid expansion suggests a growing recognition of the importance of sleep health and the potential benefits of utilizing technology to monitor and improve sleep patterns. The CAGR provides a standardized measure of growth rate that smooths out fluctuations in year-to-year growth, making it a useful metric for understanding the industry’s overall trajectory and potential opportunities for businesses and investors in the sleep tech sector.
Wearable devices constitute about 3/4th market share of the sleep technology market.
The statistic that wearable devices constitute about 3/4th market share of the sleep technology market signifies that wearable devices, such as smartwatches and fitness trackers equipped with sleep tracking features, make up a significant portion of the overall market for technology aimed at monitoring and improving sleep quality. This high market share indicates a growing trend and preference among consumers for wearable devices that offer convenient and accessible solutions for tracking their sleep patterns and promoting better sleep habits. The dominance of wearable devices in the sleep technology market suggests that they are widely accepted and favored by consumers seeking to monitor and enhance their sleep health.
In 2017, the sleep apnea segment dominated the sleep tech market with a 39.1% share.
The statistic indicates that in 2017, the sleep apnea segment accounted for the largest portion of the sleep tech market, capturing a dominant share of 39.1%. This suggests that a significant proportion of the market’s technological solutions and devices were geared towards addressing sleep apnea, a common sleep disorder characterized by pauses in breathing or shallow breathing during sleep. The dominance of the sleep apnea segment in the market reflects the growing prevalence and awareness of sleep apnea as a health concern that requires innovative technological interventions to improve diagnosis, monitoring, and treatment, highlighting the importance of addressing this specific condition within the broader landscape of sleep-related technologies.
The United States alone contributed over 38% of the global sleep tech market revenue in 2017.
The statistic suggests that in 2017, the United States was a dominant player in the global sleep tech market, accounting for over 38% of the total revenue generated worldwide. This indicates that the United States had a significantly large market share compared to other countries. The high revenue contribution from the United States implies a strong demand for sleep-related technology products and services in the country, potentially driven by factors like increasing awareness of sleep health, technological advancements, and consumer preferences. This statistic highlights the United States’ leading position in the global sleep tech market and underscores the importance of the country in shaping trends and developments within this industry.
Approximately 70 million Americans suffer from sleep disorders, propelling the need for sleep tech.
The statistic states that around 70 million Americans are affected by sleep disorders, highlighting a significant portion of the population with challenges related to sleep. This prevalence underscores the growing demand for innovative solutions in the realm of sleep technology to help individuals improve their sleep quality and overall well-being. The statistic suggests a substantial market for sleep tech products and services, indicating a potential opportunity for businesses and researchers to develop and offer solutions that address the needs of those struggling with sleep disorders. Additionally, the figure emphasizes the importance of raising awareness about the impact of sleep disorders on individuals’ health and the potential benefits of incorporating technology to aid in better sleep management.
The North America market for sleep tech was valued at USD 1.98 billion in 2016.
The statistic indicates that the market for sleep technology products and services in North America was estimated to be worth USD 1.98 billion in 2016. This value represents the total monetary value of products such as sleep trackers, smart mattresses, and other technology-driven solutions aimed at improving sleep quality, diagnosing sleep disorders, or enhancing overall well-being related to sleep. The figure suggests a significant market demand for sleep-related technology in North America during that year, reflecting a growing trend towards the use of innovative solutions to address sleep issues and promote better quality of sleep among individuals in the region.
Asia-Pacific is projected to grow at the fastest CAGR of 8.7% in the sleep tech industry.
The statistic “Asia-Pacific is projected to grow at the fastest Compounded Annual Growth Rate (CAGR) of 8.7% in the sleep tech industry” indicates that the market for sleep technology products and services in the Asia-Pacific region is expected to experience significant growth over a period of time. The CAGR of 8.7% specifies the average annual rate of growth that can be anticipated over a specified timeframe, highlighting the rapid expansion of the sleep tech industry in the Asia-Pacific region compared to other geographical areas. This projection suggests a burgeoning demand for innovations and advancements in the field of sleep technology within the Asia-Pacific market, potentially driven by increasing awareness of the importance of sleep health and technological advancements in this sector.
The global sleep tech market will hit $126.24 billion by 2027.
The statistic “The global sleep tech market will hit $126.24 billion by 2027” projects the anticipated market value for technology aimed at improving sleep quality and addressing sleep-related issues on a global scale by the year 2027. This figure represents the estimated total revenue generated by businesses involved in the production and distribution of sleep technology products and services. The growth forecast suggests an increasing demand for innovations in the sleep tech industry, likely driven by factors such as rising awareness of the importance of quality sleep for overall health and well-being, advancements in technology enabling more sophisticated solutions, and a growing market of consumers seeking ways to enhance their sleep experiences.
Over 62% of American adults have a problem sleeping at least once a week.
This statistic suggests that a significant majority of American adults experience difficulties with sleeping on a regular basis, with over 62% reporting a problem at least once a week. Sleep problems can encompass a variety of issues, including trouble falling asleep, staying asleep, or experiencing restful sleep. Such challenges can have various negative impacts on individuals’ overall health and well-being, affecting their physical, mental, and emotional functioning. Therefore, the high prevalence of sleep problems among American adults highlights the importance of addressing and prioritizing quality sleep to promote better health outcomes and overall quality of life.
In 2021, investors have poured $1.4 billion into sleep tech.
The statistic “In 2021, investors have poured $1.4 billion into sleep tech” indicates a significant increase in financial investment in technology designed to improve the quality of sleep. This influx of funding suggests a growing interest and recognition of the importance of sleep health and the potential for innovative technologies to address sleep-related issues. The substantial amount of capital being injected into the sleep tech industry also signals confidence in the market potential and future growth prospects of sleep-related technologies, potentially leading to advancements in the development of products and services aimed at enhancing sleep quality and overall well-being.
Around 22% of global adults are using a health technological device or app to improve their sleep.
The statistic indicates that approximately 22% of adults worldwide utilize health technological devices or apps to enhance their sleep quality. This suggests a sizable portion of the global adult population is actively engaging in technology-driven solutions to address their sleep-related challenges. The widespread adoption of these tools underscores a growing trend towards self-monitoring and self-improvement in the realm of health and wellness. The use of technology for sleep improvement highlights the importance individuals place on optimizing their sleep patterns and overall well-being, reflecting a shift towards proactive healthcare management in the digital age.
The sleep tech industry is projected to reach $27 billion by 2025.
The statistic ‘The sleep tech industry is projected to reach $27 billion by 2025’ indicates a robust growth forecast for the sleep technology sector. This projection suggests that the industry, encompassing a range of technologies and innovations aimed at improving sleep quality and addressing sleep-related disorders, is expected to experience significant expansion in revenue by the year 2025. Factors contributing to this growth may include increasing awareness and concern about the importance of sleep health, advancements in technology enabling the development of innovative sleep-related products and services, and rising demand from consumers seeking solutions to improve their sleep quality and overall well-being. It highlights the potential opportunities and market size for businesses operating in the sleep tech space, as well as the growing recognition of the significance of sleep in maintaining health and productivity.
Mobile and desktop applications hold around 20% market share in the sleep technology market.
The statistic states that mobile and desktop applications collectively account for approximately 20% of the market share within the sleep technology industry. This suggests that these types of applications play a significant role in the market, although they do not dominate it entirely. The data implies that a majority of the market share is held by other types of products and services within the sleep technology sector. This statistic highlights the importance of mobile and desktop applications in providing solutions and innovations related to sleep technology, indicating a notable presence and impact within the industry landscape.
Narcolepsy disorder segment is anticipated to expand at a lucrative CAGR of 18.1% during the forecast period (2020-2027).
This statistic indicates that the market segment related to narcolepsy disorder is expected to experience significant growth over the forecast period from 2020 to 2027. The Compound Annual Growth Rate (CAGR) of 18.1% suggests a strong and steady increase in market size and demand for products or services related to treating narcolepsy. The term “lucrative” implies that this growth is not only substantial but also profitable, presenting opportunities for companies operating in this segment to capitalize on the expanding market. Overall, this statistic suggests a positive outlook for the narcolepsy disorder segment, making it an attractive area for investment and development within the healthcare industry.
Yoga and meditation application will witness a significant CAGR of 20.1% during the forecast period (from 2020 to 2027) in the sleep tech industry.
This statistic indicates that the yoga and meditation application segment within the sleep tech industry is projected to experience a Compound Annual Growth Rate (CAGR) of 20.1% from the year 2020 to 2027. A CAGR of 20.1% implies that the revenue or user base of yoga and meditation applications is expected to more than double every four years during the forecast period. This growth rate suggests a rapidly expanding market for digital solutions focused on improving sleep quality through practices such as yoga and meditation. As such, this statistic highlights a significant opportunity for growth and investment within the sleep tech industry, particularly in the area of application development tailored towards promoting better sleep habits and overall well-being.
The growth of the sleep tech industry is heavily driven by health and fitness-related mobile app downloads, which is estimated to reach 656 million downloads by 2027.
The statistic that the growth of the sleep tech industry is heavily driven by health and fitness-related mobile app downloads, with an estimated 656 million downloads by 2027, indicates a significant trend within the tech industry. This suggests that consumer interest in improving their health and fitness through technology, particularly in the realm of sleep tracking and management, is on the rise. The increasing adoption of mobile applications for monitoring and improving sleep quality points to a growing awareness and prioritization of overall well-being among individuals. This statistic forecasts a promising future for the sleep tech industry, highlighting the potential for continued innovation and advancements in health tech solutions aimed at enhancing sleep patterns and overall health outcomes.
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