Sleep Tech Devices Market Value Could Exceed $31 Billion By 2026
Financialnewsmedia.com News Commentary
PALM BEACH, Fla., Feb. 23, 2021 /PRNewswire/ -- Changing lifestyle, consumption of junk food and lack of exercise have disturbed the normal metabolism of an individual's body ultimately increasing the prevalence of sleeping disorders such as obstructive sleep apnea, narcolepsy, insomnia, etc. Thus, there has been an increase in the demand for sleep tech devices that enhances the sleep activity in individuals suffering from sleep-related disorders. Technological advancements in sleep tech devices will prove beneficial for industry growth. Innovations introduced within these sleep devices have enhanced the comfort levels in individuals suffering from chronic disorders. Currently available sleep devices effectively monitor and provide overall analysis that enables people to optimize their sleep patterns. Hence, growing availability of advanced sleep tech wearables and devices for treating sleep diseases will escalate the industry growth. Reports have continually expressed an increase in revenues for the sleep Tech devices markets over the past few years. At the end of 2019, a report from Global Markets Insights said that Sleep Tech Devices Market Value To Reach $27 Billion By 2025 With A CAGR Of 16% "propelled by favorable demographic trends coupled with rising awareness regarding availability of advanced sleep tech devices." An updated report 1 year later, predicted an increase saying that: "the market valuation of sleep tech devices will cross $32 billion by 2026. Rising awareness regarding availability of sleep tech devices in developed and developing countries will elevate the market growth during the forecast period." Active companies in the markets this week include Hapbee Technologies, Inc. (OTCQB: HAPBF) (TSX-V: HAPB), Casper Sleep Inc. (NYSE: CSPR), ResMed Inc. (NYSE: RMD), Sleep Number Corporation (NASDAQ: SNBR), Tempur Sealy International, Inc. (NYSE: TPX).
Some of the major findings in their reports were that Increasing prevalence of sleeping disorders will positively impact the sleep tech devices market growth over the analysis timeframe; Individuals suffering from insomnia and sleep apnea have high inclination towards wearable sleep tracking devices; Changing lifestyle and intake of unhealthy dietary supplements has escalated the anxiety and depression rate amongst youths that elevates the demand for sleep aid and diagnostics devices; and Availability of innovative and technological advanced sleep tech devices will surge its demand especially in developed countries.