Global Sleep Tech Devices Market
Electrical And Electronics

2024-2033 Global Sleep Tech Devices Market Outlook: Projected Size and Growth Rate

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Sleep Tech Devices Market Growth Forecast 2024-2033: What’s the Expected Rate?

The market size for sleep tech devices has seen a substantial increase in its size in the past few years. It’s expected to rise from a value of $19.14 billion in 2023 to $22.35 billion in 2024, implying a compound annual growth rate (CAGR) of 16.8%. Numerous factors have contributed to this expansion in the historic period, such as the scarcity of labor in the agricultural sector, the urge to amplify crop yields, emphasis on precision agriculture, targets for sustainability, and the pursuit of cost reduction and efficiency enhancement.

The market size for sleep tech devices is projected to experience a swift expansion in the forthcoming years. The market is anticipated to ascend to $42.8 billion in 2028 with a compound annual growth rate (CAGR) of 17.6%. Autonomous harvesting vehicles, predictive analytics for crop ripeness, remote monitoring and control, energy-efficient harvesting solutions, and market expansion into various crops and regions are contributing to the projected increase during this period. Key trends during the forecast period encompass the adoption of automation and robotics, application of Artificial Intelligence (AI) and Machine Learning (ML), techniques of precision agriculture, Internet of Things (IoT)-enabled harvesting equipment, selective harvesting for enhancing quality, and data-driven decision-making.

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What Factors Are Impacting the Growth of the sleep tech devices Market?

The surge in sleep disorders will fuel the growth of the sleep tech devices market. These devices help in monitoring and enhancing sleep quality by delivering insights and data about sleeping habits, offering personalized suggestions, and assisting individuals in adopting good sleep practices. They can also contribute to diagnosing and tracking sleep disorders and give custom feedback and advice for sleep quality improvement. It’s becoming increasingly popular for individuals with sleep disorders to employ sleep tech devices to enhance their sleep’s quality. For example, in June 2021, as per the American Psychological Association (APA), a professional business, sleep issues escalated from 36% before the outbreak to over 50%. Hence, the rising prevalence of sleep disorders will propel the sleep tech devices market.

What Are the Fundamental Segments in the Sleep Tech Devices Market?

1) By Product Type: Wearable, Monitoring Devices, Smart Gadgets, Digital Tools, Other Types

2) By Age: Below 45 Years, 45–64 Years, Above 65 Years

3) By Distribution Channel: Sleep Centers And Fitness Centers, Hypermarkets And Supermarkets, E-Commerce, Pharmacy And Retail Stores, Other Channels

4) By Application: Insomnia, Obstructive Sleep Apnea, Narcolepsy, Other Applications

What Trends Are Shaping the New Direction of the Sleep Tech Devices Market?

There is a noticeable trend of technological innovation in the sleep tech devices market. Big players in the market are constantly evolving their technologies to maintain their market standing. An illustrative example is Somne, a digital health company from the U.S. In August 2021, they introduced a unique class II medical device- a neck collar. This innovative device uses variable negative pressure technology along with a small device placed below the chin to monitor breathing patterns and adjust airflow as needed. The prototype of the collar uses a mild suction to ensure the patient’s airway stays unobstructed during sleep, facilitating normal breathing and undisturbed sleep.

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Which Regions Are Making a Mark in the Sleep Tech Devices Market Growth?

North America was the largest region in the sleep tech devices market in 2023. Asia-Pacific is expected to be the fastest growing region in the global sleep tech devices market during the forecasted period. The regions covered in the sleep tech devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Sleep Tech Devices Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the sleep tech devices market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Sleep Tech Devices Market Include

1. Sleep Tech Devices Market Executive Summary

2. Sleep Tech Devices Market Segments

3. Sleep Tech Devices Market Size And Template Market Growth Rate

4. Key Sleep Tech Devices Market Trends

5. Major Sleep Tech Devices Market Drivers

……

25. Key Mergers And Acquisitions In The Sleep Tech Devices Market

26. Top Sleep Tech Devices Companies

27. Sleep Tech Devices Market Opportunities And Strategies

28. Sleep Tech Devices Market, Conclusions And Recommendations

29. Appendix

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