PUBLISHER: Grand View Research | PRODUCT CODE: 1529618
PUBLISHER: Grand View Research | PRODUCT CODE: 1529618
The global wearable sleep trackers market size is anticipated to reach USD 27.76 billion by 2030 and is projected to grow at a CAGR of 10.8% from 2024 to 2030, according to a new study by Grand View Research, Inc. The increasing prevalence of sleep disorders such as insomnia, narcolepsy, and sleep apnea globally has led to a growing range of wearable sleep trackers. These trackers are anticipated to offer improved and healthier sleep to individuals affected by these conditions. As per Sleep Care online study 2023, between 50 million and 70 million individuals experience persistent sleep problems, with the most prevalent disorders being sleep apnea, insomnia and narcolepsy. The effect of these sleep disorders is not only subjective but also economic. Sleep disorders are projected to cost the healthcare sector USD 94.9 billion per year.
The growing technological advancements and innovations across the globe boost market growth. For instance, a ccording to the Business Standards article published in May 2024, in the Galaxy Watch series, Samsung is developing AI-powered health tracking features for its upcoming smartwatches.The company is planning to improve its sleep tracking capability with AI. The AI would analyze heart rate, movement, sleep latency and respiratory rate during sleep.
The growing advancements in technology have made wearable devices more sophisticated and accurate in monitoring sleep metrics. Moreover, the convenience and accessibility offered by wearable devices contribute to their popularity. Users can easily wear these devices throughout the night without the need for cumbersome wires or visits to sleep testing facilities, allowing for continuous monitoring in the comfort of their own homes.