Future Market Insights (FMI) delivers key insights on the global wearable sleep tracker market in its upcoming report titled ‘Wearable Sleep Trackers Market: Global Industry Analysis 2013 – 2017 and Opportunity Assessment 2018 – 2028’.
In terms of revenue, the global wearable sleep tracker market is projected to register a compound annual growth rate (CAGR) of 7.6% over the forecast period due to various factors.
The market is segmented based on product type, application, distribution channel and regions. Based on product type, the global wearable sleep tracker market is segmented into wearable ring devices, wristbands and hand bands, as well as sleep tracker headbands and masks. The wearable ring devices sector is expected to be the leading segment in the global wearable sleep tracker market and is projected to grow at a CAGR of 9.5% over the forecast period.
Based on application type, the global wearable sleep tracker market is segmented into conditions such as insomnia and sleep apnoea. Other segments in the market include wellness applications and are expected to account for a high revenue share and grow at a CAGR of 7.1% over the forecast period.
Based on the distribution channel, the global wearable sleep tracker market is segmented into pharmacies and retails stores, online sales, hypermarkets and supermarkets. The online sales sector is expected to be the leading segment and is expected to grow at a CAGR of 7.9% over the forecast period.
The growth of the global wearable sleep tracker market is primarily driven by increasing incidence of sleep disorders such as insomnia and sleep apnoea globally, the availability of different types of wearable sleep trackers, and the growing awareness of both sleep-related ailments and the importance of a healthy sleep.
Likewise, the number of new cases of sleep disorders has increased globally due to a rise in obesity and the geriatric population, as well as an increase in unhealthy habits leading to unhealthy lifestyles.
Different types of wearable sleep tracker devices are present in the market with different price ranges and fitness requirements. The growing awareness of sleep health is growing due to several educational programmes and the availability of information on the internet on conditions such as insomnia and sleep apnoea. Several sleep foundations such as the National Sleep Foundation are consistently spreading awareness regarding sleep disorder symptoms, diagnosis and treatments available.
There is a consistent growth in the healthcare expenditure in developed regions such as North America, Western Europe and Japan due to increased incidence and prevalence of health-related problems and sleep disorders. In addition, growth in disposable income has contributed to an increase in wellness penetration, which has led to the growth of the wearable sleep tracker market.
Improved wearable sleep tracker technologies and better aesthetics are also expected to drive the growth of the market over the forecast period.
This report assesses the trends that are driving the growth of each segment of the wearable sleep tracker market on the global and regional levels, and offers potential takeaways that could prove substantially useful to the manufacturers planning to enter the market.
North America accounted for a high revenue share in 2017 and is expected to be the dominant regional market for wearable sleep trackers over the forecast period. The US’ wearable sleep tracker market is expected to hold a large share in North America and is expected to grow at a CAGR of 5.1% over the forecast period. China and the Asia Pacific excluding China and Japan’s (APECJ) wearable sleep tracker market is anticipated to exhibit double-digit CAGRs over the forecast period.
Examples of some of the key players covered in the report of the wearable sleep tracker market include Fitbit, Garmin, Koninklijke Philips, Huami Corporation, Fossil Group, and Huawei Technologies. The companies are focusing on developing novel wearable technologies, however, the higher cost associated with certain wearable sleep trackers and lack of standardisation of these devices might hinder the growth of the market over the forecast period.
In this report, FMI has discussed the individual strategies followed by these companies regarding the improvements in their products, creating new manufacturing facilities, market consolidation and advanced research and development (R&D) initiatives. The report concludes with key takeaways for players present in the market and new players planning to enter the market.
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