Steady sleep is extremely important to good health and comes with various health benefits such as improved increased productivity, improved concentration, while reducing the risk of cardiovascular diseases. Nowadays, many individuals tend to experience poor quality sleep resulting in several health problems. To improve this, there have been several developments in the industry. Companies are involved in developing cutting edge sleeping aid technologies to enhance the quality of sleep and better manage the sleep disorders.
The global market for sleep aids should grow from $81.2 billion in 2020 to $112.7 billion by 2025 with a compound annual growth rate (CAGR) of 6.8% for the period of 2020-2025.
Increase in the prevalence of sleep disorders will drive the demand for sleep enhancing technology. Technological advancement in wearable and non-wearable sleep tech devices coupled with increased awareness regarding these devices and its benefit are some of the major factors pushing the market growth. The impact of COVID-19 on industry is observed to be minimal. In fact, companies are involved in finding different ways to contribute to on-going efforts to fight against the disease.
Sleep tech devices are products and gadgets designed to monitor and manage person’s sleep. These devices are equipped with advanced sensor technologies that can track a person’s movement, sleep pattern, heart rate and even blood oxygen measurement to estimate sleep states.
These sleep tech devices are developed specifically for monitoring and managing conditions like insomnia, sleep apnea, and narcolepsy among others. Some of these advanced devices include head gear/belts, smart watches, rings, and sleeping pads among others. Sleep tech devices market is growing rapidly with companies developing compact, more effective wearable products as well as advanced non-wearable sleep tech products. The increasing investment in R&D and technological development in the industry will lead to growth opportunities in the near future. On the other hand, high cost of sleep tech devices, and stringent regulatory norms may thwart the market expansion to an extent.
M&A Transaction Activity
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