Five years from now the sleep tech devices market in North America will be worth US$17 billion with a compound annual growth rate of 17.3 per cent through 2027, according to Graphical Research (GR).
On Tuesday, the India-based market research consultant released data from its recent industry report.
The organization says that there will be a bullish market trend for wearable sleep-aid devices in the U.S. and that an escalating prevalence of sleep disorders will continue to fuel market growth.
GR says it is anticipated that leading companies in the industry will be investing in high-tech sensors designed to improve sleep monitoring for those who suffer from sleep apnea and insomnia. The company cites that according to the American Sleep Association, approximately 70 million Americans suffer from some variety of sleep disorder.
According to the GR, the wearable sleep devices segment of the aforementioned market accounted for a 70 per cent share in 2020 and is expected to have a similar trajectory by 2027.
The research consultant says that a rising rate of obstructive sleep apnea within Canada and the U.S. will help establish the market stature of sleep tech devices. GR also says that the sleep apnea tech device segment of the North American sleep tech market accounted for a 24 per cent share in 2020 and that a bullish trend for those devices is expected in the years to come.
Direct-to-consumer distribution channels combined with the rise of the American e-commerce industry have also promoted substantial growth, according to GR. The direct-to-consumer segment of the North American market was valued at US$2 billion in 2020 and is expected to grow at a significant rate into 2027.
Lastly, key players in the market include FitBit (acquired by Google last year), Sleep Shepherd, Xiaomi, Oura Health, ResMed Inc. (NYSE: RMD) and several others.