Global Sleep App Market to Surpass $2,755.2 Million by 2031 Owing to Increaisng Adoption of Wearable Devices | Says Coherent Market Insights
Burlingame, Feb. 15, 2024 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled,* Global Sleep App Market, By Device Type (Wearable Devices and Non-wearable Devices), By Features (Basic Sleep Tracking, Sleep Staging, Heart Rate Monitoring, Respiratory Monitoring and Others (Advanced Analytics and Others)), By Age Group (Adults and Geriatric), By End User (Hospitals, Sleep Centers, Home Care Settings and Diagnostic **Laboratories), **and By Geography: Size, Share, Outlook, and Opportunity Analysis, 2024-2031. *According to the report, the global sleep app market was valued at *US$ 1,070.9 Mn in 2023* and is expected to reach *US$ 2,755.2 Mn by 2031*, exhibiting a *compound annual growth rate (CAGR) of 12.8%* from 2024 to 2031.*Sample of the Report on Global Sleep App Market Forecast 2031: *https://www.coherentmarketinsights.com/insight/request-sample/6639
The growing acceptance and adoption of wearable devices like smartwatches and fitness trackers has been a major driver for the global sleep app market. Wearable devices that are equipped with motion sensors and heart rate monitors that can track sleep patterns and provide useful insights. They sync the collected data to companion mobile apps for detailed analysis and reports. Popular wearable brands like Fitbit, Apple, Samsung, and Xiaomi have witnessed immense success with their sleep tracking features. As consumers become more health-conscious and technology-savvy, the ownership of wearables is rising sharply. This is directly fueling the demand for complementary sleep monitoring mobile applications.
*Global Sleep App Market Report Coverage*
*Report Coverage* *Details*
Market Revenue in 2023 $1,070.9 million
Estimated Value by 2031 $2,755.2 million
Growth Rate Poised to grow at a CAGR of 12.8%
Historical Data 2019–2023
Forecast Period 2024–2031
Forecast Units Value (USD Million/Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered By Device Type, By Features, By Age Group, By End User
Geographies Covered North America, Europe, Asia Pacific, and Rest of World
Restraints & Challenges • Data privacy concerns
• High costs of devices
Growth Drivers • Rising prevalence of sleep disorders
• Increasing health awareness
• Advent of wearable technology
*Market Drivers:*
Smartphone penetration has been rising significantly across the world in the recent past, especially amongst the millennial population. This is expected to drive the growth of the global sleep app market. According to the data published by the United Nations Department of Economic and Social Affairs, an organization which works closely with governments and stakeholders in order to help countries around the world meet their economic, social and environmental goals, over 60% of the world's population owns a smartphone. Another report by Pew Research Center, which provides information on social issues, public opinion, and demographic trends shaping the U.S. and the world, suggests, that the smartphone ownership increased across all age groups globally between 2015-2021, with over 90% of 18-29 year olds owning smartphones in many developed nations. As smartphone penetration grows steadily especially in developing countries, more consumers are becoming aware of the various health monitoring apps available and witness value in tracking metrics like their sleep patterns. This is expected to drive higher adoption of sleep monitoring apps worldwide in the near future, creating lucrative growth opportunities for app developers and technology companies in this segment.
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*Market Restraints:*
Lack of awareness in developing regions is significantly restraining the growth of sleep monitoring app market. The developing regions such as Africa, Middle East, South Asia and parts of Latin America are still in nascent stage as far as adoption of technology and digital health solutions are concerned. According to the report published by the United Nations Organizations in 2022, over 60% of population in sub-Saharan Africa still does not have access to internet. Many rural areas in regions like India and Bangladesh also lack proper broadband connectivity. This lack of digital infrastructure and awareness becomes a major roadblock for growth of healthcare apps market including sleep monitoring apps.
*Market Opportunities:*
Sleep monitoring applications have gained popularity in helping people track and improve their sleep hygiene. Traditionally, these have focused more on younger working professionals and those managing stress and lifestyle. However, the elderly population represents a sizable and growing market opportunity for sleep apps as sleep issues disproportionately impact the senior demographic. Advanced features for monitoring sleep apnea, circadian rhythm, naps, and others catered specifically towards aging needs could see wider adoption. Integration of sleep data with other health trackers for a comprehensive wellness view will also gain relevance.
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*Key Developments:*
In 2023, Samsung Electronics, one of the technology leader, announced that the new sleep apnea feature1 on the Samsung Health Monitor app2 has been approved by Korea’s Ministry of Food and Drug Safety (MFDS), and will be integrated with the Galaxy Watch series in Korea early next year. The new feature is expected to enable more people to spot obstructive sleep apnea symptoms in early stages which often goes undiagnosed and untreated.In 2023, Aqara, one of the leading smart home and internet-of-things (IoT) device manufacturer, announced that the company launched Aqara Presence Sensor FP2 and is getting three significant new features that could make it more useful and more effective as a smart home sensor. The small device can be set to monitor and analyze “sleep status, real-time heart rate, and respiratory data,”*Market Key Takeaways:*
Global sleep app market is expected to exhibit a *CAGR of 12.8%* during the forecast period owing to the increasing demand for sleep apps due to the rising prevalence of sleep disorders globally. For instance, in 2023, the Pokémon Company launched a new app called Pokémon Sleep, an app first teased in 2019 that will allow users to track their nightly rest.
Among region, North America accounts for the largest share in the global sleep app market. Increasing development of sleep monitoring app which is expected to drive the growth of the global sleep app market over the forecast period. For instance, in 2021, Hapbee Technologies, Inc., manufacturer of next generation of wearable wellness technology developed a new app for tracking sleep. The company provided an update on its patent-pending bed-related magnetic signal prototype, which is in the development stage.
The major players operating in the global sleep app market include Sleep Cycle, Sleep As Android, Pillow, Sleep Better, Sleep Genius, Timeshifter, Calm, Sleep Stories, Relax Melodies, Noisli and other prominent players*Read complete market research report*, "Global Sleep App Market, By Device Type, By Features, By Age Group, By End User, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2024-2031", *Published by Coherent Market Insights*.
*Detailed Segmentation:*
· *By Device Type*
· Wearable Devices
· Non-wearable Devices
· *By Features*
· Basic Sleep Tracking
· Sleep Staging
· Heart Rate Monitoring
· Respiratory Monitoring
· Others (Advanced Analytics and Others)
· *By Age Group*
· Adults
· Geriatric
· *By End Users*
· Hospitals
· Sleep Centers
· Home Care Settings
· Diagnostic Laboratories
· *By Region*
· North America
· U.S.
· Canada
· Latin America
· Brazil
· Mexico
· Rest of Latin America
· Europe
· Germany
· U.K.
· Spain
· France
· Italy
· Russia
· Rest of Europe
· Asia Pacific
· China
· India
· Japan
· Australia
· South Korea
· Rest of Asia Pacific
· Middle East & Africa
· South Africa
· GCC Countries
· Rest of Middle East & Africa
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