Dublin, Nov. 01, 2023 (GLOBE NEWSWIRE) -- The "Fitness Tracker For Sleep Monitoring Market Size, Share & Trends Analysis Report By Type (Smart Watches, Smart Bands), By Distribution Channel (Online, Offline), By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global fitness tracker for sleep monitoring market is on the path to reach a staggering USD 16.1 billion by 2030, and its growth is showing no signs of slowing down. With a projected CAGR of 17.7% from 2023 to 2030, the market is riding the wave of increased awareness surrounding the importance of quality sleep for overall health and well-being. As individuals worldwide prioritize their sleep, the demand for tools that help monitor and enhance sleep patterns is soaring.
According to the National Institutes of Health's 2023 statistics, a substantial number of adults in the U.S., approximately 50 to 70 million, grapple with sleep disorders encompassing 90 conditions affecting their sleep quality and duration. These individuals often wrestle with insomnia, leading to difficulties falling and staying asleep, resulting in daytime fatigue.
The prevalence of sleep disorders and insomnia is a clear indicator of the burgeoning market potential for fitness trackers designed for sleep monitoring. Consumers are increasingly seeking devices that empower them to take control of their sleep health.
Key Highlights of the Fitness Tracker for Sleep Monitoring Market:
- Smart Watches Lead the Way: In 2022, smart watches dominated the market with a commanding revenue share of 48.7%. Their versatility and rich feature sets make them the preferred choice for consumers.
- Smart Bands Show Promise: The smart bands segment is expected to witness the fastest CAGR of 18.9% over the forecast period. Their specialization and affordability make them an attractive option for sleep monitoring.
- Online Channels Dominate: Online distribution channels held the largest revenue share of 64.8% in 2022 and are poised to continue their dominance with a CAGR of 17.9% over the forecast period.
- North America Takes the Lead: In 2022, North America held the largest revenue share of 42.1%, driven by a culture of health and wellness and a high awareness of the importance of sleep quality.
- Asia Pacific Grows Rapidly: Asia Pacific is expected to witness the fastest CAGR of 18.8% over the forecast period. The region's diverse and health-conscious population is increasingly recognizing the significance of sleep for overall well-being.
The fitness tracker market for sleep monitoring is experiencing remarkable innovation, with companies enhancing sleep tracking accuracy and introducing features like snore detection, sleep stage analysis, and personalized sleep recommendations. The competition in this market is dynamic, featuring tech giants, health-focused companies, and startups, all vying for a slice of the growing consumer interest in sleep monitoring.
As the importance of sleep in overall health continues to gain recognition through research, the market is poised for continued expansion, providing consumers with valuable tools to enhance their sleep and well-being.
Company Profiles:
- Apple, Inc.
- Fitbit, Inc.
- Garmin Ltd.
- Ambiotex GmbH
- Samsung Electronics Co. Ltd.
- Fossil Group, Inc.
- Huawei Technologies Co. Ltd.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 120 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $4.4 Billion |
| Forecasted Market Value (USD) by 2030 | $16.1 Billion |
| Compound Annual Growth Rate | 17.7% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/bplt9v
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