Fitness Tracker For Sleep Monitoring Market To Reach $16.1 Billion By 2030

Fitness Tracker For Sleep Monitoring Market Growth & Trends

The global fitness tracker for sleep monitoring market size is estimated to reach USD 16.1 billion by 2030, according to a new study by Grand View Research, Inc. The market is projected to grow at a CAGR of 17.7% from 2023 to 2030. Increased awareness about the importance of quality sleep for overall health and well-being has driven consumer interest in sleep monitoring devices. As more people prioritize their sleep, they seek tools to help them understand and improve their sleep patterns. For instance, according to the National Institutes of Health 2023 statistics, around 50 to 70 million adults in the U.S. struggle with sleep disorders, encompassing 90 conditions impacting the quality and duration of their sleep cycles. Many of these individuals are troubled by insomnia, which reveals difficulty in falling and remaining asleep, often resulting in daytime drowsiness.

Similarly, according to data from the American Academy of Sleep Medicine, insomnia symptoms are highly prevalent, affecting approximately 33% to 50% of adults. This substantial prevalence of sleep disorders and insomnia underscores the market potential for fitness trackers designed for sleep monitoring. As individuals increasingly prioritize monitoring their sleep health to address these prevalent issues, the demand for such devices is expected to grow.

The market for fitness trackers with sleep monitoring capabilities has seen significant innovation, with companies constantly improving sleep tracking accuracy and adding new features like snore detection, sleep stage analysis, and personalized sleep recommendations. Moreover, the competitive landscape in this market is dynamic, with established tech giants, health-focused companies, and startups all competing for a share of the growing consumer interest in sleep monitoring. For instance, in January 2023, Garmin India, a subsidiary of Garmin Ltd., introduced the Instinct Crossover and Instinct Crossover Solar in the Indian market, expanding their renowned Instinct series of robust, GPS-equipped multisport smartwatches.

The Instinct Crossover offers a comprehensive set of wellness features, encompassing Garmin's Sleep Score and Advanced Sleep Monitoring, along with Health Monitoring activities that enable users to track vital health metrics like Body Battery, stress levels, and heart rate, all conveniently presented in a single interface. As research continues to underscore the importance of sleep in overall health, the market is expected to continue its expansion, providing consumers with valuable tools to enhance their sleep and well-being.

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Fitness Tracker For Sleep Monitoring Market Report Highlights

• In terms of type, the Smart watches segment dominated the market in 2022 with the largest revenue share of 48.7%. This is owing to their versatility and broad feature sets

• The smart bands segment is expected to witness the fastest CAGR of 18.9% over the forecast period in the market due to their specialization and affordability

• In terms of distribution channel, the online distribution channel segment held the largest revenue share of 64.8% in 2022 and is expected to continue its dominance with the fastest CAGR of 17.9% over the forecast period

• Based on region, North America dominated the market in 2022 with the largest revenue share of 42.1%. The region has a strong culture of health and wellness, with a high awareness of the importance of tracking and improving sleep quality

• Asia Pacific is expected to witness the fastest CAGR of 18.8% over the forecast period. This is because the region's large and diverse population is increasingly health-conscious, with a growing awareness of the importance of sleep for overall well-being

Fitness Tracker For Sleep Monitoring Market Segmentation

Grand View Research has segmented the global fitness tracker for sleep monitoring market based on type, distribution channel, and region:

Fitness Tracker For Sleep Monitoring Type Outlook (Revenue, USD Million, 2018 - 2030)

• Smart Watches

• Smart Bands

• Smart Clothing

• Others

Fitness Tracker For Sleep Monitoring Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

• Online

• Offline

Fitness Tracker For Sleep Monitoring Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Denmark

  • Sweden

  • Norway

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

  • Thailand

• Latin America

  • Brazil

  • Mexico

  • Argentina

• Middle East & Africa

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait

List of Key Players in the Fitness Tracker For Sleep Monitoring Market

• Apple, Inc.

• Fitbit, Inc.

• Garmin Ltd.

• Ambiotex GmbH

• Samsung Electronics Co. Ltd.

• Fossil Group, Inc.

• Huawei Technologies Co. Ltd.