Europe Sleep Tech Devices Market size crossed USD 3.4 billion in 2020 and is anticipated to register a growth rate of 17.4% between 2021 and 2027.

The rising number of old age population is one of the primary factors driving the market growth. In elderly people, several factors contribute to sleep disorders and lack of sleep. Improper sleep cycles and lack of sleep are reasonably typical in older people owing to alcohol consumption, shifts in the body's natural internal clock, and intake of certain supplements and medicines among many other factors.

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Additionally, elderly individuals are prone to suffer from one or multiple diseases, thereby stimulating the demand for sleep aid technologies. These devices efficiently track the sleep patterns and quality of sleep in real-time that fosters the market demand. Moreover, countries including Romania, United Kingdom, and Denmark among others implement various strategies to decrease age-related health care costs.

Europe Market, By Product

The wearable devices segment dominated around 76% market share in 2020. Wearable sleep tech devices come with in-built advanced sensors in compact form-factors. Moreover, these devices are easy-to-use and customers usually get a plethora of options to choose from based on their liking.

Europe Market, By Gender

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The male population accounted for USD 1.8 billion revenue in 2020. Lifestyle changes in males such as increased alcohol consumption and bad eating habits leads to disturbance in sleeping cycles, thereby increasing the demand for sleep tech devices. Also, males are generally tech-lovers and like to keep themselves updated.

Europe Market, By Application

The obstructive sleep apnea application segment held more than 24% market share in 2020. According to a research conducted by ResMed, over 175 million Europeans are suffering from obstructive sleep apnea. Advanced sleep tech devices have shown their effectiveness in tracking and managing sleep cycles while providing quality sleep to the users.

Europe Market, By Distribution Channel

The direct-to-consumer segment size surpassed USD 1.5 billion in 2020. Growing endorsement and promotion of sleep aid technologies by public figures on social media platforms will fuel the segment expansion. Moreover, majority of companies sell their products on their website and other e-commerce platforms that proves beneficial for the segment growth.

Europe Market, By Country

Germany dominated the Europe sleep tech devices market and is anticipated to exhibit more than 16% CAGR during the forecast period. Growing awareness about the importance of mental health, rising technological advancements, and increasing adoption of sleep tech devices in Germany will propel the country-level industry progression. Also, Germany is one of the countries that have a high prevalence of obstructive sleep apnea, thus it increases the demand for sleep tech devices in the country.

Competitive Industry Landscape

Some of the prominent industry players include Eight sleep, Beddit, Dreem, Dodow, Fitbit, Emfit, Koninklijke Philips, Oura Health, ResMed, Sleepace, Sleep Shepherd, Withings, Xiaomi, and others.

These companies have undertaken several business strategies including new product launches and mergers that aided them to gain a competitive position in the industry. For instance, in May 2020, Eight Sleep launched Pod Pro, a high-tech mattress that delivers an improved sleep experience for enhanced health. This product launch has assisted in expansion of its product offerings.