Key Players in the Sleep Tracking and Quantified Sleep Industry
Key players in the sleep tracking and quantified sleep industry include ResMed, Fitbit, Garmin, Beddit, Emfit, and Mio Global. The sleep tracking global market size is estimated to be $1.3 billion and is expected to grow at a CAGR of 18.5%. Below is a deep dive into our findings.
We were able to identify a few key players in the sleep tracking industry. We based our selection on their annual revenue, how long they have been in the industry, and specifically, those that make sleep tracking devices. We selected ResMed, Fitbit, and Garmin for the US tracking industry and Beddit, Emfit, and Mio Global for the global industry. Below is the detail of our research.
The u.s. sleep tracking industries
ResMed was founded in 1989. They made the "world's first non-contact sleep sensor", S+. The sleep sensor is a non-wearable bedside sensor that synchronizes with smartphones to monitor sleeping patterns. It measures breathing and body movements, analyzes light, temperature, and noise levels while you sleep. They have an estimated annual revenue of $2.2 billion.
Fitbit, founded in 2007, made the Fitbit Flex 2 device. It is a wearable device worn on the wrist. It tracks how long and how well the user sleeps, has a silent alarm feature, and synchronizes with a smartphone to reveal details about the users' sleep. Their annual revenue is estimated at $1.6 billion.
Garmin was founded in 1989. They made the VivoSmart HR+, a wearable heart-rate enabled sleep tracking device that "gives you a breakdown of both light and deep sleep, as well as sleep duration, time awake, and the number of wake episodes." It connects to a smartphone to display all sleep metrics. They have an estimated $3.1 billion annual revenue.
US MARKET SIZE
We searched press releases, annual reports, and company websites for sleep tracking and quantified sleep industry market size and growth rate, the data for the US was found behind a paywall and is not available in the public domain.
Global SLEEP tracking industries
Beddit, founded in 2006, was acquired by Apple in 2017, making them a key player in sleep tracking industry. They made the Beddit 3 Sleep Monitor. It is a non-wearable sleep tracker with these unique features: It is hidden under the sheet, extremely thin and soft, and determines if the user is snoring with the result displayed on a synchronized mobile device. They have an estimated annual revenue of $6.5 million.
Emfit, founded in 1990, made the world's first ever automated "heart rate variability enabled contactless sleep tracker". It's also a non-wearable device placed under the mattress. Their annual revenue is estimated at $3.7 million.
MIO GLOBAL (CANADA)
Mio, founded in 1999, made the Mio FUSE device. The FUSE device "tracks your sleep duration, resting heart rate, level of sleep (awake/light/deep), and sleep efficiency." It is a wearable device that is synchronized with Mio FUSE app on a smartphone. They have an estimated annual revenue of $16.3 million.
GLOBAL MARKET SIZE
A 2017 report shows that the global market size for smart sleep tracking device is expected to grow at a CAGR of 18.5% over the period of 2017 to 2024, and to expand at $4.297 billion by 2024. The increase in adoption of smart devices is the reason for the projected growth.
We determined the Present value (PV) through this calculation:
Future Value= $4,297,000,000
CAGR (k)= 18.5%
Compounding period (n)= 2024-2017= 7
PV=FV/[(1+k)^n]= 4,297,000,000/[(1+18.5)^7]= 1,309,594,677.28
Therefore the global market size is estimated to be $1.3 billion.
To wrap up, we identified ResMed, Fitbit, Garmin, Beddit, Emfit, and Mio Global as key players in the sleep tracking industry. The global sleep tracking market is estimated to be $1.3 billion and expected to grow at a CAGR of 18.5%.