F212 Questions: Mattresses, Sleep Tracking, and Quantified Sleep

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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.


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, 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.


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%.
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Trends in Sleep Tracking and Quantified Sleep

Once the preserve of sleep scientists, tracking how we sleep in immense detail has now become an option available to all of us. Initially based upon devices worn on the wrist which measure heart rate and movement to infer depth of sleep, technology has now evolved to include nightstand based devices which measure breathing rates and report on sleep patterns. Currently trends are focusing on improving accuracy and data collection as well as incorporating sleep tracking in to multi functional devices. The greatest level of adoption has been in those customers aged below 45, with the USA holding 60% of the market share of sleep quantification products. In the last few years, and in years to come, we can expect to see an increasing development of devices which quantify and alter the environment in which we sleep to allow better sleep.


Sleep trackers are currently evolving away from devices which are worn on the wrist and measure heart rate and movement towards nightstand based trackers which use echolocation and ultrasonic pulses to quantify our sleep patterns. There is currently a specific focus on accuracy in data collection, measurement and reporting of sleep patterns. Finally, many sleep trackers are currently being incorporated in to multi-functional fitness and lifestyle trackers which can be used throughout the day as well as when sleeping at night.

Adoption of sleep tracking technology

The NSF and the consumer electronics association (CEA) conducted a survey which found that 70% of sleep technology users are under the age of 45. Other reports suggest that 60% of the demand for sleep tracking technology arises from those who feel sleep deprived and anxious. The USA currently holds 60% of the global market share for sleep tracking technology. Indeed, such findings highlight the significant room for growth, both in terms of target audience (those aged over 45) and geographic spread. One report has suggested that "the global market for sleep technology is expected to hit $77 billion in 3 years' time".

Recently introduced technology

Sleep tracking technology is a rapidly advancing field with each product release offering more innovative and complex systems. The introduced technology can be divided in to two subcategories, those which monitor and record sleep patterns for tracking and those which alter the sleeping environment in order to provide better sleep conditions.

Devices which monitor sleeping patterns include nightstand based devices such as the Sleep Score Max and S+ which use echo-location and ultrasonic pulses respectively to monitor breathing patterns and chest movements to infer depth of sleep. Wearable devices from brands such as Fitbit and Polar use their fitness trackers to monitor heart rate and body movements which can be used to infer length and depth of sleep. Tailor offers a 'smart pillow' which uses photoplethysmography to monitor sleeping patterns, similarly Sleep Number 360 offers a 'smart bed' which uses bio metric monitors to measure and report upon sleep patterns.

Recent advances have seen the development of sleep technology which can provide responsive alterations to surroundings to create a better sleeping environment. Kyro which is described as a 'water-based, app controlled, cooling mattress topper' monitor one's bed temperature and keeps it at the optimum temperature (60 - 68oF) required for sleep. Nightingale sleep trackers use a 'sound blanket' to muffle external sounds such as traffic which may reduce sleep quality. Pegasi offers technology designed to combat insomnia and Nucalm offers a 'brainwave entertainment system' designed to create a deep, relaxing sleep.

In summary, sleep tracking technology is a rapidly growing field. This type of technology has been well adopted by those aged below 45 years yet there is still a large market to capture in those aged over 45 years old. Current trends are showing a focus on data collection and measurement accuracy. Recent trends show movements away from simply wearable technology (such as Fitbits and Polar devices) to nightstand based devices (such as Sleep Score Max and S+) and responsive sleep technology such as mattress toppers and sound blankets which alter surroundings to create the perfect environment for a good night's sleep.