Sleep Tech Devices Market Value Could Exceed $31 Billion By 2026

Sleep Tech Devices Market Value Could Exceed $31 Billion By 2026

PR Newswire

PALM BEACH, Fla., Feb. 23, 2021

Financialnewsmedia.com News Commentary

PALM BEACH,  Fla., Feb. 23, 2021 /PRNewswire/ -- Changing lifestyle, consumption of junk food and lack of exercise have disturbed the normal metabolism of an individual's body ultimately increasing the prevalence of sleeping disorders such as obstructive sleep apnea, narcolepsy, insomnia, etc. Thus, there has been an increase in the demand for sleep tech devices that enhances the sleep activity in individuals suffering from sleep-related disorders. Technological advancements in sleep tech devices will prove beneficial for industry growth. Innovations introduced within these sleep devices have enhanced the comfort levels in individuals suffering from chronic disorders. Currently available sleep devices effectively monitor and provide overall analysis that enables people to optimize their sleep patterns. Hence, growing availability of advanced sleep tech wearables and devices for treating sleep diseases will escalate the industry growth. Reports have continually expressed an increase in revenues for the sleep Tech devices markets over the past few years. At the end of 2019, a report from Global Markets Insights said that Sleep Tech Devices Market Value To Reach $27 Billion By 2025 With A CAGR Of 16% "propelled by favorable demographic trends coupled with rising awareness regarding availability of advanced sleep tech devices." An updated report 1 year later, predicted an increase saying that: "the market valuation of sleep tech devices will cross $32 billion by 2026. Rising awareness regarding availability of sleep tech devices in developed and developing countries will elevate the market growth during the forecast period."   Active companies in the markets this week include Hapbee Technologies, Inc. (OTCQB: HAPBF) (TSX-V: HAPB), Casper Sleep Inc. (NYSE: CSPR), ResMed Inc. (NYSE: RMD), Sleep Number Corporation (NASDAQ: SNBR), Tempur Sealy International, Inc. (NYSE: TPX).

Some of the major findings in their reports were that Increasing prevalence of sleeping disorders will positively impact the sleep tech devices market growth over the analysis timeframe; Individuals suffering from insomnia and sleep apnea have high inclination towards wearable sleep tracking devices; Changing lifestyle and intake of unhealthy dietary supplements has escalated the anxiety and depression rate amongst youths that elevates the demand for sleep aid and diagnostics devices; and Availability of innovative and technological advanced sleep tech devices will surge its demand especially in developed countries.

Hapbee Technologies, Inc. (OTCQB: HAPBF) (TSX-V: HAPB) BREAKING NEWS: Hapbee Technologies, Inc. ("Hapbee" or the "Company"), a wellness technology company utilizing groundbreaking magnetic field technology in its Hapbee wearable, is pleased to announce it has filed a provisional patent application for its bed-related form factor with the United States Patent and Trademark Office ("USPTO").

The provisional patent application covers a body support system that emits ultra-low radio frequency energy (ul RFE ®) expected to produce predefined sensations (e.g., calm, sleepy, relax, alert, focus). The Company notes that the present technology is directed to systems that support a human body when lying down and is extensible to multiple product form factors such as mattresses, mattress pads/toppers, and mats, that emit ultra-low radio frequency energy and associated configurations and methods. The patent-pending product, currently in the development stage, may be available in various sizes, such as all standard mattress sizes (e.g., twin, double, full, queen, king, California king). In other embodiments, the technology is integrated into a mattress itself.

Hapbee has completed the Industrial Design phase of prototype development for the aforementioned bed-related form factor and has entered the Engineering Design phase of the project. The Company intends to update shareholders on this development project in the coming weeks. To read this and more news for Hapbee Technologies, please visit  https://www.financialnewsmedia.com/news-hapb/

READ MORE INFO ON HAPB BY VISITING: https://www.equedia.com/hapbee-the-netflix-of-feelings/ 

Other recent developments in the markets include:

Casper Sleep Inc. (NYSE: CSPR) the award-winning sleep company, recently announced several leadership appointments, including Charles Liu as Chief Operating Officer, Dara Williams as Chief People and Diversity Officer, and George Poulios, Vice President of Retail, Real Estate and Store Development. "We are thrilled to welcome this bench of remarkable leaders to the team as we continue to strengthen Casper's leadership in a way that reflects our core values," said Philip Krim, co-founder and Chief Executive Officer at Casper. "Dara, Charles, and George bring critical skills and know-how to both our culture and business operations as we further our commitment to improve diversity and inclusion, while scaling our business to bring better sleep to all."

Charles Liu, Chief Operating Officer: Charles brings more than 20 years of experience in end-to-end supply chain management and corporate operations to his role at Casper. Most recently, Charles was Vice President of Supply Chain for Walmart's e-commerce division, where he delivered meaningful operating efficiencies across supplier relationships and negotiations, inventory, logistics, and customer promise. Throughout his career, Charles held various leadership roles at companies including Whirlpool, Ahold USA, and Walgreens. At Casper, Charles will oversee all end-to-end supply chain functions, including Sourcing, Product Engineering, Compliance, Quality, Supply Planning, Production, Logistics, and Customer Experience Support. Emilie Arel, President and Chief Commercial Officer, will remain principal operating officer.

ResMed Inc. (NYSE: RMD, ASX: RMD), a world-leading digital health company, recently announced results for its quarter ended December 31, 2020. Second Quarter 2021 Highlights are: (All comparisons are to the prior year period) Revenue increased 9% to $800.0 million; up 7% on a constant currency basis; GAAP gross margin of 57.8%; non-GAAP gross margin expanded 20 bps to 59.9%; Net operating profit increased 12%; non-GAAP operating profit up 16%; and GAAP diluted earnings per share of $1.23; non-GAAP diluted earnings per share of $1.41

"Our second-quarter results reflect continued solid performance and positive trends across our business resulting in top-line growth as well as double-digit improvement in operating income and earnings per share," said Mick Farrell, ResMed CEO. "In our core markets of sleep apnea, COPD, and asthma, we are seeing continued sequential improvement in new patient volume and ongoing adoption of our mask and accessories resupply programs. Our global teams have managed SG&A investments judiciously as we navigate through the global pandemic. We have seen great adoption of digital health and an increase in the importance of out-of-hospital healthcare these last 12 months, and that will only expand throughout 2021 as vaccines become more widely available, and our communities open up worldwide. We have continued to invest in focused R&D programs in digital health and core medtech innovation, to help accelerate our ResMed growth strategy: improving 250 million lives in out-of-hospital healthcare in 2025."

Sleep Number Corporation (Nasdaq: SNBR) recently reported results for the year ended January 2, 2021. "In a year of challenge and change, our mission-driven team delivered exceptional results by leveraging the power of vertical integration, digitization and focusing on what matters most to our stakeholders," said Shelly Ibach, President and Chief Executive Officer. "We broadened our sleep leadership and brand relevance with our revolutionary 360®smart beds as consumers' increased their understanding of the link between proven quality sleep and wellbeing. With strong momentum in the first quarter and ongoing investments in sleep science-based innovations and digital technologies, we are well-positioned to generate sustainable profitable growth for years to come."

The company expects to generate full-year 2021 earnings per diluted share of at least $6.00, which is 30% higher than 2020 full-year results excluding the impact of the 53rd week. The outlook assumes an estimated effective income tax rate of approximately 23% (including an estimated $5 million of excess tax benefits related to stock-based compensation largely in Q1), compared to an effective tax rate of 20.9% for 2020. The company anticipates 2021 capital expenditures of $70 million to $75 million.

Tempur Sealy International, Inc. (NYSE: TPX) recently announced that its Board of Directors has initiated a cash dividend on its common stock. For the first quarter of 2021, the Board of Directors has declared a dividend of $0.07 per share. The dividend is payable on March 12, 2021 to shareholders of record as of February 25, 2021.

The Company also announced that its Board of Directors has increased the existing authorization under the Company's share repurchase program by over $200 million to a total of $400 million.

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