A Fast Company report takes a look at the booming wave of new sleep technology on the market and how business, investors, and consumers are taking part.
A whole panoply of new sleep apps, sites, and devices are waking up the digital health industry—and they go far beyond the tracker market.
The digital health sector experienced record highs for funding in the last two years, with 2015 reaching $4.5 billion. According to a recent study, the market for devices that help diagnose and treat the 40 million Americans suffering from sleep disorders is estimated to reach $125.8 million in 2017.
Given this boom, it’s not surprising that investors are taking this industry more seriously. And enterprising consumers are too: A quick search on Kickstarter reveals dozens of inventive, forward-thinking (and downright kooky) sleep products, like complicated-looking travel pillows.
“Consumers are interested in becoming more active in their health care,” says Mitchell Mom, venture lead at Rock Health, a fund dedicated to digital health. Mom predicts that high-deductible health plans will nudge consumers into new habits, who will be spending more money on their health care than before.