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The global sleeping aids market was valued at $69.5 billion in 2017, which is expected to reach $101.9 billion by 2023, progressing at a CAGR of 6.5% during the forecast period (2018–2023).
The Asia-Pacific (APAC) region is likely to witness fastest growth in the sleeping aids market during the forecast period, mainly on account of radical lifestyle changes, spreading awareness about the harmful effects of sleep disorders, and growing elderly population.
Factors Governing Sleeping Aids Market
One of the main developments observed in the sleeping aids market is the growing acceptance of wearable monitoring devices. These devices have sensors that not only help monitor and transmit data concerning the patient’s specific medical conditions but also perform other functions, such as sleep quality assessment and sleep disorders monitoring. Among the wearable devices available in the market include, BioHarness manufactured by BIOPAC Systems Inc. and Zio XT manufactured by iRhythm Technologies Inc. These wearable devices are easy to use, and have been a preferred choice of patients suffering from sleep disorders.
Furthermore, the rising use of portable sleep apnea devices is set to propel the market, as these devices provide support, by pushing air into the back of the throat where throat tissues collapse during sleep. Some of the devices used to treat sleep apnea operate by splinting the airway open throughout the inhalation and exhalation phase. It is found that these tools are safe to use and do not cause any side-effects. Moreover, other technological advances, such as the use of algorithms and pressure sensors to determine the best strain, add up more benefits to these products.
The rising disposable income provides growth opportunities to the players in the global sleeping aids market. Globally, hike in disposable income has led to an increase in spending power of an individual and has also contributed to the increased adoption of sleeping aids to treat sleep-related disorders. According to the Organisation for Economic Co-operation and Development (OECD), the household disposable income (annual growth rates) in Germany and Denmark increased from 1.6% and 1.2% in 2014 to 2.5% and 2.8% in 2016, respectively. Thus, with the rise in household disposable income, the purchasing power of the population also increases, leading to the increased affordability of people to treat their sleep-related disorders.
Sleeping Aids Market Segmentation Analysis
The mattresses and pillows category under offering held the largest share in the sleeping aids market in 2017, owing to a variety of products available in the market, cost-effectiveness, and increasing contract manufacturing of products.
The sleep apnea disorder is expected to witness the fastest growth in the sleeping aids market, during the forecast period, mainly due to growing aging population, rise in the awareness about sleep apnea, and its available treatment options.
Geographical Analysis of Sleeping Aids Market
North America was the largest region in the global sleeping aids market in 2017. The market growth in the region is primarily due to the initiatives taken by the government and nongovernment organizations, such as investments and organizing campaigns, so as to create awareness about sleep disorders and sleep hygiene. In addition, growing incidence of sleep disorders is a major factor driving the market in this region.
The APAC region is projected to witness fastest growth due to high sleeping pill consumption as a result of drastic lifestyle changes and increasing aging population. In addition, regional government organizations are also raising awareness about the harmful effects of sleep disorders, which further drives the demand for sleeping aids.
Competitive Landscape of Sleeping Aids Market
The sleeping aids market is consolidated in nature with key players including Sanofi-aventis Groupe, Merck & Co. Inc., Koninklijke Philips N.V., Pfizer Inc., SleepMed Incorporated, Cadwell Industries Inc., Natus Medical Incorporated, DeVilbiss Healthcare LLC, Takeda Pharmaceutical Company Limited, Compumedics Limited, Tempur Sealy International Inc., GlaxoSmithKline plc, and Serta Simmons Bedding LLC.
For example, Koninklijke Philips N.V., Natus Medical Incorporated, and Compumedics Limited offer sleep apnea services in the sleeping aids market. Besides, DeVilbiss Healthcare LLC offers interfaces, masks, and sleep apnea devices.
Recent Strategic Developments of Sleeping Aids Market Players
In recent years, major players operating in the sleeping aids market have taken several strategic measures, including product approvals, to gain a significant share in the market. For instance, in October 2017, DeVilbiss Healthcare LLC introduced five ergonomically designed Comfort Touch cushions to its pressure prevention product line. These cushions include an elevation wedge, knee support cushion, neck support pillow, seat cushion, and heated lumbar support backrest to assist with the therapeutic needs of consumers. Also, elevation of wedge reduces snoring and the symptoms associated with acid reflux and gastroesophageal reflux disease (GERD).
Sleeping Aids Market Size Breakdown by Segment
The sleeping aids market report offers comprehensive market segmentation analysis along with market estimation for the period 2013–2023.
Based on Offering
Based on Sleep Disorder