The rising prevalence of insomnia and obstructive sleep apnea (OSA), growing number of healthcare facilities, increasing geriatric population, and increasing government support for startup companies are the major factors that positively impact the growth of the global sleeping aids market. Due to these factors, the market is expected to generate $162.5 billion revenue by 2030, advancing at a CAGR of 7.1% during the forecast period (2020–2030).
Mattresses and Pillows To Generate Highest Revenue in Sleeping Aids Market throughout Forecast Period
On the basis of offering, the sleeping aids market is classified into mattresses and pillows, sleep laboratory services, medication, sleep apnea devices, and others. Among these, mattresses and pillows accounted for the largest share in the historical period (2014–2019), and this category is expected to retain its market dominance in the coming years. The market growth in this category is attributed to the cost-effective availability of a variety of mattresses and pillows to improve sleep quality, which are developed by local as well as contract manufacturers.
Further, on the basis of sleep disorder, the sleeping aids industry is categorized into insomnia, sleep apnea, restless leg syndrome (RLS), narcolepsy, sleepwalking, and others. The sleep apnea category is expected to witness the fastest growth in the coming years, mainly because of the high prevalence of this disorder, as a result of the growing aging population, as well as a rise in the awareness about sleep apnea and availability of a number of therapeutic options. Moreover, based on a study conducted in September 2014, the Office of Health Economics for the British Lung Foundation suggested that investing on creating awareness, diagnosis, and treatment of OSA can save the National Health Service (NHS) up to $34.8 million and prevent up to 40,000 road accidents a year. Therefore, the rising support from public and private organizations is expected to positively impact the sleeping aids industry.
Geographically, the sleeping aids market in North America is expected to witness significant growth, primarily due to the growing incidence of sleep disorders, technological advancements, with a rise in research and development activities; and initiatives taken by government and non-government organizations for increasing the awareness about sleep disorders and sleep hygiene.
Product Launch Is Strongest Strategic Measure Taken by Players in Sleeping Aids Market
Players in the sleeping aids market are focusing on introducing and commercializing new products to enhance their market presence. For instance, in January 2018, Serta Inc., a subsidiary of Serta Simmons Bedding LLC, launched the iComfort Hybrid mattress collection in Las Vegas. The new collection has been designed to deliver cooling comfort and support, using the TempActiv cooling technologies featured in the brand’s iComfort foam line and a new hybrid coil support system. This support system features strategically placed coils that provide comfort, support, and durability.
Similarly, in October 2017, Drive DeVilbiss Healthcare introduced five ergonomically designed Comfort Touch Cushions in its pressure prevention product line. These cushions include an elevated wedge, knee support cushion, neck support pillow, seat cushion, and heated lumbar support backrest, to answer the therapeutic needs of consumers. The elevation of the wedge reduces snoring and the symptoms associated with acid reflux and gastroesophageal reflux disease (GERD).
In addition to product launches, players in the sleeping aids market are also engaged in collaborations and partnerships, to expand their consumer base. For instance, in July 2018, ResMed Inc. and Verily Life Sciences LLC (Verily) announced their agreement to form a new joint venture. This U.S.-based joint venture studies the health and financial impacts of undiagnosed and untreated sleep apnea and develops software solutions that enable healthcare providers to more- efficiently identify, diagnose, treat, and manage sleep apnea and other breathing-related sleep disorders.
Browse report overview with detailed TOC on "Sleeping Aids Market Research Report: By Offering (Mattresses and Pillows, Sleep Laboratory Services, Medication, Sleep Apnea Devices), Sleep Disorder (Insomnia, Sleep Apnea, Restless Legs Syndrome, Narcolepsy, Sleep Walking) - Global Industry Analysis and Growth Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/sleeping-aids-market
Some of the major players operating in the global sleeping aids market are Sanofi, Merck & Co. Inc., Koninklijke Philips N.V., Pfizer Inc., SleepMed Inc., Cadwell Industries Inc., Natus Medical Incorporated, Drive DeVilbiss Healthcare, Takeda Pharmaceutical Company Limited, Compumedics Limited, Tempur Sealy International Inc., GlaxoSmithKline plc, Serta Simmons Bedding LLC, ResMed Inc., Fisher & Paykel Healthcare Limited, Löwenstein Medical GmbH & Co. KG, BMC Medical Co. Ltd., SomnoMed Limited, and BRAEBON Medical Corporation.