The global sleeping aids market size is expected to advance at a CAGR of 7.3% during 2021–2030, to reach $157,484.5 million by 2030. This is ascribed to the rise in the prevalence of depression, chronic illnesses, and anxiety due to the increase in workloads and growth in the geriatric population.
North America accounted for the largest share of the global revenue in 2021. The major players in the regional market are investing huge capital in developing sleep apnea devices that are effective, technologically advanced, and user-friendly.
Moreover, the APAC region is projected to have the highest CAGR, around 8%, during the forecast period, owing to the high consumption of sleeping pills, low cost of manufacturing associated products, increasing geriatric population, and widespread burden of sleeping disorders.
Hence, the players in the sleeping aids market in the APAC region, for instance, Eisai Co. Ltd., Becton, Dickinson and Company, and Drive Medical Ltd., are investing increasingly in research and development, to come up with new drugs.
Sleep tests are conducted to monitor a person’s sleep either overnight or during a series of naps during the day. These tests are painless and used to diagnose problems such as insomnia, sleep apnea, and narcolepsy, along with their revealing exact cause. Home sleep tests involve the usage of electroencephalography (EEG) for measuring the brain waves, thermocouples for monitoring the nasal and oral airflow, chest bands for measuring the respiration rate, electrooculography (EOG) for measuring eye movements, electrocardiography (ECG) for measuring the heart rate, and other devices for measuring the oxygen and carbon dioxide levels in the blood.
Additionally, these procedures are cost-effective over those conducted in sleep laboratories and, therefore, preferred by patients. The cost involved in a home sleep apnea test using home sleep study equipment varies between $150 and $500. The costs are covered by most insurance companies, such as Blue Cross Blue Shield (BCBS), Aetna Inc., and Cigna Corp.
Globally, there has been an increase in the funding in the healthcare sector to control sleep-related disorders, such as insomnia and apnea. This is allowing manufacturers to launch enhanced medical devices for this purpose. For Instance, eXciteOSA has been launched by Signifier Medical Technologies for snoring and sleep apnea treatment. Similarly, Sleepio has launched an app developed by London-based Big Health Ltd. that provides personalized cognitive behavioral therapy (CBT).
The biggest sleeping aids market players are Cadwell Industries Inc., Compumedics Limited, Drive DeVilbiss Healthcare Inc., Koninklijke Philips N.V., Merck & Co. Inc., Natus Medical Inc., Takeda Pharmaceutical Company Limited, SleepMed Inc., Fisher & Paykel Healthcare Limited, and Lowenstein Medical Technology GmbH.