Due to constant cognitive stimulation from electronic devices, sleep problems are increasing in today’s world, thereby driving the sleep aids market. Several studies suggest that improper sleep and chronic lack of sleep increase the risk of several disorders, including high blood pressure, diabetes, cardiovascular diseases, obesity, and depression. About 7-8 hours of sleep is recommended by The National Sleep Foundation for people over age 64, and 7-9 hours for ages between 18 to 64. However, nearly 50% of the population sleeps for less than the recommended hours.
According to the RAND Corporation’s estimation, the mortality rate for individuals consistently getting less than six hours of sleep is 13% higher than those getting a routine sleep of 7 or more hours/night. Thus, the unmet demands of the sleep deprivation industry in the past ten years have grown exponentially and are now entering a plateauing stage, but it is expected to show robust growth.
Rising Incidences of Lifestyle Diseases and Growing Mental Disorders are the Key Factors Contributing to the Growth of the Sleep Industry
- Rising incidences of chronic lifestyle disorders, such as cardiovascular diseases and obesity, are fueling the sleep drug market.
- Rising incidence of mental disorder coupled with growing awareness of treatment of sleep disorder to create lucrative opportunity in the sleep health industry.
- The advent of wearable devices to track daily vitals along with sleep pattern are among the sleep products trends.
- Growing acceptance of calming agents, herbal medicines, and OTC products will enable vendors to gain a larger sleep market share.
Growing Investments in Innovative Wearable Devices with AI Solutions are Recent Trends
- Growing investments in sleep-focused supplements and smart bedding solutions will boost the sleep market size.
- Increased use of AI and telehealth for monitoring sleep disorders will revolutionize the sleep industry.
- Innovative wearables with sleep tracking features are gaining popularity in the sleep market.
Rising Incidence of Obesity and Ease of Using CPAP Devices to Boost Sleep Apnea Segment
Based on product type, the sleep market is segmented into smart bedding, sleep lab services, sleep apnea devices, medication, wearable devices, and others. Smart bedding dominates the sleep market, accounting for around 30% to 35% share. This growth is due to the rising trend of consumer spending on smart mattresses, pillows, and memory foams etc. However, due to the rising geriatric population and obesity, sleep apnea devices and wearable devices are anticipated to be the fastest-growing segments. Increased focus on research related to mental health and sleep devices are anticipated to boost the growth of the segment in the global sleep health industry.
Technological Advances in Facial Interfaces and Rising Geriatric Population to Boost Sleep Apnea Segment
Based on indication, the sleep market is segmented into insomnia, sleep apnea, narcolepsy, rest leg syndrome, REM sleep behavior disorder, and others. Insomnia and sleep apnea together hold more than 50% of the market share, and sleep apnea is anticipated to be the fastest-growing segment. The sleep apnea segment is expected to show stronger growth due to technological advances in facial interfaces, the growing acceptance of CPAP devices, and the growing sales of CPAP accessories.
Increased Funding and Rise in Research Activities in US and China to Boost Market in Respective Regions
Based on region, the sleep market is segmented into North America, Europe, APAC, Latin America, and Middle East & Africa. North America accounted for the highest share and led the market share, while APAC is anticipated to be the fastest-growing market. The US sleep market is expected to grow at a CAGR of 4.47% during the forecast period. Moreover, the US and China dominate the sleep tech market. Investments from numerous companies in the development of sleep diagnostics and sleep-monitoring technologies combined with increased consumer appetite for products to help overcome sleep disorders are boosting the growth of the market in the region. Many companies, such as Xiaomi, Samsung, Google, Apple, Fitbit, Philips, Panasonic, and Bose, continue to invest in wearable technology focused on analyzing sleep patterns, irregularities, and other essential parameters actively. Therefore, the sleep tech sector is anticipated to see an increase in the development of advanced technologies, thereby boosting the global sleep market.
The sleep market is a consolidated market with the major players offering a wide range of products, diagnostic, monitoring, and treatment devices. Moreover, there are many new entrants focused on exploring the adoption of AI and deep learning in monitoring sleep patterns. Some of the prominent players in the sleep market include Resmed, Philips, Cardiac Pacemakers Inc, Midea, Samsung, Xiaomi, Panasonic, Casper, Bearaby, Hatch Sleep, Brooklinen, Sleeppace, Somnox, Kokoon, Luna, Helix, Merck, Roche, Sanofi, Teva, Jannsen, Takeda, Sage Therapeutics, Arena Pharmaceuticals, Abbvie, Zealand pharma, Bayer Ag, Taisho Pharmaceuticals, and Su Mian Innovation Technology among others. The market is anticipated to be highly competitive where the vendors are exploring opportunities to diversify their products or acquire new products. Furthermore, the rise in patent filing for herbal solutions and rising investments in sleep tech solutions for the sleep deprivation market have gained immense popularity in the global sleep market.
Who Should Buy This Research?
- Digital Health Vendors
- AI Technology Vendors
- Pharmaceutical Companies
- Wearable Devices Vendors
- CPAP Devices Vendors
- Sleeping Pods Vendors
- Sleep Lab Service Providers
- Mental Health Institutions
- Venture Capitalists and Investors
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The sleep market research report will include in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
Segmentation by Product Type
- Smart Bedding
- Sleep Lab Services
- Sleep Apnea Devices
- Wearable Devices
Segmentation by Indication
- Sleep Apnea
- Rest Leg Syndrome
- REM Sleep Behavior Disorder
Segmentation by Geography
- North America
- Latin America
- Middle East & Africa