The global sleep market size to reach USD 137.16 billion by 2026, growing at a CAGR of 6.11% during the forecast period. Several research studies and government programs help improve awareness explaining the importance of sleep in many countries. The increasing awareness regarding naps encourages the sales of preventive care devices such as smart bedding and other related devices. Recent developments in the market are the smartphone-based tracking and sleep management applications gaining high traction across the globe. Almost all the vendors are now producing wearable devices with smart connectivity options and are easy to use by the patients. In the era of customization, the future of the sleep aids market will be dominated by smart bedding devices which can be used as a part of smart homes. It will allow a person to personalize the lighting of their rooms based on their comfort.
Did you know Amazon Alexa and Google Home have also been welcomed features for smart sleeping devices? The connectivity of smart mattresses and other innovative bedding solutions are encouraging the players to incorporate advanced technologies to boom in the sleep industry. During the forecast period, it is expected that the wearable device market will continue to grow at a much faster pace than the medications market. In developed regions such as North America and Europe, sleep products are already popular for monitoring and management. The global sleep aids market is currently witnessing the entry of many new players and start-ups.
- The mattress industry is increasing at a faster pace due to the introduction of the smart home concept in the US.
- The sleep market in North America is expected to reach USD 41.51 billion by 2026.
- Almost 60% of the German population has a risk of sleep apnea, leading to a market growth rate of 4.33% during the forecast period.
- The North American region acquires the highest sleep market share of 33.26%, and the APAC region attributes the maximum absolute growth.
- The global market is highly diversified in terms of product offerings. Based on the application and consumer’s needs, the products are offered.
SLEEP MARKET TREND ANALYSIS
- Amazon, Xiaomi, and Samsung are some of the leading company profiles entering the global sleep health market by introducing smartwatches or smart bands.
- The trend of AI in sleep management is expected to become a driver for the market in the future.
- In the era of natural and organic products, natural sleeping aids are gaining high traction in the industry.
- Smart connectivity using the IoT is one of the important aspects of the smart bedding segment.
This research report includes a detailed segmentation by
- Product Type
The smart bedding segment is expected to reach USD 45.59 billion by 2026.
The smart bedding segment provides multi-sensor equipment such as smart mattresses and pillows, ambient light, sound systems, etc. The features provided by the smart beds are expected to improve even further while maintaining a reasonable price, which will make it more affordable and accessible for the larger part of the population.
China and the United States have the highest prevalence of sleep apnea. With the increasing prevalence of apnea and chronic respiratory disorders, the demand for the devices is expected to increase during the forecast period. The apnea devices segment is growing at a CAGR of 8.34% by 2026. Almost 50% of Americans use prescription-based sleeping aids or OTC products, thereby booming the growth in the global sleep industry.
In 2020, the insomnia segment obtained the highest sleep market share, acquiring a 36.72% share.
Chronic insomnia is a severe sleeping disorder that can further progress into many chronic diseases. This can affect the mental health of a person, thereby accelerating the growth of the insomnia segment. According to the American Sleep Association, acute insomnia affects almost 30% of the adult population. The emergence of COVID-19 has also contributed to the increasing incidence of insomnia. The market is dominated by diagnostic and treatment products for insomnia, which is expected to continue during the forecast period.
With the increasing obese population and unhealthy eating habits, the incidence of sleep apnea is expected to increase in the upcoming year. According to the Asian Society of Respirology, obstructive sleep apnea affected 936 million people across the world. Medical companies are expected to create innovative & smart technologies to grow in the apnea segment.
The global market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The urban population of the North American region is around 82% which is higher than any other region. In North America, the growth of the sleep health industry is attributed to the already established hard solutions market, where the leading pharmaceutical companies are actively introducing e-prescription products and OTC products. The region is making the sleep products available at much lower prices, which in turn, increasing the acceptance of the natural sleeping meds market. As the higher percentage population is technology users, it has become easier for device manufacturers to market their products in the region.
INSIGHTS BY VENDORS
The smart bedding market is crowded with many vendors. Philips and ResMed lead the sleep apnea and sleep lab services market. Philips is the global leader in consumer use healthcare products and consumer electronics products. In the global sleep industry, Philips performs under the segmented sleep and respiratory care, which accounted for a revenue of USD 3.20 billion in 2020. Device manufacturing companies across the globe mainly dominate the industry. Key vendors are gaining growth opportunities to survive in the industry and remain competitive.
The sleep market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
- Product Type
- Smart Bedding
- Lab Services
- Apnea Devices
- Wearable Devices
- Sleep Apnea
- Restless Leg Syndrome
- REM Sleep Behavior Disorder
- North America
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia