The global sleeping aids market is being driven by the increasing geriatric population, rising prevalence of obstructive sleep apnea (OSA) and insomnia, and expanding healthcare sector. It generated a revenue of $69.5 billion in 2017 and is slated to grow at a CAGR of 6.5% during the forecast period (2018–2023). Sleeping aids are medical devices and drugs that assist a person in falling asleep. Products in the market range from sleep apnea devices and medication to mattresses and pillows, and sleep laboratory devices.
The sleeping aids market is observing the rising popularity of wearable sensors and monitoring devices. Besides recording physiological parameters of a patient’s body, these devices are equipped with sensors that help in measuring the sleep quality and monitoring sleep disorders. These devices have a user-friendly design and do not require any special know-how to operate them, which makes them a popular product among patients suffering from sleep disorders. LifeVest by ZOLL Medical Corporation, BioHarness by BIOPAC Systems Inc., and Zio XT by iRhythm Technologies Inc. are some wearable monitors and sensors.
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In the sleeping aids market, continuous positive airway pressure (CPAP) devices are being increasingly used by sleep apnea patients. These offer uninterrupted sleep to patients by controlling snoring. This device consists of a mask that is attached to a tube, along with a pump. The demand for these devices is increasing due to technological improvements, such as a mask that covers only the nose and use of soft material. CPAP humidifiers, which keep the inside-air moist, are a type of CPAP devices manufactured by companies such as ResMed Inc., Respironics Inc., and Koninklijke Philips N.V.
Governments and various private organizations are now increasingly investing in research and development activities to find a better treatment for sleep disorders. Numerous start-ups working on finding an effective way of controlling and preventing such disorders are being supported by governments of developing and developed nations alike. This has enabled the customers to access tailor-made therapies, sleep monitoring devices, and mobile apps. For instance, Oventus Medical won a $2,950,000 Australian federal government grant in February 2017 for research on sleep apnea.
Hence, the market for sleeping aids is expected to grow because of the above-mentioned factors during the forecast period.
