Increasing stress levels and the speedy increment in sleep disorders have increased a requirement for more superior sleep aid devices. The initiatives adopted by government authorities and sleep associations are boosting the requirement for sleep disorder treatment. This will outcome in a rising wave of requirement for sleep aid devices. The increase in geriatric populace is likely to add to the expansion of sleep aid devices market. The occurrence of various lifestyle ailments, for instance, heart disease, atherosclerosis, stroke, type 2 diabetes, obesity, and ailments related to drug abuse, alcohol and smoking is increasing worldwide. The increase in geriatric populace along with other lifestyle-related ailments is therefore usual to affect the expansion of the overall market in an optimistic manner.
The worldwide market for sleep aid devices is projected to hold more than US$ 29,200 Million, in value terms, through the end of 2026, projecting remarkable expansion prospects with 4.9% CAGR. Region-wise, Europe and North America markets will keep on dominating the overall market because of increasing per capita healthcare cost and favorable reimbursement coverage. The Latin America and APAC market is likely to expand at a higher expansion rate because of active healthcare backdrop and favorable government policies for new players.
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Disposable income in emerging nations is rising, consequently, people are choosing for advanced and safe sleep aid devices. Further, because of this, individuals now could afford the high-priced devices. These favorable situations have proposed an excellent expansion prospect for the makers of sleep aid devices to associate with probable customers.
By product type, the overall market includes smart sleeping equipment, ASV (adaptive servo-ventilation) devices, positive air pressure devices, pillows and mattresses along with others. Of these, the smart sleeping equipment has technically progressed that aids in tracking sleep and provide information regarding the person’s sleep quality with the assistance of a mobile application. In addition, they further have a few extra features for instance smart home integration, onboard temperature control, and could analyze the breathing and heart rate to aid an individual sleep properly. This category is likely to foresee noteworthy expansion in revenue terms because of the rapid increment in requirement for secure sleep aid devices.
Base on the indication, the overall market include sleep aid devices for insomnia, sleep apnea, restless leg syndrome, narcolepsy, and sleep deprivation. Of these, insomnia is the widespread sleep disorder, with short-term issues around chronic insomnia by 10% and 30% of adults in the U.S.
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The foremost companies active in the worldwide market are Fisher & Paykel Healthcare Limited, ResMed Inc., Koninklijke Philips N.V., Drive DeVilbiss Healthcare LLC, Responsive Surface Technology LLC, Sleep Number Corporation, Simmons Bedding Company LLC, Eight Sleep Inc., Kingsdown, Inc., Electromedical Products International, Inc., Sleepace Inc., Ebb Therapeutics and others.