The sleeping aids market is driven by the increasing incidence of obstructive sleep apnea and insomnia, rising usage of portable sleep apnea devices, wearable monitors and sensors, and sleeping pills, surging stress in everyday life, booming geriatric population, government support to startups, and expanding healthcare center network. As a result, the market valued $78.7 billion in 2019, and it will grow to $162.5 billion by 2030, at a 7.1% CAGR between 2020 and 2030 (forecast period).
Under the offering segment, the market categories are mattresses and pillows, medication, sleep laboratory services, sleep apnea devices, and others. Among these, the mattresses and pillows category held the largest share during 2015–2020 (historical period) due to the easy availability of such products. Moreover, they have been known and used for ages owing to the general understanding that they help maintain the body posture, which is extremely important for a good night’s sleep. Further, mattresses and pillows are among the cheapest sleeping aids, thus encouraging their mass adoption.
The primary reason behind the increasing volume of such tests and demand for sleeping aids is the rising number of people suffering from OSA and insomnia. The American Sleep Foundation says that insomnia, the most-common sleep disorder in the U.S., is reported in 30% of the population in its acute (short-term form), while chronic insomnia presents in 10% of the adults in the country. Further, as per the Office of Health Economics for the British Lung Foundation, treating such disorders could bring down road crashes by up to 40,000 incidents a year.
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In this regard, a key driver for the sleeping aids market is the booming geriatric population. With age, people suffer from psychological issues, and their cardiac rhythm changes, which can lead to sleep issues, such as insomnia and OSA. The population of people in the age group of 65 and above is expected to increase from 727 million in 2020 to 1.5 billion by 2050, as per the United Nations (UN). This will mean a lot more cases of sleep disorders, which will drive the demand for diagnoses and treatment.