As the prevalence of sleep problems and insomnia has continued to climb, the Sleep Aid Devices Market has experienced significant expansion in recent years. Since sleep deprivation and poor sleep quality are now serious health issues, there is a greater need for creative sleep-improvement strategies. Consumers looking for non-invasive, technologically advanced solutions to their sleep-related problems have grown more and more interested in sleep aid gadgets like smart sleep trackers, wearable sleep monitors, white noise machines, and sleep therapy lights.
The increased understanding of the value of getting a good night’s sleep for general health and wellbeing is one of the major factors driving the market for sleep assistance devices. People are eager to spend money on things that can help them get better sleep and live healthier lives as they grow more health-conscious and value self-care. Further increasing their appeal to users, developments in sensor technology and the incorporation of artificial intelligence (AI) have made it possible for these devices to offer individualised sleep insights and suggestions.
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According to projections, the market for sleep aids will be worth roughly US$ 68354.36 million in 2022 and US$ 133211.98 million by 2032. The market is anticipated to expand at a 6.9% CAGR from 2022 to 2032.
The COVID-19 pandemic also had an impact on the market, with the increased stress and anxiety caused by the pandemic leading to higher instances of sleep disturbances. Consequently, the demand for sleep aid devices surged during this period as people sought effective ways to manage their sleep patterns amidst the uncertainty and disruptions in their daily routines.
While the sleep aid devices market presents promising opportunities, it also faces challenges such as stiff competition from pharmaceutical sleep aids, concerns over data privacy and security, and the need for more rigorous scientific validation of the effectiveness of these devices. Manufacturers in the industry are actively focusing on addressing these issues to gain consumer trust and broaden their customer base.
Proclivity for Smoke and Alcohol Drives the Sales of Sleep Aid Devices at the Global Level:
The growing elderly population and sleep issues linked to this demographic have increased demand for sleep aids. The growing use of sleep aid devices is also a result of an increase in sedentary lifestyles and comorbidities such atherosclerosis, type 2 diabetes, obesity, heart disease, and stroke. The global propensity of adults for drinking, using drugs, and smoking has been a major driver in the market expansion for sleep aids.
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North America to Lead the Global Sleep Aid Devices Market, Europe Second Largest Market:
As per the insights extracted from the descriptive study based on the sleep aid devices market, the market of Europe and North America reigns supreme on the back of reimbursement provided by the government. Moreover, a rise in the per capita medical expenditure of the consumers hailing from these regions has alongside contributed to the growth of the global sleep aid devices market.
As compared to the developed economies in North America and Europe, the sleep aid devices market in the emerging economies will witness an impressive rate of growth, on account of supportive government policies and ongoing development in the healthcare sector.
Comprehensive Look at the Competitive Landscape of the Global Sleep Aid Devices Market:
Key information obtained from the market study includes an analytical view of the key players transforming the current sleep aid devices market scenario. This descriptive report highlights companies such as
- ResMed Inc.
- Sleep Number Corporation
- Koninklijke Philips N.V.
- Responsive Surface Technology LLC
- Simmons Bedding Company LLC
- Eight Sleep Inc.
- Electromedical Products International, Inc.
- Ebb Therapeutics
- Sleepace Inc.
- Kingsdown, Inc.
- Drive DeVilbiss Healthcare LLC
- SleepMed Inc.
- Cadwell Laboratories Inc.
- Teva Pharmaceutical Industries Ltd.
- Drive Medical Ltd.
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Key companies such as Tempur Sealy International, Simmons Bedding Company LLC, Sleep Number Corporation, Dreams, ResMed, and Koninklijke Philips N.V. procure a major share in the sleep aid devices market. Aforementioned manufacturers are endeavoring into developing new products for diversifying their portfolio in the sleep aid devices market. Key manufacturers of sleep aid devices market are collaborating with retailers, distributors, and local wholesalers, in order to expand their operations
Domestic companies are competing depending on their channel management and pricing of the sleep aid devices. On the other hand, key players in the sleep aid devices market are concentrating their efforts on devising effective marketing strategies in order to increase the penetration of their products.
Key Segments of Sleep Aid Devices Market:
By Product Type
Positive Air Pressure Devices
- Continuous Positive Air Pressure Devices (CPAP)
- Bi-level Positive Airway Pressure Devices (Bi-PAP)
- Automatic Positive Airway Pressure Devices (APAP)
Adaptive Servo Ventilation (ASV) Devices
Smart Sleeping Equipment
- Smart Mattress and Pillows
- Smart Beds
- Smart Motion Bases
- Smart Sleep Lights
- Temperate Controlled Headbands
- Contactless Sleep Trackers
- Sound Conditioners
- On-Ear Sleep Headphones
- Smart Sleep Glasses
- Cranial Electrical Stimulators
- Smart Eye Masks
Other Sleep Solutions
- Sleep Aid Chin Straps
- Anti-Snoring Mouthpiece and Nasal Devices
- Others
By Indication:
- Insomnia
- Sleep Apnea
- Restless Legs Syndrome
- Narcolepsy
- Sleep Deprivation
By End User:
- Hospitals
- Sleep Clinics/Centers
- Home Care Settings
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