Sleep Economy or Sleep Aids Market Size Worth USD 950.22 Billion in 2032 | Emergen Research

The steady Sleep Economy or Sleep Aids market revenue growth can be attributed to increasing prevalence of sleep disorders, growing investments and funding by government toward promoting sleep health and recent trends and innovations in sleep technology

Vancouver, Jan. 25, 2024 (GLOBE NEWSWIRE) — The global sleep economy or sleep aids market size was USD 512.80 Billion in 2022 and is expected to register a revenue CAGR of 6.3% during the forecast period. The steady market revenue growth can be attributed to increasing prevalence of sleep disorders, growing investments and funding by government toward promoting sleep health, and recent trends and innovations in sleep technology. In addition to this, growing market trend for wearable sleep aid devices is a major factor driving revenue growth of the market globally.

Three components make up the sleep economy including ambiance adjustment such as bedding, lighting, and temperature management, routine management such as sleep monitoring or meditation applications, and therapeutic treatment such as over-the-counter or prescription medications and sleep apnea devices. Future development of sleep-focused lines of products will continue to take advantage of movement toward sleep as a lifestyle by existing or new beauty, fitness, and wellness businesses. While bed-in-a-box businesses began with mattresses before diversifying into pillows, night lamps, and sleep aids, mindfulness startups such as Calm are currently attempting to dominate the market on bedtime stories.

The market revenue growth is being driven by an increase in the manufacturing of soft solutions, such as wearable sleep-monitoring devices and designer mattresses and pillows. Sleep industry innovations are classified as hard or soft solutions. Hard solutions are defined as anything that can be consumed by end-user to treat a sleeping disorder, including pills, powders, beverages, concentrates, emulsions, and other ingestible substances. Soft solutions are anything that end-user does not consume, such as apps, wearable technology, smart mattresses, pillows, and other wearables, as well as external monitoring and gadgets.

Request Free Sample Copy (To Understand the Complete Structure of this Report [Summary + TOC]) @ https://www.emergenresearch.com/request-sample/2074

One of the major factors driving revenue growth of the market is increasing prevalence of sleep disorders among population. According to the American Sleep Apnea Association, 84 million adults (or nearly 1 in 3 adults) do not consistently obtain the recommended amount of undisturbed sleep they need to maintain their health. Between 50 and 70 million Americans are estimated to suffer sleep problems. The prevalence of narcolepsy grew by 14%, while obstructive sleep apnea climbed by 41%, according to the study. In addition, hypersomnia (32%), periodic limb movement disorder (30%), and Rapid Eye Movement (REM) sleep behavior disorder (64%), all had an increase in prevalence.

One of the major challenges restraining revenue growth of the market is side effects of drugstore sleep economy or sleep aids. Dry mouth, urine retention, impaired vision, disorientation, and constipation are some of the side effects of sleep medicines. Since older or elderly people can be more susceptible to disorientation, vertigo, and falls, their use of these drugs raises particular safety concerns. In addition, due to widespread availability, customers are increasingly purchasing sleeping medications without a prescription. The efficacy and safety of over-the-counter sleeping pills are still largely unclear. These factors are restraining revenue growth of the market.

Segment Insights

Product Type Insights:

On the basis of product type, the global sleep economy or sleep aids market is segmented into sleep products, sleep medications and supplements, sleep technology, and sleep services.

The sleep technology segment accounted for largest revenue share in 2022. The field of sleep technology is currently expanding, bringing in new players from start-ups to major technology companies, and capturing interest of insurance providers, and healthcare providers. Remote monitoring is a useful tool for doctors looking to better understand sleep and identify efficient ways to treat its abnormalities as wearables become more widely used. The California-based healthcare business ResMed, which provides gadgets and digital health technology to treat sleep apnea, was a pioneer in the use of remote sleep monitoring techniques.

Sleep Disorder Insights:

On the basis of sleep disorder, the global sleep economy or sleep aids market is segmented into insomnia, sleep apnea, restless legs syndrome, narcolepsy, parasomnia, and others.

The sleep apnea segment accounted for largest revenue share in 2022. The American Medical Association estimates that 30 million Americans suffer from sleep apnea. The most prevalent variety is obstructive sleep apnea, and according to research, 26% of Americans between the ages of 30 and 70 have it. At least 80% of those who suffer from the condition are undiagnosed. Rising applications of oral appliances is another factor driving revenue growth of this segment. For instance, according to specialists, Mandibular Advancement Devices (MADs), which are similar to mouthguards, have been demonstrated to function, as well as Continuous Positive Airway Pressure (CPAP) in treating sleep apnea in many patients.

Emergen Research is Offering Limited Time Discount (Grab a Copy at Discounted Price Now) @ https://www.emergenresearch.com/request-discount/2074

Regional Insights:

North America accounted for second-largest revenue share in 2022. The sleep economy or sleep aids market is growing in this region, owing to increasing government initiatives and funding toward research and development in the field of sleep economy or sleep aids, as well as growing consumer interest and rapid adoption of sleep technology such as wearable sleep trackers and monitoring apps, especially in the U.S., which is resulting in revenue growth of the market. For instance, on 29 June 2022, the Government of Canada announced a USD 3.8 million funding package to encourage study on insomnia and sleep health.

Europe market accounted for a significantly large revenue share in 2022. This is attributed to growing government regulations, rising regulatory approvals for sleep aid medications, and major key strategic initiatives as well as rising Research and Development (R&D) activities which are driving revenue growth of the market in this region. For instance, on 15 November 2022, Idorsia Ltd announced that QUVIVIQTM (daridorexant) is now accessible in the first European countries, Italy and Germany, for the treatment of adult patients with insomnia that have symptoms present for at least three months and a major impact on daytime functioning.

Scope of Research

Direct Order Can Be Placed Through This Link [Exclusive Copy] @ https://www.emergenresearch.com/select-license/2074

Major Companies and Competitive Landscape

The global sleep economy or sleep aids market is fairly fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective sleep economy or sleep aids solutions.
Some major players included in the global sleep economy or sleep aids market report are:

• GlaxoSmithKline Plc.
• Merck KGaA
• Amazon.com, Inc.
• Idorsia Pharmaceuticals Ltd.
• Koninklijke Philips N.V.
• SlimScience
• Bayer AG
• THE SLEEP COMPANY
• Eisai Co., Ltd
• ResMed

Strategic Development

• On 3 May 2023, Hapbee Technologies, Inc., the wearable, wellness technology company that created the Hapbee Smart Sleep Pad, announced a collaboration with Reputable Health to create customized sleep routines that will be available through Hapbee products and are derived from Artificial Intelligence (AI)-driven algorithms that will analyze consumers’ sleep data gathered through the Reputable Health platform.
• On 3 December 2022, Wesper, a U.S. Food and Drug Administration (FDA)-approved wireless home sleep lab, announced a USD 9.6 million investment that would be used to accelerate expansion and revenue while also developing diagnostic sensing technologies. Valor Equity Partners, Breyer Capital, Spark Capital, and angel investors from major health-tech startups all contributed to the fundraising.

Browse Full Report Description + Research Methodology + Table of Content + Infographics@ https://www.emergenresearch.com/industry-report/sleep-economy-or-sleep-aids-market

For the purpose of this report, Emergen Research has segmented the global sleep economy or sleep aids market on the basis of product type, sleep disorder, distribution channel, and region:

• Product Type Outlook (Revenue, USD Billion; 2019-2032)

• • Sleep Products
    1. Mattresses and Bedding
    2. Pillows and Cushions
    3. Sleepwear and Pajamas
    4. Blankets and Comforters
    5. Sleep Accessories
  • Sleep Medications and Supplements
    1. Prescription-based Drugs
       • Benzodiazepines
       • Non-benzodiazepines (e.g., Zolpidem, Eszopiclone)
       • Orexin Receptor Antagonists (e.g., Suvorexant)
    2. OTC Drugs
    3. Herbal Drugs
  • Sleep Technology
    1. Sleep Trackers and Wearables
    2. Sleep Sound Machines
    3. Light Therapy Devices
    4. Sleep Apnea Devices
       • Positive Airway Pressure (PAP) Devices
       • Facial Interfaces
       • Oral Appliances
       • Adaptive Servo-Ventilators (ASVs)
       • Others
  • Sleep Services
    1. Sleep Clinics and Diagnostic Centers
    2. Sleep Coaching and Therapy
    3. Sleep Retreats and Wellness Programs
    4. Sleep Consultations & Telemedicine

• Sleep Disorder Outlook (Revenue, USD Billion; 2019-2032)

• • Insomnia
  • Sleep Apnea
  • Restless Legs Syndrome
  • Narcolepsy
  • Parasomnia
  • Others

• Distribution Channel Outlook (Revenue, USD Billion; 2019-2032)

• • Retail Pharmacies
  • Online Platforms
  • Supermarkets and Hypermarkets
  • Convenience Stores

• Regional Outlook (Revenue, USD Billion; 2019-2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of MEA

Emergen Research is Offering Exclusive Customization as per your Specific Requirements@ https://www.emergenresearch.com/request-for-customization/2074

About Emergen Research

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy.

Contact Us:

Eric Lee

Corporate Sales Specialist

Emergen Research | Web: https://www.emergenresearch.com/

Direct Line: +1 (604) 757-9756

E-mail: sales@emergenresearch.com

Explore Our Blogs and Insights Section: https://www.emergenresearch.com/insights