Demand for sleep aid devices is widely prevalent, owing to the increasing sleep disorders such as insomnia, obstructive sleep apnea, and central sleep apnea. Severe side effects of sleeping sedatives such as allergy, hypnotics, hematologic reactions, and hepatotoxic, have influence the individuals to favor sleep aid devices over sleeping pills.
There has been a significant surge in the demand for sleep aid devices ascending from the rising geriatric population, by the dent of insomnia being common in this demography. Pervasiveness of polypharmacy and multimorbidity in the elderly population have a strong impact on their sleeping patterns, which is further anticipated to drive the growth of sleep aid devices. Comorbidities such as type 2 diabetes, obesity, stroke, heart diseases, andatherosclerosis, along with the diseases caused by smoking, drug of abuse, and alcohol have affected the sleep of individuals.
With the considerable rise in the disposable incomes of the individuals, affording these sleep aid devices is possible for the consumers. This in turn, offers a lucrative growth opportunity to the sleep aid devices market at the global level. A host of these factors have contributed to the affluent growth of sleep aid devices market, which is projected to clock an impressive CAGR of over 6.9% by the end of 2032.
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Various government & non-government groups like Circadian Sleep Disorders Network & American Sleep Apnea Association (ASAA) are organizing numerous programs for increasing awareness of the significance of sound sleep and the utilization of sleep aid devices. Another centralized organization, National Sleep Foundation dedicated an entire week by celebrating sleep cognizance week, in the bid to create cognizance of sleep disorders.
Such thoughtful initiatives taken by the government and private organizations have contributed to the growing inclination of people towards sleep aid devices. On the back of these factors, the global sleep aid devices market is growing at an accelerated pace.
Key insights derived from the report comprises of an incisive view of the leading players working towards transforming the existing scenario of sleep aid devices market. The report profiles players 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., and RESPeRATE.
Key players such as Tempur Sealy International, Simmons Bedding Company LLC., Sleep Number Corporation, Dreams, ResMed, and Koninklijke Philips N.V. enjoy a significant share in the global sleep aid devices market. These players are putting their efforts into developing new products and diversifying their portfolio in sleep aid devices market. With a view to expanding their operations, manufacturers of sleep aid devices market are collaborating with retailers, distributors, and local wholesalers.
Regional players are competing in sleep aid devices market on the basis of their even distribution of channel and pricing of sleep aid devices. On the contrary, the leading players in sleep aid devices market are focusing on effective marketing strategies to increase the penetration of their product. Strategic mergers and acquisitions happening in sleep aid devices market have been a robust growth driver for the sleep aid devices market.
Recent developments and business strategies adopted by these leading firms are projected to fortify the growth of the global sleep aid devices market by 2032 end. A decisive view on each of these players and their participation in the global sleep aid devices market growth is encapsulated in the report.
Increasing geriatric population and sleep disorders associated in this demography have created a robust demand for the sleep aid devices. Furthermore, a rise in the sedentary lifestyle and the comorbidities such as heart disease, obesity, stroke, type 2 diabetes, and atherosclerosis have resulted in the widespread utilization of sleep aid devices. Proclivity of adults for smoking, drug abuse, and alcohol at a global level have been a driving factor for the growth of the sleep aid devices 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.
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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., and RESPeRATE.
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.
The sleep aid devices market is predicted to grow at 6.9% CAGR through 2032.
North America sleep aid devices market holds the highest revenue potential.
The sleep aid devices market size is anticipated to be over USD 68354.36 Million in 2022.
The sleep aid devices market is expected to surpass USD 133211.98 Million by 2032.
| Estimated Market Value in 2024 | USD 570.52 million |
|---|---|
| Forecasted Market Value by 2034 | USD 1.11 billion |
| Projected Market CAGR (2024 to 2034) | 6.9% |
| Market Size (2023) | USD 772.0 million |
|---|---|
| Market Size (2033) | USD 1.2 billion |
| Market CAGR (2023 to 2033) | 4.1% |
| Market Value (2023) | USD 8.9 Billion |
|---|---|
| Market Anticipated Value (2033) | USD 13.3 Billion |
| Projected Growth Rate (2023 to 2033) | 4.1% |
| Estimated Market Size (2022) | USD 2.13 Billion |
|---|---|
| Projected Market Size (2026) | USD 2.7 Billion |
| CAGR Value (2022 to 2026) | 6.1% |
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