In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this Global Sleep Market Report
The sleep market by revenue is expected to grow at a CAGR of 6.11% during the period 2020–2026.
Several research studies and government programs help improve awareness explaining the importance of sleep in many countries.
The increasing awareness regarding sleep encourages the sales of preventive care devices such as smart bedding and other related devices. Recent developments in the market are the smartphone-based tracking and sleep management applications gaining high traction across the globe. Almost all the vendors are now producing wearable devices with smart connectivity options and are easy to use by the patients. In the era of customization, the future of the sleep aids market will be dominated by smart bedding devices which can be used as a part of smart homes. It will allow a person to personalize the lighting of their rooms based on their comfort.
The following factors are likely to contribute to the growth of the electric vehicle charging infrastructure market during the forecast period
• Rising Awareness Towards Sleep as Health Behavior
• Increasing Acceptance Sleep Trackers for Sleep Management
• Growing Prevalence of Mental Illness
• Rising changes in Lifestyle and Urbanization
The study considers the sleep market’s present scenario and its market dynamics for the period 2020?2026. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent ones operating in the market.
SLEEP MARKET SEGMENTATION The global sleep market research report includes a detailed segmentation by product type, indication, geography. The smart bedding segment provides multi-sensor equipment such as smart mattresses, ambient light, sound systems, etc. The features provided by the smart beds are expected to improve even further while maintaining a reasonable price, which will make it more affordable and accessible for the larger part of the population. China and the US have the highest prevalence of sleep apnea. With the increasing prevalence of apnea and chronic respiratory disorders, the demand for the devices is expected to increase during the forecast period. The apnea devices segment is growing at a CAGR of 8.34% by 2026. Almost 50% of Americans use prescription-based sleeping aids or OTC products, thereby booming the growth in the global sleep industry.
Chronic insomnia is a severe sleeping disorder that can further progress into many chronic diseases. This can affect the mental health of a person, thereby accelerating the growth of the insomnia segment. According to the American Sleep Association, acute insomnia affects almost 30% of the adult population. The emergence of COVID-19 has also contributed to the increasing incidence of insomnia. The market is dominated by diagnostic and treatment products for insomnia, which is expected to continue during the forecast period.
Segmented by Indication
• Sleep Apnea
• Restless Leg Syndrome
• REM Sleep Behavior Disorder
GEOGRAPHICAL ANALYSIS The global market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The urban population of the North American region is around 82% which is higher than any other region. In North America, the growth of the sleep health industry is attributed to the already established hard solutions market, where the leading pharmaceutical companies are actively introducing e-prescription products and OTC products. The region is making the sleep products available at much lower prices, which in turn, increasing the acceptance of the natural sleeping meds market. As the higher percentage population is technology users, it has become easier for device manufacturers to market their products in the region.
Segmented by Geography
• North America
o South Korea
• Latin America
• Middle East & Africa
o South Africa
o Saudi Arabia
INSIGHTS BY VENDORS
The smart bedding market is crowded with many vendors. Philips and ResMed lead the sleep apnea and sleep lab services market. Philips is the global leader in consumer use healthcare products and consumer electronics products. In the global sleep industry, Philips performs under the segmented sleep and respiratory care, which accounted for a revenue of USD 3.20 billion in the year 2020. Device manufacturing companies across the globe mainly dominate the industry. Key vendors are gaining growth opportunities to survive in the industry and remain competitive.
• Koninklijke Philips
• Natus Medical Incorporated
• Nihon Kohden Corporation
• Fisher & Paykel Healthcare
• Compumedics Limited
• Itamer Medical Ltd
• Sleep Number Corporation
Other Prominent Vendors
• Apple Inc.
• BMC Medical Co., LTD
• Curative Medical
• Apex Medical Corporation
• Cadwell Industries INC.
• SOMNOMEDICS GMBH
• Advanced Brain Monitoring INC.
• Braebon Medical Corporation
• Cleveland Medical Devices INC.
• Eight Sleep
• Solace Lifesciences
• Sleep Cycle
• Polar Electro
• Pzizz LTD
• Garmin LTD
• Sunovion Pharmaceuticals INC.
• Eisai INC.
• Mallinckrodt Pharmaceuticals
• Teva Pharmaceuticals Industries LTD
• Pfizer INC.
KEY QUESTIONS ANSWERED:
1. How big is the sleep market?
2. Who are the key players in the sleep market?
3. What are the latest technological advancements in the market?
4. What are the factors driving the sleep market?
5. What is the growth of the smart bedding segment during the forecast period?
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