Leading Manufacturers Contribute More than 80% of the Revenue in the Sleep Aid Devices Market
Major manufacturers such as, Simmons Bedding Company LLC, Tempur Sealy International, Sleep Number Corporation, ResMed, Koninklijke Philips N.V, and Dreams have a promising revenue share in the sleep aid devices market. These companies are endeavoring to launch novel product lines in the sleep aid devices market. Companies operating in the sleep aid devices market are focusing on merger and acquisition strategies to expand their portfolio. To expand in the sleep aid devices market, the companies are working in collaboration with local wholesalers, distributors, and retailers. Local companies are contending based on pricing and effective channel management in the market. The mattress and pillow segment is the major revenue contributor in the sleep aid devices market.
Interest towards Sleep Aid Devices is Increasing Due to a Rise in Sleeping Disorders
Globally, sleeping disorders are increasing and becoming a severe ongoing struggle for the world population. 50-70 million adults in the U.S. are suffering from sleep disorders, 48.0% of the U.S. adults report snoring. Insomnia is the most common sleep disorder, with short-term issues reported by about 30% of adults and chronic insomnia by 10%. Around 25 million U.S. adults have obstructive sleep apnea (OSA). Increasing prevalence of sleep disorders, such as insomnia, OSA, and CSA, has increased the demand for sleep aid devices, which are the prime solution for proper sleep. Due to various adverse physiological and paradoxical effects of sedatives and hypnotics, along with a risk for development of dependence and abuse, sleep aid devices are preferred. An occurrence of a wide variety of serious allergic, hepatotoxic, and hematologic reactions to sedatives and hypnotics is possible.
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Rise in Geriatric Population and Lifestyle-related Disorders
Geriatric population is increasing globally. According to the National Institutes of Health (NIH), around 8.5% of the world population was aged 65 or above in 2016, and by 2050 this percentage is expected to grow to around 17%. Sleep disturbance is very common in the geriatric population. Multimorbidity, polypharmacy, and certain sleep disorders are very common in the elderly population and adversely affect their normal sleep pattern. Currently, lifestyle-related diseases such as atherosclerosis, heart diseases, stroke, obesity, type 2 diabetes, and diseases associated with smoking, alcohol, and drug abuse are rising globally. Sleep apnea is one of the comorbidities associated with these lifestyle-related diseases. Thus, the rise in geriatric population and other lifestyle-related diseases is consequently expected to impact the growth of the sleep aid devices market in a positive way.
Rise in Disposable Income
According to the U.S. Bureau of Economic Analysis, there was around 8% increase in disposable personal income in the U.S. from September 2017 to August 2018. As a result of a rise in disposable income, consumers can afford high-cost devices. This can provide an excellent growth opportunity for the manufacturers of sleep aid devices.
Sleep deprivation is associated with lost productivity as well. A study by RAND Corporation has stated that in the U.S., there are around 1.2 million lost work days per year and as a result, the economic impact of productivity losses and higher mortality rates could be over US$ 400 billion or 2 percent of GDP.
Increase in Sleep-related Awareness
Various government and non-government organizations such as Circadian Sleep Disorders Network and American Sleep Apnea Association (ASAA) are conducting various awareness programs to increase awareness about the importance of ample sleep and usage of sleep aid devices. Sleep awareness week was celebrated by the National Sleep Foundation with the theme “Begin with Sleep Moreover” in March 2018. With an increase in awareness levels and government support, people have started showing more interest in sleep aid devices. As a result, the sleep aid devices market is emerging as a huge market and several products are evolving to treat different sleep disorders.
The competition section of the sleep aid devices market features profiles of key players operating in the industry based on their market shares, differential strategies, product offerings, marketing approach, and company dashboard. Some of the key players featured in this report include ResMed Inc., Fisher & Paykel Healthcare Limited, Drive DeVilbiss Healthcare LLC, Koninklijke Philips N.V., Sleep Number Corporation, Responsive Surface Technology LLC, Eight Sleep Inc., Simmons Bedding Company LLC, Electromedical Products International, Inc., Kingsdown, Inc., Ebb Therapeutics and Sleepace Inc.
ResMed Inc. offers a range of products for sleep aid devices, which include positive air pressure devices for treatment of sleep apnea. Popular brands of the company include Lumis 150, AirSense, Elite, AirMini, Lumis, AutoSet, AirCurve, etc.
The key manufacturers of sleep aid devices are focusing on novel marketing strategies to increase product penetration. Most of the companies are focusing on acquisitions, mergers, expansion, launches, and agreements as the key strategies to increase the sale of their products in different geographies.
Sleep aid devices are medical devices that help a person to fall asleep. Sleep aid devices are used for the treatment of sleep disorders and disturbed sleep.
About the Report
Research studies have been conducted on the sleep aid devices market for the forecast period 2018 to 2026. The sleep aid devices market report offers a comprehensive evaluation of the business opportunities prevailing in the sleep aid devices market along with insights on the trends, market dynamics, market opportunity analysis, and market competition. The report elaborates on the macroeconomic factors influencing the dynamics of the sleep aid devices market and its futuristic potential.
The report offers a comprehensive taxonomy of sleep aid devices market based on product type, indication, end user, and region. Sleep aid devices include Positive Air Pressure Devices, Adaptive Servo Ventilation (ASV) Devices, Mattresses and Pillows, Smart Sleeping Equipment, and other sleep solutions. By indication, sleep aid devices can be segmented as sleep aid devices for insomnia, sleep aid devices for sleep apnea, sleep aid devices for restless legs syndrome, sleep aid devices for narcolepsy, and sleep aid devices for sleep deprivation. Among these disorders insomnia is the most common sleep disorder, with short-term issues reported by about 30% of adults and chronic insomnia by 10% in the U.S. End-use segments in sleep aid devices market which are a part of this sleep aid devices market report include hospitals, sleep clinics, and homecare settings. The sleep aid devices market has been analyzed across regions of North America, Latin America, Europe, Asia Pacific Excluding China, China, and MEA.
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Additional Questions Answered
Some of the additional questions addressed in this report on sleep aid devices market-
- What is the revenue potential of the sleep aid devices market across North America and Europe?
- Who are the key competitors and what are their portfolios in sleep aid devices market?
- What are major challenges influencing the growth of the sleep aid devices market?
- How intervention from regulatory authorities is shaping the sleep aid devices market growth?