NEW YORK, Aug. 12, 2020 /PRNewswire/ -- With the rising incidence of obstructive sleep apnea and insomnia, the global sleeping aids market would reach $162.5 billion by 2030, according to the study published by P&S Intelligence. The market, which was worth $78.7 billion in 2019, would witness a CAGR of 7.1% between 2020 and 2030. The American Sleep Apnea Foundation says that sleep disorders, among which insomnia and OSA are the most common, affect 20 to 30 million people in the U.S. each year.
Moreover, government efforts to help people with such health issues are also helping the sleeping aids market grow. As per the Office of Health Economics for the British Lung Foundation, high awareness about OSA and strong focus on its diagnosis and treatment could reduce road accidents by up to 40,000 in the U.K. An array of products and drugs are used for the treatment of these sleep disorders, thereby driving the industry.
Like many others, the sleeping aids market is also being negatively impacted by the COVID-19 pandemic, due to the low manufacturing output, trade, and supply of associated products. Moreover, even the ports are operating below their actual capacity, which has further led to the low supply of sleeping aids.
In the coming years, the mattresses and pillows category, under the offering segment, will continue holding the largest sleeping aids market share. This is ascribed to the fact that a wide variety of mattresses and pillows are available in an equally wide budget range. Moreover, several local and globally operating companies offer these products, which leads to their higher sales than other sleeping aids.
Browse report with detailed TOC on Sleeping Aids Market Research Report: By Offering (Mattresses and Pillows, Sleep Laboratory Services, Medication, Sleep Apnea Devices), Sleep Disorder (Insomnia, Sleep Apnea, Restless Legs Syndrome, Narcolepsy, Sleep Walking) - Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/sleeping-aids-market
The sleep apnea category, based on sleep disorder, is expected to witness the fastest growth in the sleeping aids market during this decade, at a CAGR of 7.6%. This would be a result of the high incidence of this disorder, as well as the increasing awareness about it and the various treatment options available. A July 2020 article on the News Medical Lifesciences portal says that most sleep apnea cases remain undiagnosed due to mild symptoms and lack of diagnosticians. In order to tackle the issue, several companies are coming up with mobile applications that can track people's snoring by utilizing smartwatch sensors or smartphone microphones.
North America presently dominates the sleeping aids market, owing to the surging healthcare expenditure, growing sleep disorder incidence, public and private support and initiatives for raising the sleep hygiene and disorder awareness, and advanced healthcare infrastructure.
In order to give themselves a better chance of growth, companies operating in the sleeping aids market are working with each other on:
Ascertaining the ability of their products to provide a sound sleep
Studying the effects of undiagnosed and untreated sleep apnea on a person's health and finances
Development of better products and software, to identify, diagnose, and treat sleep disorders
Offering a wider range of food supplements and over-the-counter (OTC) medicines
Providing contact-free health and sleep monitors for people to track heart rate, respiratory rate, sleep cycles, and stress levels
The most prominent players in the global sleeping aids market are Merck & Co. Inc., Sanofi, Pfizer Inc., Koninklijke Philips N.V., Cadwell Industries Inc., SleepMed Inc., Drive DeVilbiss Healthcare, Natus Medical Incorporated, Compumedics Limited, Takeda Pharmaceutical Company Limited, GlaxoSmithKline plc, Tempur Sealy International Inc., ResMed Inc., Serta Simmons Bedding LLC, Löwenstein Medical GmbH & Co. KG, Fisher & Paykel Healthcare Limited, SomnoMed Limited, BMC Medical Co. Ltd., and BRAEBON Medical Corporation.
Blood Screening Market
With the increasing blood donation activities, the demand for the various products used to test blood for infections is also rising. This is predicted to lead to the growth of the global blood screening market, at a CAGR of 8.1% between 2020 and 2030.
North America is expected to account for the largest share in the global sleep apnea devices market, by 2023, followed by Europe. That year, together, North America and Europe are forecast to hold an approximately 74.0% market share.
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.