New York City, United States -- With the outbreak of COVID-19 in worldwide and stipulated lockdown, the healthcare sector is witnessing an unprecedented slowdown as per EY-FICCI study titled, ‘COVID-19 impact assessment for healthcare sector and key financial measures recommendations for the sector’. The study is predicated on an assessment of healthcare players within the country to assess the economic impact of the COVID-19 pandemic and provides recommendations on the fiscal stimulus measures it needs within the coming months.
According to the American Sleep Association, around 50-70 million adults in the U.S. are suffering from sleep disorders, 48.0% of the U.S. adults report snoring, and approximately 5.9 million U.S. adults were diagnosed with obstructive sleep apnea (OSA).
In Latin America, the prevalence of OSA was 23.5% in 2013. Sleep aid devices are considered as useful tools for the treatment of sleep disorders. According to the latest research by Persistence Market Research (PMR), the global sleep aid devices market is anticipated to account for over US$ 29,200 Mn, in terms of value, by 2026 end. The report on the sleep aid devices market further projects significant growth potential with CAGR at 4.9% through 2026.
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- 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
- Sleepace Inc.
Rising stress levels and the rapid increase in sleep disorders such as, insomnia, sleep apnea, restless legs syndrome, narcolepsy, and sleep deprivation have created a need for more advanced sleep aid devices. 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 regarding the importance of ample sleep and usage of sleep aid devices.
The initiatives taken by sleep associations and government authorities are promoting the demand for sleep disorder treatment. This would result in an increasing wave of demand for sleep aid devices.
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The rise in geriatric population is expected to contribute to the growth of sleep aid devices market. As per the NIH-funded Census Bureau report in 2016, around 8.5% of the world population was aged 65 or above and by 2050 this percentage is expected to grow to around 17%.
The prevalence of several lifestyle diseases such as atherosclerosis, heart disease, stroke, obesity, type 2 diabetes, and diseases associated with smoking, alcohol and drug abuse is rising globally. 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.
Disposable income in developing economies is increasing, as a result, people are opting for safe and advanced sleep aid devices. Moreover, due to the rise in disposable income, people now can afford the high-cost devices. Such favorable conditions have provided an excellent growth opportunity for the manufacturers of sleep aid devices to connect with potential customers.
Persistence Market Research (PMR) has segmented the sleep aid devices market based on product type, indication, end user, and region.
The product type segment of the sleep aid devices market is segmented into Positive Air Pressure Devices, Adaptive Servo-Ventilation (ASV) Devices, Mattresses and Pillows, Smart Sleeping Equipment, and Other Sleep Solutions. Smart sleeping equipment are technologically-advanced sleep aid devices, which track sleep and give information about the quality of sleep a person had with the help of a mobile application.
Along with sleep data, they also have some additional features such as onboard temperature control, smart home integration, and can analyze heart and breathing rate to help a person sleep properly. The smart sleeping equipment segment in the sleep aid devices market is expected to witness noteworthy growth in terms of revenue owing to the rapid increase in demand for safe sleep aid devices.
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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 leg syndrome, sleep aid devices for narcolepsy, and sleep aid devices for sleep deprivation. Insomnia is the most common sleep disorder among these, with short-term issues reported by about 30% of adults and chronic insomnia by 10% in the U.S.
North America and Europe sleep aid devices markets will continue to dominate owing to favorable reimbursement coverage and increasing per capita healthcare expenditure. The Asia Pacific and Latin America sleep aid devices market is expected to grow at a high growth rate due to active healthcare landscape and favorable government policies for startup companies.
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