Market Trends of Sleep Aids Industry
Insomnia Segment is Expected to Hold a Significant Market Share Over the Forecast Period
Insomnia is known as a common sleep disorder that can make it hard to fall asleep, hard to stay asleep, or cause a person to wake up too early and have difficulty getting back to sleep. The increasing prevalence of insomnia among the target population, the implementation of strategic initiatives by the market players, and the growing focus on the research and development of sleeping aid systems for sleep disorders are some of the major factors that are expected to contribute to the segment's growth.
For instance, according to an article published in February 2023 in the Frontiers in Psychiatry journal, researchers found that there were a considerable number of insomnia cases among Macau residents during the COVID-19 pandemic. Thus, such an increase in the patient population suffering from insomnia is expected to boost the demand for sleeping aids, driving the segment's growth.
Additionally, the growing focus on research and development activities for sleeping aid systems is increasing the adoption of devices among insomnia patients, thereby contributing to the segment's growth. For instance, in June 2023, London-based start-up Lindus Health initiated trials targeting insomnia, tinnitus, and short-sightedness. Moreover, some of the market players are undertaking strategic initiatives such as product launches and development that are projected to aid the segment's growth. For instance, in February 2022, Signifier Medical Technologies launched eXciteOSA for snoring and sleep apnea treatment. The Food and Drug Administration (FDA) has approved it for the treatment of primary snoring and mild obstructive sleep apnea (OSA) in adults 18 years or older.
Thus, the aforementioned factors, such as an increase in insomnia cases and a rise in the adoption of sleeping aids for treating insomnia, are likely to drive the growth of the segment during the forecast period.
North America is Expected to Hold Major Market Share in the Market Over the Forecast Period
North America is expected to hold a notable market share during the projected period. The market is predicted to be driven by the rising prevalence of insomnia due to several underlying conditions, such as depression and anxiety, technical advancements, and research-increasing product launches in the region.
Furthermore, the Sleep Statistics, updated by the Sleep Foundation in May 2022, stated that 49.8% of adults in Camden (New Jersey) and Detroit (Michigan) reported short sleep, and the two cities reported to have had the highest rate of sleep disorders. Thus, such an increase in the patient population is expected to increase the adoption rate of sleep aids, thereby driving market growth in the region.
Moreover, regulatory approval and the launch of advanced sleeping aids are other factors augmenting the growth of the market. For instance, in June 2022, Sleep Habit launched a product, Sleep Reset, a digital, personalized sleep clinic. Sleep Reset utilizes clinically proven methods to uncover and address the root cause of one's sleep issues through its iPhone and Android apps. Similarly, in May 2022, StimScience launched a consumer support product, Somnee. Somnee is the first-ever electronic sleep aid headband to use personalized, non-invasive brain stimulation to improve the wearer's sleep quality. Thus, factors such as product launches and drug approvals are among the factors that contribute to the overall growth of the market in the region.
Therefore, owing to the abovementioned factors, such as an increase in the launch of sleeping aids products in the region along with the rise in the prevalence of various sleep-related diseases, the market is expected to grow in North America during the forecast period.
