Sleeping Aids Providing Comfort to Sleep Apnea Patients
The American Sleep Apnea Association says that at present, around 22 million people in the U.S. suffer from sleep apnea. Among these, around 80% of cases of severe and moderate obstructive sleep apnea (OSA) remain undiagnosed. OSA can affect infants as well as adults; however, it is most frequent among men over 40 years. This disorder is highly prevalent among overweight or obese men. Thus, the surging cases of sleep disorders, such as OSA and insomnia, will create a huge requirement for sleeping aids in the coming years.
Moreover, the burgeoning demand for sleeping pills, owing to the changes in sleeping patterns, will support the sleeping aids market in advancing at a 7.1% CAGR during 2020–2030. The market was valued at $78.7 billion in 2019, and it is projected to generate $162.5 billion revenue by 2030. Lifestyle changes, such as the increasing consumption of tobacco, alcohol, and caffeine, hinder the sleep pattern, which further heightens the risk of depression, diabetes, obesity, and heart diseases. Furthermore, hectic work schedules, long working hours, and stressful work conditions degrade the quality of sleep.
Currently, sleeping aids manufacturers are engaging in product launches and partnerships and collaborations to reach out to a greater number of customers. For instance, in September 2019, Koninklijke Philips N.V. introduced its expanded SmartSleep suite of solutions in the U.S. These solutions assist users in addressing an array of sleep issues, ranging from difficulty in falling asleep to snoring. Furthermore, in January 2020, SleepScore Labs partnered with Serta Simmons Bedding LLC (SSB) to explore the effects of sleeping on the iComfort by Serta CF4000 mattress and its ability to offer restful and comfortable sleep.
Whereas, the Asia-Pacific (APAC) sleeping aids market is expected to progress at the highest rate in the foreseeable future. This will be due to the increasing consumption of sleeping pills, booming geriatric population, and rising burden of sleeping disorders. According to the United Nations Population Fund (UNFPA), the population of people aged 60 years or above in the region will reach around 1.3 billion by 2050. Moreover, the low manufacturing cost of the products, owing to the easy availability of raw materials and labor, will support the market growth in the region.
Thus, the mounting cases of sleeping disorders and escalating demand for sleeping pills will fuel the adoption of sleeping aids.
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