Why is Increasing Demand for Home Sleep Test Driving Sleep Aids Market?

The global sleeping aids market is being driven by the increasing geriatric population, rising prevalence of obstructive sleep apnea (OSA) and insomnia, and expanding healthcare sector. It generated a revenue of $69.5 billion in 2017 and is slated to grow at a CAGR of 6.5% during the forecast period.

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The sleeping aids market is observing the rising popularity of wearable sensors and monitoring devices. Besides recording physiological parameters of a patient's body, these devices are equipped with sensors that help in measuring the sleep quality and monitoring sleep disorders. These devices have a user-friendly design and do not require any special know-how to operate them, which makes them a popular product among patients suffering from sleep disorders. LifeVest by ZOLL Medical Corporation, BioHarness by BIOPAC Systems Inc., and Zio XT by iRhythm Technologies Inc. are some wearable monitors and sensors.

OSA disorders and insomnia are rampant across the world. Chronic insomnia is most commonly caused by depression, anxiety, and stress. Restless leg syndrome and periodic limb movement disorder are some of the sleep disorders that further cause chronic insomnia. The American Sleep Association reported that about 50-70 million adults in the country suffer from at least one sleep disorder. Therefore, the sleeping aids market is predicted to flourish with the increasing prevalence of OSA disorders and insomnia.

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Governments and various private organizations are now increasingly investing in research and development activities to find a better treatment for sleep disorders. Numerous start-ups working on finding an effective way of controlling and preventing such disorders are being supported by governments of developing and developed nations alike. This has enabled the customers to access tailor-made therapies, sleep monitoring devices, and mobile apps. For instance, Oventus Medical won a $2,950,000 Australian federal government grant in February 2017 for research on sleep apnea.

Hence, the market for sleeping aids is expected to grow because of the above-mentioned factors during the forecast period.

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