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HomeScience NewsSleeping Aids Market to Generate $157,484.5 Million Revenue by 2030 

Sleeping Aids Market to Generate $157,484.5 Million Revenue by 2030 

The sleeping aids market is projected to be USD 157,484.5 million by 2030 growing at a CAGR of 7.3% during the forecast period, according to the estimates of the market research company, P&S Intelligence. 

In 2021, North America held the largest revenue share approximately 50% in the market. This dominance can be credited to the rising frequency of sleep disorders and several initiatives by non-government and government organizations to spread awareness about the associated disorders and sleep hygiene. 

In 2021, the size of the APAC sleeping aids market was $15 billion, and it is projected to grow at the highest rate in the years to come. Several sleeping disorders, like sleep apnea, sleepwalking, narcolepsy, insomnia, and restless leg syndrome need intervention, to avoid serious damage. 

Majorly, the revenue in the industry is growing in APAC because of the high consumption of sleeping pills due to the changing lifestyle, long working hours, stress, and rising awareness about sleep disorders. Such reasons are growing the sales of sleeping aids. 

The increasing acceptance of wearable monitoring devices and sensors is driving the market. Such devices support in transmission and record data related to several physiological conditions, for measuring and monitoring sleep quality. Some of the wearable sensors and monitors presented are BioHarness by BIOPAC Systems Inc., LifeVest by ZOLL Medical Corporation., LifeShirt by Aegis Limited, Zio XT by iRhythm Technologies Inc., and Sense Wear Armband by Jawbone. 

Moreover, these devices are easy to use which makes them popular among people suffering from these disorders. Thus, with the increasing help from the usage of these instruments to monitor sleep quality, the requirement for sleeping aids is projected to grow. 

In 2021, the Mattresses and pillows category had the highest revenue share, at approximately 40%. The availability of a wide range of international as well as local mattresses and pillows manufacturers makes these products cheaper which leads to their wide acceptance among people. 

The Chinese market for products that support the sleep-deprived is rising at a high rate, mainly with youngsters looking to surge the quality and quantity of their sleep.  

Which indeed is contributing to the growth in the demand for obstructive sleep apnea machines, smart mattresses, and melatonin. 

In China, with a growing amount of population suffering from sleep disorders, companies like Xilinmen and Xiaomi are spending more on scientific R&D to provide better products. Furthermore, key players are concentrating on exploring the potential effects of enhanced technology on sleep time. 

Hence, the rising occurrence of obstructive sleep apnea, unhealthy routines of individuals, which is noticeable in the fluctuations in sleep and diet and patterns; and huge work pressure, are the major factors driving the sleeping aids market. 

SOURCE: P&S Intelligence