Global Sleep Aid Devices Market: Overview

The global sleep aid devices market is projected to witness growth with the rising incidence of various sleep disorders. Medicines and medical devices for the diagnosis and treatment of sleep problems such as sleeping apnea and insomnia are termed as sleeping aids. The absence of sleep quality leads to sleep disorders caused by medical problems, physical disorders, ecological problems and psychiatric problems. These sleep issues adversely influence the health of the person and lead to numerous chronic illnesses, such as hypertension, diabetes, arthritis and stroke. In 2017, around 49.2 million people worldwide had trouble focusing because of lack of sleep, according to the Centers for Disease Control and Prevention (CDC). Therefore, the need to swift diagnosis and treatment of these diseases fuels the sleep aid devices market.

This report gives exhaustive analysis of the global sleep aid devices market, focusing on market opportunities and possible constraints, along with the latest trends driving the market.

Global Sleep Aid Devices Market: Notable Developments 

SleepMed Inc. announced in August 2017 that it plans to collaborate with Early Sense, a sleep monitor that shares accurate information with users regarding its sleep cycles. The sensor can be used to monitor nighttime disruptions including detection of breathing interruption, heart rate, sleep cycles and stress. The partnership provides its customers with a comprehensive solution for better diagnosis and treatment. Adoption of such advanced technologies is expected to impact the global sleep aids devices market in the coming years.

Global Sleep Aid Devices Market Dynamics

With the growing aging population, stressful working circumstances, inconsistent sleep and lifestyle change, these are all major reasons that disturb human sleep habits and thus lead to the demand for sleep aid devices.  Here are some of the key market dynamics that will positively impact the global sleep aid devices market:

  • Rising Prevalence of Insomnia

In 2016, approximately 70 million adults suffered insomnia in the United States and men reported a higher rate of insomnia, the Centers for Disease Control and Prevention (CDC). The surge in incidence of insomnia plays a vital role in boosting the sleep aid devices market.

  • Adequate Support from Government Bodies

Several non-governmental groups such as the Circadian Sleep Disorder Network and ASAA organize numerous programs to raise awareness of the importance of sound sleep and the use of sleeping aid devices. The government and private organizations have taken these thoughtful initiatives to contribute to the increasing inclination of people use these products, bolstering the global sleep aid devices market. 

  • Greater Spending on Healthcare

With the considerable increase in people's disposable incomes, it is possible for consumers to afford such sleep aid devices. In turn, this offers the worldwide sleep aid market a lucrative opportunity to grow. Many of these factors will help the global sleep aid devices market grow abundantly. In addition, increasing awareness of sleep disorders and technological advances are expected to offer vendors new market opportunities in the near future.

Prominent vendors operating in the global sleep aid devices market are Drive Medical Ltd. Teva Pharmaceutical Industries Ltd., Itamar Medical, Cadwell Laboratories Inc., and SleepMed Inc.

North America to Keep Dominant Position over Forecast Period

In the global sleep aid devices market, regional players compete on the dominant role in the world market for sleep aids. This is due to the increasing number of sleep apnea disorders, a chronic disease that increases the chance of cardiovascular diseases, high blood pressure and depression. Asia-Pacific, due to stressful modern living practices, is expected to emerge as most lucrative regional market in the sleep aid devices market in coming years.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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