Sleeping Aids Industry Size, Growth rate and Future Analysis

Sleeping aids refer to medicinal drugs and medical devices that help a person to fall asleep. The various offering in sleeping aids market include medication, sleep laboratory services, mattresses and pillows, sleep apnea devices, and others. The global sleeping aids market is projected to grow at a decent pace for the next few year. The market to attain revenue of $101.9 billion by 2023.

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Growing adoption of wearable monitoring devices and sensors is a key trend observed in the global sleeping aids market. These devices help to record and transmit data related to various physiological conditions of patient’s body. These devices are well equipped with sensors, and also serve various functions, such as monitoring sleep disorders, and measuring sleep quality. Some of the wearable monitors and sensors available in the market include Sense Wear Armband by Jawbone, BioHarness by BIOPAC Systems Inc., LifeShirt by Aegis Limited, Zio XT by iRhythm Technologies, Inc., and LifeVest by ZOLL Medical Corporation. These wearable monitors and sensors are easy to use and do not require any special skill to operate them; thus, making them popular among patients suffering from sleep disorders.

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Sleep disorders and comorbid diseases are rising at an alarming rate in developing nations, which has led to increasing investments by government and private organizations on the research and development, to provide better treatment options to the patients in these countries. Governments in developing as well as developed countries are supporting various start-ups working on the control and prevention of sleep-related disorders. Investment in sleep focussed start-ups help them to tailor technologies and provide consumers with accessible sleep monitoring devices, apps and therapies. For instance, in February 2017, Oventus Medical won a $2,950,000 federal government grant to continue research into the growing epidemic of sleep apnea. The grant would focus on innovative technologies which develop an alternative device to CPAP therapy. The grant was awarded under the Cooperative Research Centers (CRC) Programme, within the federal Department of Industry, Innovation and Science.

Source: P&S Intelligence