US sleeping aids and remedies market to reach $52 billion by 2020.
Reportlinker Review is a series of posts featuring Innovations, Social and Economic Megatrends to understand the World of Tomorrow. Each post is illustrated with statistics for one industry.
Reportlinker’s Sleep-aids Market Review in a nutshell
- Traditional sleep-apnea treatment may not work
- Implantable device shows promise
- Study finds sleep-apnea patients are erratic drivers
Within the sleep-aids market, sleep-apnea devices and treatments are forecasted to see the highest growth by 2020, according to Persistence Market Research.
Sleep apnea is a disorder in which people stop breathing for a few seconds while sleeping, sometimes up to 30 times per hour. It is estimated between two and four percent of the population suffers from sleep apnea.
Many sleep-apnea patients also have cardiovascular disease.
Sleep apnea traditionally has been treated using a CPAP machine with a mask that provides the wearer with a constant air supply. Recent studies, however, are showing the machine does not effectively prevent heart attacks and strokes.
Instead, future sleep-apnea patients may be treated using an implant manufactured by pharmaceutical company Respicardia. The implant works like a pacemaker does for the heart, only it controls the diaphragm.
The sleep-aids market is dominated by pharmaceutical companies such as Merck & Co., Pfizer, GlaxoSmithKline Plc, and SleepMed.
Other conditions treated with sleep aids include sleep walking, insomnia and narcolepsy.
In 2015, $41 billion was spent in the U.S. on sleeping aids and remedies, according to Consumer Reports. This figure is forecasted to reach $52 billion by 2020.
Meanwhile, sleep apnea might cause more than health problems. It can cause erratic driving according to a study by St. James’ University Hospital in Leeds, UK.
The study tested those with untreated sleep apnea and those without the condition. The sleep- apnea participants were more likely to be tired and this leads to lane deviation and a higher risk for accidents.
The results were presented to the European Respiratory Society Sept. 7.
“We have also shown that nodding at the wheel and admitting to sleepiness at the wheel are more likely in patients as compared to controls [those without sleep apnea],” Dr Mark Elliott, from St. James’ University, told the Society. “At the moment there are no validated tools to assess this aspect.”
Key Statistics – Global Sleep-Apnea Sleep-Aids Market
- In the global sleep-aids market, North America has the largest market share, and the U.S. represents has the largest market share in North America. (source: Persistence Market Research)
- Over the next five years, Asia is the market forecasted to experience the fastest growth. (source: Persistence Market Research)
- In 2015, the sleep-aids market was worth $61.7 billion globally. During 2016-2022, it is forecasted to grow at a CAGR (compound annual growth rate) of 6.3% (source: P&S Market Research)
- The largest segment is mattress and pillow with a market share of 42.3% (source: P&S Market Research)