Market Trends of Sleep Aids Industry
Insomnia Segment is Expected to Hold a Significant Market Share Over the Forecast Period
Insomnia is known as a common sleep disorder that can make it hard to fall asleep, hard to stay asleep or cause to wake up too early and have difficulty getting back to sleep. The increasing prevalence of insomnia among the target population, the implementation of strategic initiatives by the market players, and the growing focus on the research and development of sleeping aid systems for sleep disorders are some of the major factors that are expected to contribute to the segment's growth.
As per the NCBI article published in June 2021, a comparison of the prevalence of insomnia in 57,298 participants across 13 countries using the same methodology was shown. As per the study results, out of the 57,298 participants, 11.3% had a diagnosis of short-term insomnia disorder, with significant differences in prevalence between sites, ranging from 2.3% to 25.5%. Thus, such an increase in the patient population suffering from insomnia is expected to boost the demand for sleeping aids, in turn driving the segment's growth.
Additionally, the growing focus on research and development activities for sleeping aid systems is increasing the adoption of devices among insomnia patients, thereby contributing to the segment's growth. For instance, as per a July 2021 update, a research project led by National Cheng Kung University (NCKU) Professor Sheng-Fu Liang developed an intelligent neurofeedback training and sleep quality assessment system for chronic insomnia, especially for residual insomnia, the treatment of which is largely unmet in the management of patients with depression or anxiety. This ongoing project is under the Artificial Intelligence Biomedical Research Center (AIBMRC) and is supported by the Ministry of Science and Technology (MOST) Taiwan to develop innovative artificial intelligence (AI) biomedical technology for smart medicine and smart healthcare.
Moreover, some of the market players are undertaking strategic initiatives such as product launches and development that are projected to aid the segment's growth. For instance, In February 2022, eXciteOSA was launched by Signifier Medical Technologies for snoring and sleep apnea treatment. It is approved for the treatment of primary snoring and mild obstructive sleep apnea (OSA) in adults 18 years or older by the Food and Drug Administration (FDA).
Thus, the aforementioned factors are likely to drive the growth of the segment during the forecast period.
North America is Expected to Hold Major Market Share in the Market Over the Forecast Period
The North American region is expected to hold a notable share of the market during the projected period. The market is predicted to be driven by the rising prevalence of insomnia due to several underlying conditions such as depression and anxiety, technical advancements, and research-increasing product launches in the region. For instance, according to the Survey on COVID-19 and Mental Health (SCMH) in May 2021, 1 in 4 (25%) Canadians of age 18 and older screened positive for symptoms of depression, anxiety, or posttraumatic stress disorder (PTSD).
Furthermore, as per the data published by the National Sleep Foundation in May 2021, in the United States, 35% of all adults reported sleeping less than seven hours every night on average. Additionally, stress can cause adjustment insomnia, which hampers the functioning of the brain. The Sleep Statistics, updated by the Sleep Foundation in May 2022, stated that with a rate of 49.8% of adults in Camden (New Jersey) and Detroit (Michigan) reported short sleep, and the two cities have the highest rate of sleep disorders. Thus, such an increase in the patient population is expected to increase the adoption rate of sleep aids, thereby driving market growth in the region.
Moreover, drug approval is another factor augmenting the growth of the market. For instance, in July 2021, the Food and Drug Administration (FDA) approved fexinidazole as the first all-oral treatment for both stages of the Trypanosoma brucei gambiense form of sleeping sickness (Human African trypanosomiasis) in patients 6 years of age and older and weighing at least 20 kg. Thus, factors such as product launches and drug approvals are among the factors that contribute to the overall growth of the studied market in the region.
Additionally, some of the market players are undertaking strategic initiatives such as product launches and development factors projecting market growth. For instance, in October 2021, Interaxon, a consumer neurotechnology and meditation company, launched the second generation of its popular EEG meditation and sleep headband, Muse S. This updated plush brain-sensing headband uses real-time biofeedback.
Therefore, owing to the abovementioned factors, the market is expected to grow in the North American region over the analysis period
