Sleep Aid Devices Market Size, Share, and Growth Forecast for 2024 to 2031

Sleep Aid Devices Market Size and Share Analysis

The global sleep aid devices market is estimated to be valued at US$ 69.1 Bn in 2024 and is anticipated to reach US$ 112.6 Bn by 2031. The market is predicted to exhibit a CAGR of 7.2% from 2024 to 2031. 

Increasing prevalence of insomnia and sleep apnea is a significant market growth driver. Factors such as hectic lifestyles and erratic work schedules contribute to the high incidence of sleep disorders. As the number of individuals affected by sleep disorders rises, demand for effective sleep aid devices that can help manage these conditions also increases. 

According to estimates from the World Health Organization (WHO), over 1 in 3 people worldwide will at some point in their lives suffer from symptoms of insomnia. Surveys show that the prevalence may reach 50% to 60% in particular groups, including women, the elderly, and those with long-term medical conditions. 

Anxiety, sadness, and PTSD are among the conditions that greatly contribute to insomnia. Symptoms of sleeplessness are reported by between 50% and 90% of people who suffer from depression. About 8% of people suffer from PTSD, and between 70% and 80% of them have insomnia as a symptom. 

Nearly 20% to 25% of night shift workers experience insomnia as a result of irregular work schedules and shift employment. Overuse of screens, especially right before bed, also affects sleep patterns for about 60% of people worldwide. 

Key Highlights of the Market 

• Increasing awareness of the importance of improving sleep quality and addressing sleep disorders is anticipated to push the market through 2031.  
• By application, the insomnia segment will likely lead with a share of 38.2% in 2024 amid rising prevalence across India and China due to high stress levels. 
• In terms of product, the wearables segment is projected to dominate with a share of 36.1% in 2024 owing to the launch of unique smartwatches for evaluating sleep patterns. 
• North America is estimated to witness a CAGR of 18% through 2031, backed by rising need to detect sleep disorders even before they occur. 
• Surging penetration in emerging areas and rising focus on non-invasive as well as drug-free solutions is anticipated to offer significant growth potential. 
• Technological developments, such as smart sleep trackers and AI-powered devices, are revolutionizing the global market. 

Attributes	Key Insights
Sleep Aid Devices Market Size (2024E)	US$ 69.1 Bn
Projected Market Value (2031F)	US$ 112.6 Bn
Global Market Growth Rate (CAGR 2024?to 2031)	7.2%
Historical Market Growth Rate (CAGR 2019 to 2023)	6%

Awareness Programs to Spur Early Detection Bolster Demand in North America

North America is projected to witness a steady CAGR of around 18% from 2024 to 2031. This growth is mainly attributed to a few factors, including the presence of leading market players, the high prevalence of sleep disorders, and increasing awareness of early disease detection. There has been a significant increase in the use of sleep technology devices for treating sleep disorders, which is leading to a positive impact on product demand. For instance, 

• An estimated 50 million adults in North America have long-term sleep problems. About 30% of adults suffer from insomnia, and 10% to 15% of women and 25% of men suffer from Obstructive Sleep Apnea (OSA). 

Associations like the American Academy of Sleep Medicine (AASM) and the National Sleep Foundation (NSF) organize events like ‘Sleep Awareness Week’ to raise public awareness of sleep hygiene and problems, Through webinars, workshops, and digital media, these programs highlight the connections between sleep disturbances and chronic illnesses, reaching millions of people across North America.  

Increasing Prevalence of Insomnia to Create New Opportunities Globally

Category	Market Share in 2024
Application- Insomnia	38.2%

The insomnia segment is projected to witness steady growth and hold a share of 38.2% in 2024. Insomnia poses significant health and financial challenges for patients. Its prevalence is on the rise, especially in developing countries such as China, Brazil, and India. For instance, 

• Insomnia affects around 10% to 20% of people in India, making it a rising public health concern. This surge is a result of urbanization, changing lifestyles, and increased stress, especially among students and working individuals. 

Various cases of insomnia remain undiagnosed and untreated due to limited awareness regarding sleep disorders. To address this issue, governments have initiated public education, clinician training, and surveillance campaigns to enhance awareness, diagnosis, and treatment. Collaborative projects are also underway to support healthcare professionals in sleep medicine and improve their understanding of sleep disorders, ultimately driving the market.  

Wearables Gain Impetus Amid Emergence of Smartwatches and Telehealth

Category	Market Share in 2024
Product- Wearables	36.1%

In terms of product, the wearables segment will likely remain at the forefront in the evaluation period. It is projected to generate a considerable share of 36.1% in 2024. Wearable technology is becoming increasingly popular as users integrate it into their daily routines. For example, 

• In June 2024, Elemind, headquartered in Cambridge, introduced its latest neurotechnology headband to help enhance sleep performance. On demand, it shifts brainwaves from wakeful patterns to deeper slumber. The new wearable reduced the time it took for 76% of study participants to fall asleep in a clinical trial by an average of 48% faster and up to 74% faster. 

The widespread use of smartwatches and mobile phones for internet access has contributed to this trend. Additionally, developing countries have witnessed a significant rise in the utilization of smartwatches and telehealth services. The ongoing expansion of mobile health (mHealth) is set to be fueled by growing awareness among hospitals and medical professionals.

Market Introduction and Trend Analysis

The sleep aid devices industry is a rapidly growing industry that focuses on providing solutions to improve sleep quality and address sleep disorders. These devices encompass a wide range of products, including mattresses, pillows, sleep apnea devices, medications, sleep laboratories, and home sleep tests.  

One of the key sleep aid devices market trends is the continuous innovation of technology. These technological developments enable individuals to track and analyze their sleep patterns, leading to better sleep management. 

There has been a significant increase in the adoption of handheld sleep aid devices. This can be attributed to the growing awareness of the importance of sleep and its impact on one’s health and well-being.  

Another key trend in the sleep snoring devices industry is the rising incidence rate of various sleep disorders, such as insomnia and sleep apnea. As a result, there is a growing need for effective devices to manage these conditions. 

Governments and healthcare organizations are increasingly recognizing the importance of addressing sleep disorders and promoting healthy sleep habits. Further, the widespread adoption of digital technology has paved the way for global market growth.  

Historic Growth and Course Ahead

The global market recorded a CAGR of 6% in the historical period from 2019 to 2023. Growth was attributed to increasing lifestyle changes, high prevalence of sleep disorders, and surging awareness of sleep health.  

In 2023, nearly 30 to 40% of adults worldwide reported having occasional insomnia, and 10 to 15% reported suffering from chronic insomnia, according to the American Academy of Sleep Medicine (AASM). Campaigns for sleep awareness and developments in wearable technology, such as Fitbit and Oura Ring, also increased public awareness of good sleep hygiene and the resources available to enhance it. 

Studies further reveal a 37% rise in insomnia occurrences between 2020 and 2022, highlighting the frequency of ‘coronasomnia.’ It is a term referring to pandemic-related sleep problems. The need for sleep aids like weighted blankets, smart pillows, and white noise devices increased because of disturbed sleep patterns brought on by lockdowns, stress, and changed habits. 

Data-driven insights and individualized sleep solutions drove the adoption of smart sleep products like the Hatch Restore. It is a sunrise alarm clock with relaxation functions. In addition, demand for Eight Sleep Pod, a mattress that regulates temperature, also became immensely popular.  

Market Growth Drivers

High Prevalence of Stress-induced Sleep Problems to Propel Demand 

There is a growing awareness about the importance of sleep and its impact on an individual’s health and well-being. As individuals become increasingly conscious of the need for quality sleep, the demand for sleep aid devices is likely to rise. Factors such as stress, busy lifestyles, and the prevalence of sleep disorders contribute to this increased awareness. For instance, 

• Stress-related sleep problems are on the rise, according to studies and surveys, with an average prevalence rate of 30% to 40% among people. As per the World Sleep Society, stress is the main cause of sleep disruptions, which affect up to 45% of individuals worldwide. Nearly 10% to 15% of people across the globe suffer from sleeplessness as a result of ongoing stress. 
• According to a 2023 American Psychological Association (APA) survey, more than half of individuals blame stress from personal obligations, employment, and money for their inability to sleep. Over 50% of shift workers and high-stress occupations, including healthcare workers, report having sleep difficulties brought on by stress. 

Launch of Novel Wearable Devices Worldwide to Spur Sales 

The continuous development of technology plays a significant role in driving the sleep aid devices market growth. Innovative features such as wireless connectivity, unique brain wave technology, and data analysis capabilities are being incorporated into these devices. 

New technologies are enabling individuals to track and analyze their sleep patterns more effectively. These technological developments are set to enhance the functionality and usability of sleep aid gadgets, attracting more consumers. For instance, 

• In September 2024, Apple revealed innovative sleep and hearing health features that will be available on the Apple Watch and AirPods Pro 2. The products demonstrated the company's dedication to providing consumers with experiences that enhance their lives. These new features expand across other products, offering customers effective and educational ways to improve their hearing and sleep health for problems that affect billions of people worldwide.

Market Restraining Factors

Lack of Scientific Evidence May Hamper Adoption 

A key factor impeding the sleep aid devices industry is the lack of scientific evidence supporting the effectiveness of a few devices. While there are various sleep aid gadgets available in the market, some of them may lack rigorous scientific studies demonstrating their efficacy in improving sleep quality or addressing sleep disorders. This lack of scientific evidence is anticipated to lead to skepticism among consumers and hinder widespread adoption. 

Various Side Effects like Headaches and Drowsiness to Limit Demand 

Another factor that can impede the global market is the potential adverse effects and side effects associated with certain sleep aids. Common adverse reactions to sleeping aids often include headaches, prolonged drowsiness, memory and performance issues during the day, and allergic reactions. These adverse effects can deter individuals from using sleep aid devices or lead to concerns about their safety and efficacy. For example, 

• According to studies, 15% to 30% of Continuous Positive Airway Pressure (CPAP) machine users get headaches as a side effect, frequently as a result of sinus problems, air leakage, or mask pressure.  

Key Market Opportunities

Key Companies Focus on Launching New Devices for Geriatric Population 

The increasing aging population presents a significant opportunity for the sleep aid devices market expansion. As individuals age, they become more prone to sleep disorders and insomnia.  

Sleep aid gadgets that cater specifically to the needs of the elderly have the potential to address the unique sleep challenges faced by this demographic. These mainly include adjustable beds, smart mattresses, and wearable sleep trackers. Developing targeted sleep aid devices and solutions tailored to the aging population can help key players extend their positions.  

Integration of Artificial Intelligence and Machine Learning to Forge Avenues 

The integration of Artificial Intelligence (AI) and Machine Learning (ML) presents one of the promising sleep aid devices market opportunities. AI-powered devices can analyze individual sleep patterns, monitor sleep quality in real-time, and provide personalized recommendations for improving sleep.  

Machine learning algorithms can continuously learn and adapt to each user's sleep patterns, enhancing the effectiveness of sleep aid devices over time. The integration of AI and ML in specialized sleep aid devices can revolutionize sleep management. It is also anticipated to provide highly accurate and personalized solutions for individuals. 

Competitive Landscape for the Sleep Aid Devices Market

The sleep aid devices market forecast highlights that key companies are actively seeking growth opportunities through acquisitions and innovations. The competitive landscape is mainly enhanced by the presence of start-ups that offer distinct solutions.  

To maintain competitiveness, a few companies are making significant investments to broaden production capabilities and improve technological features. Leading manufacturers and start-ups aim to develop unique functionalities that seamlessly integrate with the rapidly evolving business. This strategic approach enables easy market entry and widespread adoption of these products. 

Recent Industry Developments 

• In August 2024, Helight, based in Montreal, introduced a novel sleep aid called Helight Kidzzz. It is equipped with red-light technology to enhance natural melatonin production. This unique product would enable parents to refine their children’s sleep cycles.  
• In January 2023, a Vietnam-based start-up named Eearable Neuroscience, introduced FRENZ Brainband, its latest sleep aid device at the 2023 Consumer Electronics Show (CES), which was held in Las Vegas. It is a smart headset that can stimulate and evaluate brain activities through bone conduction speakers.  

Sleep Aid Devices Market Scope

Attributes	Details
Forecast Period	2024 to 2031
Historical Data Available for	2019 to 2023
Market Analysis	US$ Billion for Value
Key Regions Covered	North America  Latin America  Europe  East Asia  South Asia and Oceania  The Middle East and Africa
Key Market Segments Covered	By Product  By Application  By Region
Key Companies Profiled	Fitbit (Google LLC)  Apple Inc  Eight Sleep  Xiaomi  Philips  Sleep Number  Rest  SleepScore Labs,  Withings's
Report Coverage	Market Forecast  Company Share Analysis  Competition Intelligence  DROT Analysis  Market Dynamics and Challenges  Strategic Growth Initiatives ?
Customization and Pricing	Available upon request

Sleep Aid Devices Market Segmentation

By Product Type 

• Wearables 
  • Smart Watches and Bands 
  • Others 
• Non-wearables 
  • Sleep Monitors 
  • Smart Beds 

By Application 

• Insomnia 
• Obstructive Sleep Apnea 
• Narcolepsy 
• Others 

By Region 

• North America 
• Latin America 
• Europe 
• East Asia 
• South Asia and Oceania 
• The Middle East and Africa 

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