The sleeping aids industry will touch USD 157,484.5 million, propelling at a 7.3% compound annual growth rate, by 2030.
The growth in the sleeping aids industry is credited to the increasing prevalence of obstructive sleep apnea (OSA), work pressure, and unhealthy lifestyles. Furthermore, the rising of obese people and the geriatric population leads to a surge in the occurrence of chronic sleeplessness.
Additionally, the increasing number of patients with depression, anxiety, and chronic illness is leading to a rise in the count of sleep disorders patients, which will aid in boosting the demand for the product.
Based on offering, the mattresses and pillows category accounted for a considerable share of the industry in recent years. This is because a variety of mattresses and pillows produced by both local and international manufacturers are available globally. Furthermore, these products are good value for money, which results in their extensive use among the populace.
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The APAC sleeping aids industry will observe the highest compound annual growth rate in the years to come. Numerous sleeping disorders, such as sleep apnea, insomnia, restless leg syndrome, narcolepsy, and sleepwalking, need intervention, to avoid them from becoming more serious.
Moreover, the Chinese industry for goods that help the sleep-deprived is advancing at a high pace, particularly with young individuals looking to raise the quality and quantity of their sleep. This boosts the requirement for melatonin, a hormone that can make people sleep, smart mattresses, and obstructive sleep apnea machines.
Hence, with the mounting number of obese people, increasing incidence of obstructive sleep apnea, as well as the surging elderly population, the global sleeping aids industry will continue to advance significantly in the years to come.