Global Sleep Aid Devices Market: Overview
The global sleep aid devices market is projected to witness growth with the rising incidence of various sleep disorders. Medicines and medical devices for the diagnosis and treatment of sleep problems such as sleeping apnea and insomnia are termed as sleeping aids. The absence of sleep quality leads to sleep disorders caused by medical problems, physical disorders, ecological problems and psychiatric problems. These sleep issues adversely influence the health of the person and lead to numerous chronic illnesses, such as hypertension, diabetes, arthritis and stroke. In 2017, around 49.2 million people worldwide had trouble focusing because of lack of sleep, according to the Centers for Disease Control and Prevention (CDC). Therefore, the need to swift diagnosis and treatment of these diseases fuels the sleep aid devices market.
This report gives exhaustive analysis of the global sleep aid devices market, focusing on market opportunities and possible constraints, along with the latest trends driving the market.
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Global Sleep Aid Devices Market: Notable Developments
SleepMed Inc. announced in August 2017 that it plans to collaborate with Early Sense, a sleep monitor that shares accurate information with users regarding its sleep cycles. The sensor can be used to monitor nighttime disruptions including detection of breathing interruption, heart rate, sleep cycles and stress. The partnership provides its customers with a comprehensive solution for better diagnosis and treatment. Adoption of such advanced technologies is expected to impact the global sleep aids devices market in the coming years.
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Global Sleep Aid Devices Market Dynamics
With the growing aging population, stressful working circumstances, inconsistent sleep and lifestyle change, these are all major reasons that disturb human sleep habits and thus lead to the demand for sleep aid devices. Here are some of the key market dynamics that will positively impact the global sleep aid devices market:
- Rising Prevalence of Insomnia
In 2016, approximately 70 million adults suffered insomnia in the United States and men reported a higher rate of insomnia, the Centers for Disease Control and Prevention (CDC). The surge in incidence of insomnia plays a vital role in boosting the sleep aid devices market.
- Adequate Support from Government Bodies
Several non-governmental groups such as the Circadian Sleep Disorder Network and ASAA organize numerous programs to raise awareness of the importance of sound sleep and the use of sleeping aid devices. The government and private organizations have taken these thoughtful initiatives to contribute to the increasing inclination of people use these products, bolstering the global sleep aid devices market.
- Greater Spending on Healthcare
With the considerable increase in people’s disposable incomes, it is possible for consumers to afford such sleep aid devices. In turn, this offers the worldwide sleep aid market a lucrative opportunity to grow. Many of these factors will help the global sleep aid devices market grow abundantly. In addition, increasing awareness of sleep disorders and technological advances are expected to offer vendors new market opportunities in the near future.
Prominent vendors operating in the global sleep aid devices market are Drive Medical Ltd. Teva Pharmaceutical Industries Ltd., Itamar Medical, Cadwell Laboratories Inc., and SleepMed Inc.
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North America to Keep Dominant Position over Forecast Period
In the global sleep aid devices market, regional players compete on the dominant role in the world market for sleep aids. This is due to the increasing number of sleep apnea disorders, a chronic disease that increases the chance of cardiovascular diseases, high blood pressure and depression. Asia-Pacific, due to stressful modern living practices, is expected to emerge as most lucrative regional market in the sleep aid devices market in coming years.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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