Demand for sleep aid devices is widely prevalent, owing to the increasing sleep disorders such as insomnia, obstructive sleep apnea, and central sleep apnea. Severe side effects of sleeping sedatives such as allergy, hypnotics, hematologic reactions, and hepatotoxic, have influence the individuals to favor sleep aid devices over sleeping pills.
There has been a significant surge in the demand for sleep aid devices ascending from the rising geriatric population, by the dent of insomnia being common in this demography. Pervasiveness of polypharmacy and multimorbidity in the elderly population have a strong impact on their sleeping patterns, which is further anticipated to drive the growth of sleep aid devices. Comorbidities such as type 2 diabetes, obesity, stroke, heart diseases, and atherosclerosis, along with the diseases caused by smoking, drug of abuse, and alcohol have affected the sleep of individuals.
With the considerable rise in the disposable incomes of the individuals, affording these sleep aid devices is possible for the consumers. This in turn, offers a lucrative growth opportunity to the sleep aid devices market at the global level. A host of these factors have contributed to the affluent growth of sleep aid devices market, which is projected to clock an impressive CAGR of over 4% by the end of 2026.
Increasing Awareness of Disorders Pertaining to Sleep is Anticipated to Trigger the Growth of Sleep Aid Devices Market
Various government & non-government groups like Circadian Sleep Disorders Network & American Sleep Apnea Association (ASAA) are organizing numerous programs for increasing awareness of the significance of sound sleep and the utilization of sleep aid devices. Another centralized organization, National Sleep Foundation dedicated an entire week by celebrating sleep cognizance week, in the bid to create cognizance of sleep disorders.
Such thoughtful initiatives taken by the government and private organizations have contributed to the growing inclination of people towards sleep aid devices. On the back of these factors, the global sleep aid devices market is growing at an accelerated pace.
Mergers and Acquisitions Prevailing in Sleep Aid Market to Fortify the Growth of Sleep Aid Devices Market
Key insights derived from the report comprises of an incisive view of the leading players working towards transforming the existing scenario of sleep aid devices market. The report profiles players such as ResMed Inc., Sleep Number Corporation, Koninklijke Philips N.V., Responsive Surface Technology LLC, Simmons Bedding Company LLC, Eight Sleep Inc., Electromedical Products International, Inc., Ebb Therapeutics, Sleepace Inc., Kingsdown, Inc., Drive DeVilbiss Healthcare LLC, SleepMed Inc., Cadwell Laboratories Inc., Teva Pharmaceutical Industries Ltd., Drive Medical Ltd., and RESPeRATE.
Key players such as Tempur Sealy International, Simmons Bedding Company LLC., Sleep Number Corporation, Dreams, ResMed, and Koninklijke Philips N.V. enjoy a significant share in the global sleep aid devices market. These players are putting their efforts into developing new products and diversifying their portfolio in sleep aid devices market. With a view to expanding their operations, manufacturers of sleep aid devices market are collaborating with retailers, distributors, and local wholesalers.
Regional players are competing in sleep aid devices market on the basis of their even distribution of channel and pricing of sleep aid devices. On the contrary, the leading players in sleep aid devices market are focusing on effective marketing strategies to increase the penetration of their product. Strategic mergers and acquisitions happening in sleep aid devices market have been a robust growth driver for the sleep aid devices market.
Recent developments and business strategies adopted by these leading firms are projected to fortify the growth of the global sleep aid devices market by 2026 end. A decisive view on each of these players and their participation in the global sleep aid devices market growth is encapsulated in the report.
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