As obesity rates climb and Americans age, more people are developing sleep apnea, restless leg syndrome, and other sleep disorders. Furthermore, anxiety about the 2020 presidential election, the Covid-19 outbreak, and the recession are all contributing to more sleepless nights.
As a result, a multibillion-dollar industry has risen up to identify and treat America’s insomniacs, including sleep labs and home testing equipment, CPAP masks, high-end mattresses and pillows, prescription and over-the-counter sleep medications, apps, sound machines, and more.
- In the United States, the size and growth of the sleep market are as follows: According to Marketdata, the US sleep industry is expected to be valued $30.6 billion in 2019, increasing 3.0% from the previous year. In 2020, the market climbed by 0.1 percent to $30.7 billion, while the whole market is predicted to expand by 4.8 percent to $32.1 billion this year.
- As patents have expired and cheaper generics have entered the market, the market for prescription insomnia drugs, led by Belsomra, Ambien, and Lunesta, has been declining in value. Over-the-counter supplement sales, on the other hand, are fast expanding. Prescription and over-the-counter sleep “drugs” are predicted to generate $2.1 billion in revenue by 2020.
- Changes in the sleep center industry: By 2020, the balance of in-center vs. less costly at-home sleep studies performed by sleep centers had shifted significantly, from 70% in-house/30% at-home to 30% in-house/70% at-home. The shift to telemedicine, which was followed by center closures and lower patient numbers, resulted in a 27 percent drop in revenue to $3.1 billion. A rebound is projected in 2021. Over 4,400 sleep labs are thought to exist in the United States.
- CPAP device demand is increasing: The CPAP device market—continuous positive airway pressure devices used for persons with obstructive sleep apnea—is a prominent market segment with the fastest current growth rates. This industry is only around 12% penetrated in the United States. The market was valued at $6.47 billion in 2020, up 15% from the previous year. The high ventilator orders from last year led to this rise.
- Customers were more focused than ever on comfort and improving their sleep quality, therefore mattress sales grew by 1.2 percent to $16.9 billion in retail sales last year. Casper and Purple are revolutionizing the business by delivering directly to the customer’s home, skipping the conventional showroom.
- Sleep pillows are becoming more popular: With innovative materials and high-priced “smart” pillows, the sleep pillow market is valued $1.88 billion and growing.
What resources can I use to learn more?
To learn more about the sleep industry, read Marketdata LLC’s newest research, The U.S. Sleep Aids Market. This study examines the market in depth, including market estimates, patient demographics, extensive competitor profiles, and a discussion of sleep industry trends.
