WELLESLEY, MA--(Marketwired - November 09, 2016) - The discovery of new mechanisms and chemicals in the brain has fostered increased research and development into the treatment of sleep disorders. BCC Research reveals in its new report that technological advances and pipeline drug therapies are driving market growth.
The global market for sleep aids and technologies is expected to reach $84.9 billion by 2021, up from $66.3 billion in 2016, rising at a five-year compound annual growth rate (CAGR) of 5.1%. The mattresses and pillows market, the largest segment, should grow from $31.5 billion in 2016 to $35.9 billion in 2021, demonstrating a five-year CAGR of 2.6%. The global market for sleep apnea devices is expected to reach $17.8 billion and $27.5 billion in 2016 and 2021, respectively, at a five-year CAGR of 9.1%.
Ground-breaking developments in the field of sleep medicine continue to drive market growth. For example, in 2014 Merck launched a new medicine for insomnia under the brand name Belsomra (suvorexant). Should the new generation of serotonin antagonists/agonists currently in development prove efficacious, they should challenge the market dominance of existing insomnia drugs. The global insomnia therapeutics market, valued at nearly $8.9 billion in 2015, is estimated to grow at a five-year CAGR of 4.8% to reach $11.9 billion by 2021.
Technological advancements include FDA approval in 2014 for the sleep device Relaxis, a vibrating pad that can be placed under the legs of patients with restless leg syndrome (RSL). The pad provides a counter stimulation to the usual RLS sensation. Also, more sophisticated Continuous Positive Airway Pressure (CPAP) machines are coming on the market. The CPAP machine, which helps in pushing air gently to open a collapsed throat, facilitates treatment for sleep apnea.
However, for patients with sleep apnea who cannot tolerate CPAP therapy, hundreds of oral and dental devices have flooded the market. In the U.S., these devices are covered by Medicare and other medical insurance companies, which have generated big demand for these devices.
Other tech advancements in the sleep apnea field like home study tests (HST) suggest a business sector with vast upside potential as evidenced by its growing market share at the expense of sleep center markets.
"The market has witnessed a technology surge in the field of sleep apnea with HSTs. Patients with sleep disorders prefer the HST over the tests conducted in sleep centers," says BCC Research analyst P. Natana Raj. "The small units of HST can diagnose sleep apnea with the same degree of accuracy as machines used in a sleep center. Although the HST provides limited data, its convenience is more appealing, as evidenced that HST has eroded some 20% of the revenues from sleep centers."
Sleep Aids: Technologies and Global Markets (HLC081C) analyzes the current and emerging therapies for sleep disorders. The report also examines market factors such as technology driven change and industry consolidation of sleep aids and technologies. Global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.