The sleep tech industry is booming at the moment and is now valued at more than 28 billion dollars, with many factors contributing to this trend. With the boomer generation moving into retirement, and an increasing number of people suffering from sleeping disorders, there is now more demand than ever for products to help Americans sleep better. Sleep tech is much more advanced than many imagine too, and we’re seeing more integration with smart devices. Here are some of the things you should know about the sleep tech market.
Wearables are the Next Frontier
Wearable devices are set to transform many parts of our lives, but they could have many implications when it comes to sleep. According to data from Gardner, the global wearables market is set to reach 84 billion dollars by the year 2022.
Wearables have long been dismissed by many in the medical industry as nice accessories and nothing else. But if we take anything from the Sleep 2019 conference, we can see that interest is clearly ramping up. There were about 14+ wearables presentations and booths at the event, and all of them were standing room only.
CST (Consumer Sleep Technology) devices are wearables that monitor sleep data minute by minute without interrupting sleep. These devices can track data over long periods of time, and allow for advanced data analysis. And as this data grows, we can expect tools like machine learning and artificial intelligence to be used to provide better sleep treatment, diagnosis, and quicker insights.
Medical and Consumer Sleep Tech are Slowing Merging
Another thing that’s interesting is that the line between medical and consumer sleep tech seems to be slowly blurring away. The medical wearables market is set to hit $12.1 billion by next year, according to Markets and Markets. These devices can monitor anything from stroke signs to heart attacks, and sleep apnea.
There was a clear line between medical grade and consumer wearables for years, but companies are working to bridge the gap between the two. Wearables of the future will be able to be used by clinicians in order to provide better care to patients. Tools like the AASM Sleep TM app already allow people to access sleep professionals by uploading sleep data from consumer wearables. We can expect many more to follow suit, and make sleep telemedicine more accessible to the masses.
Memory Foam is Still King
The memory foam market is still expected to see some significant growth leading up to 2026. The main driving factors include the increase in back pain issues and the increased support and comfort these mattresses offer.
There have also been some significant developments that have made these even more popular over the years; some companies have started adding graphene into their mattresses in order to regulate the heat, for instance.
Another major game-changer is the increase in online sales. There is now a total of 175 different mattress brands, many selling exclusively online. Several resources now help consumers find the best mattresses with memory foam they can find on the market, without having to visit a single store.
And business is booming for online stores as well. As a matter of fact, the top 15 online mattress retailers posted a 41% increase in profits in 2018. We could see a future where most of the mattress sales are made online, which would completely transform the face of the industry.
The Sleep Medication Market is Shifting as Well
The mattress sector is not the only one seeing major changes; the sleep medication market is changing as well.
The prescription market that was led by brands such as Ambien, Belsomra, and Lunesta is now being replaced by generics as many of the original patents are expiring. There is also a large demand for over the counter solutions. While the OTC sleep medication sector generates about half the sales as prescription drugs, it is growing at a much faster rate. Not to mention people who are turning to natural alternatives.
The sleep tech market is rapidly evolving, and the future looks bright and promising. This will eventually translate to a wider variety of products and more options for people dealing with sleeping disorders. It could also transform the way sleep disorders are diagnosed and treated.
