When you think about markets and industries that are enjoying a period of growth and boom, the sleep market may not necessarily be the one that pops into your mind. Here’s the thing, however, and that’s the fact that this market is indeed enjoying plenty of interest and growth, and that can be attributed to a number of different factors.
The sleep market was worth $28.6 billion in 2017 in the US alone, and that number is predicted to grow by 4.7% per year looking ahead to 2023. So, what do you as a consumer or investor need to know about the booming sleep market? Here are some interesting stats and information.
The growth in the sleep market can be attributed to a number of different factors
The Rise of Sleep Labs
It’s no secret that there are plenty of people across the country who suffer from sleep disorders and issues. That can range from intermittent insomnia to chronic insomnia, and even sleep apnea. With that said, sleep labs have been popping up more and more. These labs have been created to diagnose sleep disorders, and then help that particular patient with a treatment plan for their issues.
These labs can be privately owned, university-operated, part of a hospital, or even an MD office.
Sleep Medications Have Become More Mainstream
Where it used to be that you’d need to visit your doctor to get a prescription that helps you sleep, today, people are finding a wide array of products that are available over-the-counter. The herbal supplement market has also been seizing on the sleep market boom, offering all kinds of proprietary blends that are aimed at helping a person sleep faster and deeper.
The Mattress Industry Is Seeing Massive Changes
Then there is the mattress industry, which has also seen its fair share of changes in the past couple of decades. Most of their changes can be attributed to advances in technology and materials that are used to make mattresses. Today’s consumers can find a wider variety of offerings that are meant to address specific needs.
Let’s take, for example, someone who suffers from back pain and problems. Many healthcare officials would agree that a memory foam mattress is usually an excellent solution, as it offers support with foam that contours to the person’s body. Many of them also feature moisture-wicking and even cooling materials that help a person to sleep more comfortably.
Because memory foam retains its natural shape and bounces back, you don’t have to worry about creating a dip in the mattress that will further exacerbate a person’s back issues.
A Growing Interest in Personal Well-Being
Of course, driving the sleep market is also the desire to take control of your personal well-being and health. It’s well documented and proven just how important sleep is to a person’s mental and physical well-being, and people today have become much more health-driven. Many of the product purchases are made based on how it can affect their personal health. So, if sleep can better their health, consumers are willing to take the steps to ensure that sleep is a priority.
Just take a look at the many smartwatches now on the market, which can actually track your sleep patterns. Maybe you thought you were getting enough sleep but thanks to your smartwatch it has become clear that you are lacking in this department.
A Trend with No Signs of Slowing
So, as the sleep market continues to enjoy this period of boom, don’t expect it to slow any time soon. Between the advances in technology, medical sleep aids, and access to more options, consumers are really driving this industry forward in a big way.
This content is a joint venture between our publication and our partner. We do not endorse any product or service in the article.
