2024 Projected to Be the Biggest Year Yet for the Sleep Industry
Introduction:
What would you invest for a restful night’s sleep? For countless individuals, the answer is substantial. Americans are increasingly eager to improve their sleep quality, and they’re channeling significant funds into achieving it.
The burgeoning “sleep economy,” which spans from mattresses to wearable tech and supplements, is on track to hit an unprecedented $585 billion in 2024. A notable example within this sector is the global market for sleep apnea devices, projected to be valued at $13.5 billion in 2024, with expectations for continued expansion.
Given the prevalence of sleep issues, it’s understandable why many are exploring various remedies. According to a survey by Sleepfoundation.org, over one-third of U.S. adults reported poorer sleep in 2023. Concurrently, there is growing recognition of the detrimental effects of inadequate sleep on both physical and mental health. A decade ago, sleep deprivation was labeled a public health crisis, and subsequent research has underscored the vital importance of sleep. These insights are fueling a willingness to experiment with new sleep solutions.
A significant portion of the sleep market’s growth is driven by technological advancements: venture capital investment in sleep tech nearly doubled from 2017 to 2021. A 2023 survey by the American Academy of Sleep Medicine found that one-third of Americans have used a sleep tracker. Priced between $200 and $300, these devices monitor physiological indicators such as heart rate and body movements during sleep. Users can leverage this data to optimize their sleep routines. For instance, a tracker might reveal that avoiding alcohol before bed or using an eye mask leads to better sleep. Most users of sleep trackers report that these devices have encouraged positive behavioral changes.
Additionally, Time magazine highlights that the U.S. mattress market doubled from 2015 to 2020. Smart mattresses, costing between $2,000 and $5,000, represent a growing niche within this market. These advanced mattresses offer features like monitoring body metrics and the sleep environment, and some can autonomously adjust temperature or firmness to enhance sleep quality.
Innovative sleep products also include specialized eye masks, weighted blankets, and pillows designed for various sleep positions. Virtually any sleep-related item you can imagine is being refined by companies aiming to enhance its performance.
The reasons behind restless nights are diverse, encompassing stress, diet, and overall health. Poor sleep can exacerbate these issues, creating a vicious cycle between sleep quality and daily life. Cultivating healthy sleep habits is crucial and can significantly improve rest before one needs to invest in specialized sleep products.
Nevertheless, one thing is evident: both individuals and companies are banking on the idea that the right products and services can lead to better slumber for all.
