One sheep. Two sheep. Three sheep. Has this actually helped anyone fall asleep? That’s why the sleep industry is estimated to surpass $76 billion in 2019. So, why is it so hard to get some shut-eye?
There are 3 common types of sleep patterns.
- Polyphasic: This is where people rest 4-6 times per day in short durations. It was the preferred choice of geniuses such as Nikola Tesla and Leonardo da Vinci.
- Biphasic: Meaning your sleep cycle has two phases – a first sleep and then a second sleep. This was very popular in the mid-19th century. For example, people would retire at 9 pm, rise at midnight for a couple of hours, and then go back to bed until morning.
- Monophasic: The sleep, where a person rests from around 7-9 hours per night – essentially what we do today – and what is recommended by professionals. Unfortunately, this isn’t a reality for most. In fact, 1 in 3 people have trouble entering dreamland.
How to Start Making Profits in the Sleep Industry
The quest for better sleep has created a multi-billion-dollar industry with companies trying everything and anything to help those that need more shut-eye. One large contributor to lack of sleep is technology. Our brains have become so over-stimulated that they’re not switching off.
The statistics on people and their sleep are just getting worse each year. People are getting less sleep and that is usually due to the increased use of laptops, television and their cellphones before bedtime. That’s the biggest one. The light that your phone emits is similar to daylight and tricks your brain into thinking it’s time to get up. It also suppresses melatonin – the hormone your body releases to help sleep.
Today, millions are turning to sleep aids and businesses are having a lot of success selling everything from high-tech products to gel pillows that stay cool at night. In fact, in 2017, the worldwide market for pillows hit $10.9 billion.
Then there’s the expanding mattress market, estimated to be worth over $15 billion. Here, emerging mattress-in-a-box companies have burst onto the scene accounting for up to 5% of the industry. Some of the top-selling items in the sleep industry, like the weighted blanket, have actually been around for a while in fields like occupational therapy. Weighing 3 to 5 times heavier than a regular blanket, it gives you the feeling of being hugged, therefore releasing serotonin, melatonin and reducing cortisol – the stress hormone.
How Does Innovation Affect to Sleep Industry?
Well, it’s helping to open new doors of opportunity with apps that monitor your sleep patterns and clever inventions like Smart Nora, that can help you – or your noisy partner – stop snoring.
First version of it was literally built in the garage in the early hours of the morning. When they launched the product they were hoping to raise a little over $100,000. 30 days later they had raised over a million dollars.
Since 2005, people have been sleeping about an hour less per night and as a result, the demand for sleep solutions continues to increase. The use of essential oils has become a popular relaxation technique with some even dousing the oil between their toes before bed. There’s even a mini breathing robot adept in “Buddhist breathing techniques,” that lulls you gently to sleep when you spoon it.
With so many avenues to venture into the world of sleep, no wonder the industry itself is projected to reach over $100 billion by 2023. When it all comes down to it, sleep is one of the few necessities in life that we can’t ignore. It’s 36% of our biology and this is why there will always be opportunities to wake up to success in the business.
Now, if you’re reading this article at 3 AM to start an online business? We thank you. But, go to sleep! Goodnight.
Muammer is a Marketing Analytics Manager at Turkcell. His mission is to empower entrepreneurs and to help them achieve their goals. He also has a passion for illustration.