Sleep Aids Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3778
Sleep Aids Market size is projected to experience significant growth from 2019 to 2025.
Growing incidence of sleep disorders such as chronic insomnia, obstructive sleep apnea, narcolepsy will stimulate global sleep aids business growth in the coming years. According to the Centers for Disease Control and Prevention (CDC), about 50 million individuals are suffering from lack of sleep in the U.S. currently. Also, nearly 18 million individuals are suffering from sleep deficiency that is interfering with their job performance. Thus, with growing incidence of sleep disorders, the demand for preventive and curative medicine will increase, thereby driving the sleep aids market growth.
Rise in disposable income among the customers coupled with rising public awareness about the adverse effects of sleep disorders will upsurge sleep aids market size over the forecast timeframe. Furthermore, sleep disorders could adversely affect human health and cause chronic diseases such as cardiovascular diseases and diabetes. Aforementioned factors will offer lucrative growth to sleep aids market in the coming years.
Moreover, change in lifestyle and stressful working conditions interfere with sleep habits, thereby leads to various sleep disorders. This acts as a key driving factor that will stimulate global sleep aids business growth in the coming years.
However, the adverse effects of sleep drugs on human health may impede market growth. Furthermore, high costs associated with the sleep aids medical procedures may restrain the demand for sleep aids market growth.
Mattresses and pillows segment will hold a significant revenue size over the forecast years due to its extensive features such as convenience, compliance, availability of a variety of products and relatively inexpensive. Additionally, raising awareness about the health benefits of quality sleep among the growing population will drive the sleep aids market growth. Furthermore, the rise in geriatric population that is prone to sleep apnea disorders, increasing advancements in manufacturing techniques, and emerging market economies will offer growth opportunities for sleep aids market in the forthcoming period.
Growing number of population with insomnia will drive the sleep aids market growth in the forecast period. According to the National Sleep Foundation (NSF), causes of chronic insomnia include anxiety, depression, unhealthy sleep habits, change in lifestyle factors, emotional and psychological stress. Also, sleep apnea is another sleep disorder that is linked to insomnia. The above mentioned factors will accelerate the demand for sleep aid medical procedures in the projection timeframe.
North America sleep aids market is estimated to foresee a lucrative growth over the forecast period due to the growing incidence of sleep disorders coupled with the rising geriatric population pool. Additionally, due to the presence of high disposable income and increasing adoption rate of technologically advanced sleep aid procedures will also drive the market growth. According to the Organization for Economic Co-operation and Development (OECD), in 2016, the U.S. accounted for the highest rate of disposable income with USD 45,284 globally. Moreover, growing research & development support to develop innovative products will augment sleep aids market growth.
Asia Pacific sleep aids market is estimated to witness lucrative growth over the forecast period due to the increasing geriatric population that is more susceptible to sleep disorders. The growth is attributed to growing demand for highly innovative technologies and devices. Also, supportive government initiatives to modernize the current healthcare infrastructure, rise in demand and patient awareness about the use of sleep aids medical procedures will offer growth opportunities for sleep aids in the forthcoming period.
Few of the key companies operating in sleep aids market include Merck & Co., Inc., DeVilbiss Healthcare LLC, Sanofi, Pfizer Inc., SleepMed and Cadwell Industries, Inc. Firms are adopting new product launch, collaborations, merger & acquisition strategies to increase their market footprint. For instance, in May 2018, Philips acquired NightBalance, a digital healthcare pharmaceutical company that provides innovative, comfortable and easy-to-use devices to treat obstructive sleep apnea. The strategy will expand the company’s sleep aids product portfolio.
Sleep Aids Market by Product, 2014-2025 (USD Million)
- Mattresses & Pillows
- Prescription-based Drugs
- OTC drugs
- Herbal drugs
- Sleep Apnea Devices
- Positive Airway Pressure (PAP) Devices
- Facial Interfaces
- Oral Appliances
- Adaptive Servo-Ventilators (ASVs)
Sleep Aids Market by Sleep Disorder, 2014-2025 (USD Million)
- Sleep Apnea
- Restless Legs Syndrome
- Sleep Walking
- Other Sleep Disorders
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia
- Koninklijke Philips N.V.
- Merck & Co., Inc.
- DeVilbiss Healthcare LLC
- Pfizer Inc.
- Cadwell Industries, Inc.
- Compumedics Limited
- Natus Medical Incorporated
- GlaxoSmithKline plc
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