Sleep Aids Market size is slated to grow significantly from 2021 to 2027 on account of rising number of sleeping disorders and growing obese population. The swiftly changing consumer lifestyles along with the scaling stressful working hours have led to the mount in several chronic conditions, followed by delayed diagnosis. The increasing intake of preventive and curative medicines coupled with the higher alcohol and tobacco consumption across the globe will influence the product demand.
Sleep aids are primary pills and medical devices enabling a person affected with sleep disorders to fall asleep. The rising usage of OTC drugs and devices will also lead to the market progression.
The sleep aids market is bifurcated into mattresses & pillows, medications, sleep apnea devices, and others. The mattresses & pillows is expected to see inclination driven by the rising developments in manufacturing techniques. The increasing consumer awareness pertaining to quality sleep has led to the growing need for convenience and compliance. The rising size of the geriatric population and the ease of access to a wide range of products will act as substantial factors for the industry expansion.
The sleep aids market is segmented into insomnia, sleep apnea, restless legs syndrome, narcolepsy, sleepwalking and other sleep disorders. Among these, the insomnia segment is anticipated to capture a significant market share due to rising prevalence of the disease. According to estimates, around 50 to 70 million adults in the U.S. have a sleep disorder, out of which insomnia has emerged as the most common sleep disorder. While short-term insomnia affects nearly 30% of adults, about 10% of people experience long-lasting insomnia.
The demand for sleep aids in sleep laboratories is touted to showcase notable proceeds. This is owing to the provision to clean, comfortable, and private home-like settings for diagnosing and treating various sleep disorders in these facilities.
North America is likely to record considerable demand for sleep aids over 2021-2027 ascribing to the rising influx of technologically advanced products and the higher healthcare expenditure in the region. The increasing stress levels among the regional population have resulted in the growing occurrence of sleep disorders. The surging consumer awareness and the booming geriatric population will favor the regional growth.
Asia Pacific sleep aids market is projected to grow with the augmenting consumption of tobacco and alcohol in the region. The increasing consumer spending on healthcare is another driver fueling the industry progression.
Global players in the market include SleepMed (BioSerenity), DeVilbiss Healthcare LLC (Medical Depot, Inc.), Compumedics Limited (D & DJ Burton Holdings Pty Ltd.), Cadwell Industries, Inc., Pfizer Inc., Sanofi, Natus Medical Incorporated, Merck & Co., Inc., GlaxoSmithKline plc, and Koninklijke Philips N.V.
These firms are actively taking up marketing as well as business growth strategies, like partnerships, acquisitions, new product launches, and investments to attain competitive advantages whilst multiplying their revenue sales.
For instance, in April 2021, Sandland Sleep launched a holistic line of sleep aids that are scientifically proven to help consumers to improve their sleep naturally.
In another instance, Philips, in September 2019, developed NightBalance, a novel prescription sleep position therapy device to tend to people affected with positional OSA (obstructive sleep apnea). The device provides positional therapy to allow patients to bring changes in their sleeping positions to prevent apneas.
Alongside bringing major ructions to the global economy, the COVID-19 pandemic took a tremendous toll on the operations of several business verticals. However, the industry for sleep aids witnessed widespread growth given the increasing consumption of sleep medications by patients affected with sleep-disordered breathing (SDB) as they are at a higher risk of suffering from the most adverse outcomes of the infection. The rising innovations in sleep medicine practices also added to the market demand amidst the crisis.
Market, by Product
Market, by Sleep Disorder
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