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Sleep Medications Market Size - By Type (Prescription-based, OTC), Drug Class (Benzodiazepines, Antidepressants, Antihistamines), Sleep Disorder Type, Global Forecast 2023-2032

  • Report ID: GMI6681
  • Published Date: Sep 2023
  • Report Format: PDF

Sleep Medications Industry Analysis

Sleep Medications Market size was valued to be USD 20.1 billion in 2022 and is predicted to experience a sustainable development of CAGR 6.8% by 2032 due to changed and stressful lifestyle of people. Furthermore, the innovative product offerings and technological advancements in the sleep tech devices.

Sleep Medications Market

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Sleep medications encompass a range of substances and pharmaceuticals specifically formulated to assist individuals in enhancing the quality and duration of their sleep, ultimately improving their overall sleep experience. These medications are employed to address a variety of sleep-related issues, including difficulties with falling asleep (commonly known as insomnia), staying asleep, or achieving a restful and rejuvenating sleep. The primary objective of sleep medications is to encourage healthier sleep patterns, alleviate disruptions in sleep, and contribute to an overall sense of well-being by facilitating more restorative and satisfying sleep.

COVID-19 Impact

The COVID-19 pandemic majorly impacted the sleep medications industry and resulted in an increase in the revenue of the market. Stress and anxiety increased due to the pandemic led to sleep deprivation and daytime fatigue, thereby fostered demand of sleep medications. Additionally, longer shifts that required workers to change their sleep cycles presented another issue for certain frontline workers and medical personnel. For instance, as per the article published by the Sleep Foundation Organization in March 2022, COVID-19 has altered and interrupted sleep patterns in a variety of ways, according to medical professionals and sleep scientists over the last two years. In addition, social exclusion, remote education, and limitations on daily activities caused depression among patients, that increased their risk of sleep problems such as insomnia and led to an increase in usage of sleep medications.

Sleep Medications Market Driving Factors

The increasing prevalence of sleep disorders is a major factor that has surged the expansion of the industry. For instance, according to an NCBI article published in December 2021, sleep disorders that last a month or longer are common among the people of Japan, accounting for about 20% of the population. Additionally, in Japan, the economic cost of sleep problems, such as insomnia, is estimated to be around USD 3 billion. Moreover, according to the NIH study published in August 2021, chronic insomnia is the most common sleep problem in Australia, affecting 12.2% of adults.

Sleep Medications Market Restraining Factors

The side effects associated with the use of sleep medications are expected to hamper the gains of the industry. For instance, according to report by World Health Organisation (WHO), the side effects associated with the use sleep medications are, irregular menstrual bleeding patterns and amenorrhea (the absence of menstrual bleeding). Additionally, other than menstrual disruption, some other side effects were also observed in women such as, weight gain, heavier menstrual bleeding, headaches, dizziness, body aches, nervousness, fatigue, and acne. Similarly, side effects such as constipation, dry mouth, and muscle weakness are observed in men. These side effects are somehow making people less interested towards the use of sleep medications.

Sleep Medications Type Segmentation

Sleep Medications Market Size, By Type, 2021 - 2032 (USD Billion)

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Based on type, the sleep medications market is segmented into prescription-based drugs and OTC drugs. In 2022, the prescription-based drugs segment accounted for the largest market share of 71.3% in the industry and is expected to grow at a CAGR of 6.7% by 2032. Prescription-based drugs are favored for several reasons, including their targeted effectiveness and the healthcare professionals' capacity to customize treatment to address an individual's unique sleep disorder. These prescription medications are typically more potent and can effectively manage intricate sleep disorders, offering dependable relief for individuals enduring severe or chronic sleep problems. Furthermore, the oversight and monitoring provided by healthcare providers guarantee the safe and suitable utilization of these drugs.

Sleep Medications Drug Class Segmentation

Sleep Medications Market Revenue Share, By Drug Class (2022)

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Based on drug class, the sleep medications market is segmented into benzodiazepines, antidepressants, antihistamine, sedating antipsychotics, and other drug class. The benzodiazepines drug class is expected to showcase progress at a CAGR of 6.2% by 2032, Benzodiazepines exert their effects by enhancing the activity of neurotransmitters and induce drowsiness, reducing the time it takes to fall asleep, and extend the duration of sleep. Additionally, the ability of benzodiazepines to promote relaxation and sedation, makes this drug class more useful for individuals suffering from acute or severe sleep disorders such as insomnia or anxiety-related sleep disturbances.

Sleep Medications Sleep Disorder Type Segmentation  

Based on sleep disorder type, the sleep medications market is segmented into insomnia, sleep apnea, restless legs syndrome, narcolepsy, sleep walking, and other sleep disorders. The sleep disorder insomnia held the largest market share of 38.7% in 2022 and is expected to grow at a CAGR of 5.8% by 2032. For instance, as per the article published by Sleep Doctor Holdings, LLC, in 2023, 50-70 million U.S. citizens are affected by insomnia every year and nearly half of the population of the U.S. have experienced insomnia symptoms at some time. Additionally, the report also stated that 237 million people globally are struggling with insomnia.

Sleep Medications Regional Analysis

North America Sleep Medications Market Size, 2020 – 2032 (USD Billion)

Based on the region, In 2022, North America sleep medications market accounted for a revenue of USD 8.3 billion, and it is expected to reach USD 15.3 billion by 2032 attributed to factors such as the fast-paced and high-stress lifestyles that many individuals lead. The demands of busy work schedules, lengthy commutes, and the presence of societal stressors such as economic pressures and competitive work environments can all contribute to sleep disturbances and insomnia. Additionally, the occurrence of key business companies in the U.S. with the growing consumer awareness associated with the products of sleep medications and sleep excellence.

Sleep Medications Industry Leaders

The prominent players in sleep medications market include Pfizer Inc. Sanofi SA Eisai Co., Ltd., Sunovion Pharmaceuticals Inc., Merck and Co Inc., Takeda Pharmaceutical Company Limited, Johnson & Johnson, Novartis AG, Vanda Pharmaceuticals, and Teva Pharmaceuticals.

Sleep Medications Industry News:  

  • In July 2021, Sanofi’s fexinidazole got approval from U.S. Food and Drug Administration (FDA) as the first all-oral treatment for both stages of the Trypanosoma brucei gambiense. This is a form of sleeping sickness (Human African trypanosomiasis) in patients 6 years of age and older and weighing at least 20 kg. This approval added up to the sleeping sickness product portfolio of Sanofi, thereby help in revenue generation.
  • In December 2019, Eisai Co., Ltd. announced that the U.S. Food and Drug Administration (FDA) permitted a new drug tender for its internal revealed and advanced orexin antagonist binding receptor DAYVIGOTM (Lemborexant). Lemborexant or DAYVIGOTM was accepted for the treating characteristics of insomnia in adults. This approval led to a better sleep medications product portfolio for Eisai Co., Ltd., and increased sales of sleep medications.

The sleep medications market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032 for the following segments:

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By Type

  • Prescription-based drugs
  • OTC drugs

By Drug Class

  • Benzodiazepines
  • Antidepressants
  • Antihistamines
  • Sedating antipsychotics
  • Other drug classes

By Sleep Disorder Type

  • Insomnia
  • Sleep apnea
  • Restless legs syndrome
  • Narcolepsy
  • Sleep walking
  • Other sleep disorders

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • Rest of Middle East & Africa
Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

Global market size for sleep medications was USD 20.1 billion in 2022 and will register 6.8% CAGR from 2023-2032 due to the increasing prevalence of sleep disorders and stressful lifestyle of consumers worldwide.

The prescription-based drugs segment held 71.3% share of the sleep medications market in 2022 on account their targeted effectiveness and the growing capacity of healthcare professionals to customize treatment.

North America industry may reach USD 15.3 billion by 2032 owing to the prevalence of fast-paced and high-stress lifestyles in the region.

Pfizer Inc. Sanofi SA Eisai Co., Ltd., Sunovion Pharmaceuticals Inc., Merck and Co Inc., Takeda Pharmaceutical Company Limited, Johnson & Johnson, Novartis AG, Vanda Pharmaceuticals, and Teva Pharmaceuticals are some of the major sleep medications companies worldwide.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 10
  • Tables & Figures: 208
  • Countries covered: 19
  • Pages: 114
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