Sleep Aids Market Growth Analysis By Size, Share, News, Demand, Opportunity During 2020-2025
Global Sleep Aids Market is valued at USD 59771.7 Million in 2018 and expected to reach USD 94731.4 Million by 2025 with a CAGR of 6.8% over the forecast period.
Increasing geriatric population and stressful work conditions worldwide are anticipated to drive growth of Global Sleep Aids Market.
Sleep disorders includes a group of conditions that affect the ability to sleep well on a regular basis. Mostly people experience sleeping problems because of the stress, hectic schedules and other outside influences in the day today life but if these issues occur on regular basis and affect the daily life, they may indicate a sleeping disorder. This lack of sleep can have a negative impact on energy, mood, concentration, and overall health of a person. Lack of sleep is linked to many chronic health problems, such as; heart disease and diabetes.
Key Players for Global Sleep Aids Market Report-
Sanofi, SleepMed Inc., DeVilbiss Healthcare LLC., Pfizer Inc., Compumedics Limited, Koninklijke Philips N.V., Merck & Co., Natus Medical Incorporated, Cadwell Laboratories Inc., GlaxoSmithKline plc. and others.
It can also be a warning sign for medical and neurological problems, such as congestive heart failure, osteoarthritis and Parkinson’s disease. There are various kinds of sleeping aids available in the market such as sleep laboratories, mattresses & pillows, medications and sleep apnea devices and used for monitoring, diagnosis and treatment for sleep disorders. Sleep apnea devices include facial interfaces, oral appliances and adaptive servo-ventilators (ASVs). There are many advantages of using these sleep apnea device. They can make for a better night’s sleep, not only for the individual but for those around them, as their snoring will be reduced, or eradicated completely.
Along with these leading players, there is the number of other small and mid-sized players who are coming with huge investment and innovative product launch in the Insomnia industry.
The regions covered in this Global Sleep Aids Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of sleep aids is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Global Sleep Aids Market Segmentation:-
By Product Type:
Sleep Laboratories, Mattresses & Pillows, Medications, Herbal drugs, Prescription-based Drugs, OTC drugs, Sleep Apnea Devices
By Indication Type:
Insomnia, Narcolepsy, Sleep Walking, Sleep Apnea, Restless Legs Syndrome, Others
Increasing Aging Population and Stressful Working Conditions are the Major Factors Drive the Growth of Global Sleep Aids Market
The major factor driving the growth of global sleep aids market is increasing aging population coupled with the increasing prevalence of sleeping disorders. For example; As per National Center for Biotechnology Information; The population of older adults continues to expand rapidly from the current 205 million persons aged 60 years or older, to a projected 2 billion by 2050. One of the most common sleep disturbances in the older population is insomnia. 50% of the older adults complain about difficulty initiating or maintaining sleep. Prevalence of insomnia is higher in older individuals than in the younger population. In addition, increasing tobacco and alcohol consumption and stressful working conditions also enhance the lack of quality sleep and leads to an increase in the sleeping disorders. However, side effects associated with sleeping aids and stringent government policies may hamper the market growth.
North America is Expected to Dominate the Global Sleep Aids Market
The global sleep aids market is segmented into North America, Europe, Asia-Pacific Latin America and Middle East & Africa. North America is expected to dominate the global sleep aids market within the forecast period attributed to the highly developed healthcare infrastructure and increasing cases of sleeping disorders in this region. For example; American Sleep Association; 50-70 million US adults have a sleep disorder. Insomnia is the most common specific sleep disorder, with short term issues reported by about 30% of adults and chronic insomnia by 10%. 25 Million U.S. adults have obstructive sleep apnea, 9-21% of women have obstructive sleep apnea and 24-31% of men have obstructive sleep apnea.
Europe is projected to capture the second largest share of global sleep aids market owing to the increasing geriatric population and growing cases of sleeping disorders in this region. In addition, increasing tobacco and alcohol consumption is also increasing the cases of sleeping disorders and fostering the market growth. Asia Pacific is anticipated to witness a significant growth in global sleep aids market owing to the increasing research and development for new and more effective treatments in this region.
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