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North America Sleep Aids Market Research Report – Segmented By Sleep Disorder, Product, Medication and Country (the United States, Canada and Rest of North America) – Industry Analysis on Size, Share, Trends, COVID-19 Impact & Growth Forecast (2024 to 2029)

Published: March, 2023
ID: 1707
Pages: 138
Formats: report pdf report excel report power bi report ppt

North America Sleep Aids Market Size (2024 to 2029)

The sleep aids market in North America is forecasted to be worth USD 55.24 billion by 2029 from USD 41.48 billion in 2024 and is estimated to grow at a CAGR of 5.9% from 2024 to 2029.

The growing population suffering from sleeping issues across North American countries is one of the major factors propelling the sleep aids market growth in North America. According to the statistics published by the Sleep Foundation, an estimated 35.2% of U.S. adults have less than 7 hours of sleep.  The U.S. has an estimated 200,000 people diagnosed with narcolepsy, and 70 million people are affected by insomnia annually. In addition, the growing consumption of alcohol, caffeine, and tobacco is anticipated to result in the sleep aids market growth in the North American region as these products can cause sleep disturbances. Moreover, the stress of modern life and public awareness campaigns about sleep problems increased the demand for sleep pills, driving the market growth in North America. In addition, the rising incidence of sleeping problems among people due to lifestyle changes propels the sleep aids market forward at a rapid pace. Therefore, changing trends to maintain a healthy lifestyle through a decent sleep cycle.

The growing geriatric population is fuelling the growth rate of the North American market for sleep aids. People nowadays are suffering from various health problems due to a lack of enough sleep, which can be caused by various factors such as hectic work schedules, stress, and other factors, all of which are driving up the demand for sleep aids in the North American region.

The growing popularity of over-the-counter drugs in North America, widely available from pharmacies, contributes to the growth of the North American sleep aids market. In addition, the adoption of newly released therapeutic gadgets, particularly in developed and emerging countries, is thought to boost the demand for sleep aids. Moreover, introducing advanced technology for treating sleep problems is expected to impact the regional market growth positively. The North American market for sleep aids is also driven by the ongoing research into generating innovative medications of appropriate quality and lowering problems. The availability of healthcare professionals to analyze the negative impacts of sleep problems also assists in developing efficient sleep aids.

However, the sleep aids market growth in North America is anticipated to be hampered by factors such as the patent expiration of sleep disorder treatment medications and the adverse effects of sleeping aids drugs. The side effects associated with some of the sleep aid products are limiting the adoption of these products and slightly hampering regional market growth. Stringent regulations and approval processes for new sleep aid products, the growing popularity of alternative therapies, such as mindfulness, meditation, and natural remedies, increased awareness of the importance of sleep hygiene, diet, and exercise and growing awareness of stress management and mental health issues are further hindering the growth of the sleep aids market in North America.

The North American sleep aids market has been segmented based on the sleep disorders, products, and medication types:

North America Sleep Aids Market - By Sleep Disorder:

  • Insomnia
  • Sleep Apnea
  • Restless legs syndrome
  • Narcolepsy
  • Sleepwalking

The insomnia segment is expected to account for the leading share of the North American sleep aids market during the forecast period owing to the growing prevalence of insomnia and the increasing aging population.

The sleep apnea segment remains the fastest-growing segment of other sleep disorders and accounts for a promising share of the sleep aids market in North America.

North America Sleep Aids Market - By Product:

  • Mattresses & Pillows
  • Sleep Laboratories
  • Medication
  • Sleep Apnea Devices

The mattresses and pillows segment holds the major share of the North American sleep aids market during the forecast period.

North America Sleep Aids Market - By Medication Type:

  • Prescription-based Drugs
  • OTC drugs
  • Herbal Drugs

Based on medication type, the prescription medications segment is anticipated to hold the largest share of the North American market during the forecast period.

North America Sleep Aids Market - By Country:

  • The United States
  • Canada
  • Rest of North America

North America dominated the global sleep aids market Geographically, North America dominated the global sleep aids market in 2023 and held more than 50% of the worldwide market share. It is projected to register a dominant share in the global market throughout the forecast period.

The U.S. had the largest share of the North American market in 2023, followed by Canada and the same pattern is projected to continue throughout the forecast period due to the rapid adoption of technological advancements in the healthcare sector and well-established healthcare infrastructure. In addition, the focus on developing innovative approaches using herbs and natural items with fewer or no adverse effects is propelling the U.S. market growth. Furthermore, the presence of key market participants in the North American region favors regional market growth.  The United States sleep aids market is predicted to hold the largest share of the North American market and is expected to witness significant growth during the forecast period. The more considerable prevalence of sleep disorders leads to a greater demand for therapy in the country. According to the American Sleep Association, 50-70 million adults in the United States suffer from a sleeping condition, with 10% of the population suffering from chronic insomnia and 30% suffering from short-term disorders. In addition, obstructive sleep apnea affects 25 million people in the United States, with 24- 31 percent of males and 9- 12 percent of females suffering from the condition.

KEY MARKET PLAYERS:

A few prominent companies in the North America Sleep Aids Market profiled in this report are Sanofi, Pfizer, Koninklijke Philips N.V. (Philips), Merck & Co., Cadwell, Care Fusion Corporation, GlaxoSmithKline Plc, SleepMed, DeVilbiss Healthcare LLC and Natus Medical manufactures.

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FAQ's

What is the CAGR of the North American sleep aids market?

The sleep aids market in North America is estimated to grow at a CAGR of 5.9% from 2023 to 2028.

Which country held major share of the North American sleep aids market in 2022?

The U.S. accounted for the major share of the North American market in 2022.

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