Europe Sleep Aids Market

Europe Sleep Aids Market Size (2023 to 2028)

The size of the European sleep aids market is estimated to be growing at a CAGR of 6.5% from 2023 to 2028 and be worth USD 21.71 billion by 2028 from USD 15.84 billion in 2023.

The European sleep aids market is expected to be majorly driven by the factors such as the increase in the prevalence of sleep disorders such as insomnia, sleep apnea, parasomnias, and many more illnesses. As mentioned in the European Sleep Research Society, around 10% of the European population is suffering from insomnia. As mentioned in healtheuropa.com, an estimated 175 million people in Europe have obstructive sleep apnoea. Furthermore, sleeping disorders are majorly attributed to factors such as high-pressure workload, environmental changes, depression, anxiety disorders, and lack of a proper sleep cycle. The growing geriatric population in this region significantly contributes to the European sleep aids market growth. In addition, growing awareness among people about increasing sleep disorders' effects increases the demand for sleep aids as these pills help reset the sleep schedule. Furthermore, rising investments from government and non-government organizations in research and development activities for manufacturing innovative and effective treatments and drugs are encouraging the growth of sleep aids in the market.

In addition, initiatives by the government and private organizations for developing proper medical infrastructure, healthcare facilities, and services are positively accelerating the growth rate of the European sleep aids market. On the other hand, the rising preferences towards over-the-counter drugs are propelling the market growth. In addition, the increasing technological advancements for developing various new techniques and diagnosing devices for treating sleep aids and the increasing adoption rates for newly launched therapeutics and devices are also boosting the sleep aids market growth in this region. 

However, side effects and complications associated with sleep aids are expected to restrict the growth of the sleep aids market in the European region during the forecast period. In addition, the people's lack of awareness and knowledge about the dosage forms and strict government rules and regulations with the stringent approval processes for approving drugs and devices are hampering the market growth of sleep aids.

This research report on the European Sleep Aids Market has been segmented based on the sleep disorders, products, and medication types:

By Sleep Disorder:

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

Based on sleep disorders, the insomnia segment had the largest share of the Europe sleep aids market in 2022. The growing population of Europe suffering from insomnia, the increasing adoption of a sedentary lifestyle, and the rising geriatric population are propelling the segment's growth. 

On the other hand, the rest legs syndrome and sleep apnea segments are predicted to showcase a healthy CAGR during the forecast period.

By Product:

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

Based on product, the mattresses and pillows segment accounted for 32.6% of the European sleep aids market in 2022. The segment's lead is predicted to continue throughout the forecast period. The growing preference from the end-users to have easy-to-use and comfortable products and increasing disposable income from the people to afford superior quality products are anticipated to result in the growth of the segment during the forecast period. 

By Medication Type:

• Prescription-based Drugs
• OTC drugs
• Herbal Drugs

By Country:

• UK
• France
• Spain
• Germany
• Italy
• Russia
• Sweden
• Denmark
• Switzerland
• Netherlands
• Turkey
• Czech Republic
• Rest of Europe

Geographically, the Europe region was the second most dominant region in the global sleep aids market and captured 21.6% of the global market share in 2022. Therefore, Europe is also expected to hold a significant share of the worldwide market during the forecast period. The main attributes for the market's growth include the increasing population and awareness about the importance of sleep and the risk associated with it. In addition, the increasing initiatives for spreading knowledge and understanding among the people through various programs and seminars about the importance of solid sleep-in productivity and general health increased the demand for sleep aids in the market.

As the region's most technologically advanced countries, the UK and France hold a significant market share and will have promising growth in the forecast period. People are getting aware of the importance of sleep, and there has been constant research for developing tools to improve sleep quality. Technological advancements and awareness have together increased the market growth rate.

Germany has also developed its infrastructure recently and emerged as a leader in technology. Therefore, it is also expecting growth in the forecast period. The main reasons for the region's growth are the increasing awareness about sleep and the sleep cycle and new product introductions in the market due to increasing research and development activities and corporate and government funding in research and development activities.

KEY MARKET PLAYERS:

A few noteworthy players in the European sleep aids market profiled in this report are Sanofi, GlaxoSmithKline Plc, Cadwell, Merck & Co., Pfizer, Koninklijke Philips N.V. (Philips), Pfizer, SleepMed, DeVilbiss Healthcare LLC, Care Fusion Corporation, and Natus Medical manufactures.