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 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 Europe, limited research on regional sleep patterns, resistance to pharmaceutical interventions and lack of standardization in sleep disorder diagnosis are significantly contributing to the growth of the European sleep aids market. In addition, rising awareness among people about increasing sleep disorders' effects increases the demand for sleep aids as these pills help reset the sleep schedule. Furthermore, increasing 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 European market.
The growing number of initiatives by the government and private organizations to develop required 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:
Europe Sleep Aids Market - By Sleep Disorder:
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.
Europe Sleep Aids Market - By Product:
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.
Europe Sleep Aids Market - By Medication Type:
Europe Sleep Aids Market - By Country:
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 risks associated with it. In addition, the increasing initiatives for spreading knowledge and understanding among people through various programs and seminars about the importance of solid sleep in productivity and general health have 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 becoming aware of the importance of sleep, and there has been constant research for developing tools to improve sleep quality. Technological advancements and growing awareness regarding sleep diseases among people of the UK and France further contribute to the market growth in these countries.
The German sleep aids market is expected to hold a considerable share of the European market during the forecast period. Germany has recently experienced several advancements in its healthcare infrastructure and has emerged as a leader in technology. The growing awareness about sleep and the sleep cycle and an increasing number of new product introductions in the German market due to increasing research and development activities and corporate and government funding in research and development activities are majorly driving the German sleep aids market.
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.
The growing awareness of sleep disorders, rising stress levels, and a growing aging population contribute to the growth of the sleep aids market in Europe.
The COVID-19 pandemic has led to increased stress and anxiety, contributing to a higher demand for sleep aids in Europe.
The Europe sleep aids market is witnessing increased competition, with new entrants, strategic partnerships, and mergers and acquisitions shaping the competitive landscape.
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