Europe Sleep Aids Market

Europe Sleep Aids Market Size (2022 to 2027)

The size of the European Sleep Aids Market was worth USD 14.88 billion in 2022 and is estimated to be growing at a CAGR of 6.5%, to reach USD 20.38 billion by 2027.

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. Furthermore, sleeping disorders are majorly attributed to various factors such as high pressure in workload, environmental changes, depression, anxiety disorders, and lack of a proper sleep cycle. 

The growing population and geriatric population are significantly contributing to the 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 treatment and drugs are encouraging the growth of sleep aids in the market.

Furthermore, initiatives by the government and private organizations for developing proper medical infrastructure, health care 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 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. 

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 lack of awareness and knowledge among the people 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

By Product:

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

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 in 2020. Therefore, Europe is also expected to hold a significant share in the worldwide market during the forecast period. The main attributes for the growth of the market include the increasing population and awareness about the importance of sleep and the risk associated with it. In addition, an increase in the rising initiatives for spreading knowledge and understanding among the people through various programs, seminars held about the importance of solid sleep-in productivity, and general health increased the demand for sleep aids in the market.

Being the most technologically advanced countries in the region, 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 the quality of sleep. The technological advancements and awareness have together increased the market growth rate.

Germany has also developed its infrastructure in recent years 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 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 of the noteworthy players operating 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.