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Global Sleep Aids Market Size, Share, Trends, COVID-19 Impact & Growth Forecast Report - Segmented By Sleep Order, Product, Medication Type, and Region - Industry Forecast (2022 to 2027)

Published: January, 2022
ID: 1706
Pages: 173
Formats: report pdf report excel report power bi report ppt

Global Sleep Aids Market Size (2022 to 2027)

The global sleep aids market size is predicted to be worth USD 97.31 billion by 2027 from USD 71.63 billion in 2022, registering a  CAGR of 6.32% during the forecast period.

Sleep aids are mainly to help people who are suffering from sleeping disorders. These are the medications or herbs which allow a person to get rest. Sleep aids will block some brain chemicals, making a person sleep, while some medicines will later change the body’s natural circadian rhythms. As sleep is the most common thing for health factors and enables many organs to function healthy, sleep aids will reduce long-term health disorders. Herbs and natural compounds included in natural remedies also play a crucial role in maintaining a healthy sleep cycle.

MARKET DRIVERS:

Growing incidences of sleeping difficulties among people due to lifestyle changes are majorly accelerating the growth rate of the global sleep aids market.

Shifting trends to maintain a healthy lifestyle by maintaining a good sleep cycle is lavishing this market's demand to the extent. The increasing geriatric population also propels the sleep aids market. Nowadays, people are experiencing many health disorders due to lack of proper sleep, which may be due to hectic works, stress, and others, which is also an attribute accelerating the demand of the global sleep aids market.

A rise in the popularity of over-the-counter drugs, which can be available easily from the pharmaceutical stores, is anticipated to create growth opportunities for the market. Adopting newly launched therapeutic devices, especially in developed and developing countries, is ascribed to bolster the demand for the sleep aids market. The emergence of advanced technologies for treating sleep disorders, including monitoring and diagnosing, significantly influences the market shares towards positive. On-going research on developing innovative drugs with adequate quality and reducing complications certainly fuels the demand for the sleep aids market. The availability of healthcare professionals in analyzing the ill effects of sleep disorders will also help manufacture effective sleep aids devices.

MARKET RESTRAINTS:

However, fluctuations in raw materials' availability, mostly natural products, slowly degrade the market demand. The rise in the number of patients with side effects due to the long-term use of these medications has remained challenging for the market. Besides, lack of complete knowledge over the dosage forms while manufacturing the products in undeveloped countries inhibits the demand of the sleep aids market. Stringent rules and regulations by the government on pharmaceutical companies may also negatively impact the growth rate of the sleep aids market.

COVID-9 impact on the sleep aids market:

COVID-19, the disease caused by the novel coronavirus, SARS-CoV-2, has spread exponentially across the world since late December 2019, causing unprecedented changes in health care systems.

According to a study of medrxiv.org, a significant spike in the prevalence of mental health problems has been noticed during the lockdown period caused by the coronavirus. Sleep disorders are one of the major mental health problems. As the fact says, solid sleep is much essential for individuals' physical and mental well-being. But it is often neglected, which resulted in a high incidence of sleep disorders across the globe.

COVID-19 harms the worldwide sleeping aids market growth in 2020, providing a slight decline in its growth rate. Medication, sleep laboratories, sleep apnea devices, and mattresses and pillows are types of sleep aids. Consequently, the lockdown trade-in of several products, including sleeping aids, has been limited, as has individual monthly wages, the shutdown of processing plants protects workers in all countries. Sleep aids are medications and surgical instruments used to detect and cure a variety of sleep disorders. Increasing working hours, a heavy workload and job burden, and a hectic work environment contribute to high stress and poor sleep quality. These sleep disturbances are expected to harm human health and contribute to various chronic diseases such as high blood pressure, diabetes, asthma, affecting immune systems, etc. This increases the sales of over-the-counter sleeping pills, which help improve sleep quality around the world. As a result, it is important to treat and diagnose these diseases at an early stage. Furthermore, growing advances in sleep assist devices, emerging treatments for insufficient sleep, and the rising use of portable sleep apnea devices are expected to contribute to the growth of the global sleep aids market in coming years.

Considering the present situation, analysts at MarketDataForecast predicted that the future of the global sleep aids market is expected to be more promising, and COVID-19 favored the market growth.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2021 to 2027

Base Year

2021

Forecast Period

2022 to 2027

Segments Covered

By Sleep disorder, Product, Medication Type, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

 

This research report on the global sleep aids market has been segmented and sub-segmented based on sleep disorder, product, medication type, and region.

Sleep Aids Market - By Sleep Disorder:

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

Based on sleep disorder, the insomnia segment accounts for a significant share globally in the sleep aids market during the forecast period. 10 % to 30% of adults and up to 50% to 60% suffer from insomnia annually, according to a study published by the International Journal of Contemporary Medical Research (IJCMR). The incidence of insomnia in people increases due to work stress, depression, anxiety disorders, excessive smoking, and alcohol consumption.

The sleep apnea segment remains the fastest-growing segment than other sleep disorders due to the growing aging population, who are more vulnerable to sleep apnea disorders, growing manufacturing processes, and existing market economies.

The sleepwalking and restless Legs Syndrome segment are forecasted to have prominent growth during the forecast period. Increasing sleepwalking and restless syndrome cases have covered the inflow of voluminous growth in the sleep aids market globally.

Sleep Aids Market - By Product:

Based on the product, the mattresses and pillows segments are expected to continue leading the sleep aids market in the coming years. The segment is majorly driven by the wide features such as comfortable, conformity, accessibility of different products, and relatively cheap. Also, increasing awareness regarding the health advantages of quality sleep amid the rise in population accelerates the Sleep aids market growth globally during the assessment period.

Sleep Aids Market - By Medication Type:

  • Prescription-based Drugs
  • OTC drugs
  • Herbal Drugs

Based on medication type, prescription medications hold the largest share in the market. People suffering from lack of sleep and sleep disorders are increasing globally, which is anticipated to fuel the market's demand.

Sleep Aids Market - By Region:

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • The Middle East and Africa

Geographically, the global sleep aids market was dominated by North America in 2020, with an overall market share of over 50% globally. Europe and Asia-Pacific followed North America. Asia Pacific is expected to exhibit a CAGR of almost 6.9% against North America’s CAGR of 5.9% over the coming years.

The North American market is predicted to occupy most of the share in the global market due to the quick adoption of the latest technologies. Focus on developing new techniques with herbs and natural products with fewer or no side effects is gaining traction over the market shares.

The European market is positioned next to North America in ruling with dominant shares of the sleeping aids market. An increasing number of sleep apnea cases across the region is eventually making the market grow. Creating awareness over the availability of different treatment procedures for sleep disorders boosts the market demand in this region.

The Asia Pacific market is expected to hit the highest CAGR in the coming years. The rise in the consumption rate of tobacco and alcohol is leveraging the market demand in this region. India and China are major countries contributing to the largest shares of the sleep aids market.

KEY MARKET PARTICIPANTS:

Some of the notable companies dominating the global sleep aids market profiled in this report are Sanofi, Merck & Co, Pfizer, Koninklijke Philips N.V. (Philips), GlaxoSmithKline Plc, Care Fusion Corporation, Cadwell, SleepMed, Natus Medical Manufactures, and DeVilbiss Healthcare LLC.

RECENT MARKET HAPPENINGS:

  • In July 2019, generic Ramelteon tablets of 8mg strength were launched by Dr. Reddy’s Laboratories, which treat insomnia.

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