The global sleep aids market is predicted to be worth USD 103.4 billion by 2028 from USD 76.15 billion in 2023, registering a CAGR of 6.32% during the forecast period.
MARKET DRIVERS:
The rising incidence of sleeping difficulties among people due to lifestyle changes is majorly propelling the growth of the global sleep aids market.
Shifting trends to maintain a healthy lifestyle by maintaining a good sleep cycle increases the market's growth. 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 work, stress, and others, which is also an attribute accelerating the growth of the global sleep aid market.
Arise in the popularity of over-the-counter drugs, which can be available easily from 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 growth of the sleep aids market. The emergence of advanced technologies for treating sleep disorders, including monitoring and diagnosing, significantly influences market growth. Ongoing research on developing innovative drugs with adequate quality and reducing complications fuels the demand for sleep aids. The availability of healthcare professionals to analyze the ill effects of sleep disorders will also help manufacture effective sleep aids devices.
The growing patient count who has cancer drives the sleep aids market growth.
Insomnia is one of the significant issues among cancer patients, and these cancer patients face difficulties in falling asleep and awakening early. Therefore, the increasing prevalence of Insomnia among cancer patients is expected to boost the demand for sleep aid products and drive market growth. In addition, these cancer patients use herbal medicine or personalized medication for insomnia diseases because they may have severe side effects from using drugs compared to other people.
MARKET RESTRAINTS:
The availability of raw materials for manufacturing sleep aids and the growing awareness among people regarding the issues associated with the long-term usage of sleep aids are expected to hinder the market's growth rate. In addition, poor awareness levels among manufacturers regarding dosage forms in some underdeveloped countries are expected to impede the market growth. Furthermore, stringent rules and regulations by the governments to manufacture and commercialize sleep aid products are another notable factors inhibiting the market's growth rate. Chronic insomnia could be a life-threatening disease. Due to poor awareness levels, more than 50% of the patients are not taking the required care to cure this disease; such factors are anticipated to impact the sleep aids market growth negatively.
Impact of COVID-19 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 healthcare systems. In addition, according to a study by 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 significant mental health problems. As the fact says, solid sleep is essential for individuals' physical and mental well-being. But it is often neglected, which results in a high incidence of sleep disorders across the globe.
COVID-19 has hampered the sales of sleeping aids for a short time 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, and the shutdown of processing plants protects workers in all countries. Sleep aids are medications and surgical instruments that detect and cure various 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 worldwide. As a result, it is essential 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 |
2022 to 2028 |
Base Year |
2022 |
Forecast Period |
2023 to 2028 |
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 of 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:
Based on sleep disorders, the insomnia segment is predicted to capture the largest share of the global sleep aids market owing to growing insomnia among the aging population. According to an NCBI article, the symptoms of insomnia can be seen in 75% of aged people worldwide; factors such as increased work stress, depression, anxiety disorders, and increasing consumption of smoking and alcohol are contributing to the growing burden of insomnia among people.
The sleep apnea segment is anticipated to showcase the fastest CAGR during the forecast period. The growing again population is one of the major factors contributing to segmental growth. According to World Health Organization (WHO), one in every six people are expected to reach 60 years of age by 2030. Therefore, the incidence of sleep apnea is more among the aging population. In addition, the growing manufacturing activities of sleep apnea devices and rising disposable income among the population of developed and developing countries favor the segment's growth rate.
The sleepwalking and restless Legs Syndrome segment is 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. Sleepwalking is also one type of sleep disorder. People suffering from this disease walk or do some tasks while sleeping. These people must use sleep aids to reduce accidents or any other thing happening due to their disorder. Due to the increase in this type of disease in most regions, the segment has the largest share in the market growth.
Sleep Aids Market - By Product:
Based on the product, the mattresses and pillows segments will continue leading the sleep aids market in the coming years. The features of these products, such as comfort, conformity, accessibility of various products, and relatively cheap, are majorly driving segmental growth. Most companies are focusing on manufacturing different types of pillows and mattresses with advanced technology. Researchers take the suggestion of doctors and people to manufacture according to medical usage. Many people have been concentrating more on their health in recent years, and one of the essential things they focus on is sufficient sleep. Considering all the factors, we know that the mattress and pillow segment has the highest market share. Also, increasing awareness regarding the health advantages of quality sleep amid the rise in population accelerates the sleep aids market growth globally during the forecast period.
The medications segment is another segment growing at a promising CAGR during the forecast period. Most people prefer taking medication to get good sleep. People of any age use these sleep medications according to the doctor's prescription. Increasing sleep disorders in every age, increasing stress due to family and work problems, and increasing chronic diseases such as diabetes are the factors that drive the segment's growth forward.
Sleep Aids Market - By Medication Type:
Based on medication type, the prescription-based drugs segment is estimated to hold the largest share of the market during the forecast period. People suffering from lack of sleep and sleep disorders are increasing globally, which is anticipated to fuel the segment's growth. Researchers are focusing on plant extracts used to get sleep for insomnia patients. Chamomile is a popular herbal drug used as a remedy for sleep. This is also used as an anti-inflammatory and anti-bacterial property. FDA approves these herbal medicines. Using this herbal drug as a sleep aid will reduce the side effects caused by using the sleep aid drugs.
On the other hand, the OTC drugs segment is also estimated to showcase a healthy CAGR during the forecast period.
Sleep Aids Market - By Region:
Geographically, the global sleep aids market was dominated by North America in 2022, with an overall market share of over 50% globally. Europe and Asia-Pacific followed North America. The North American sleep aids market is predicted to occupy most of the share in the global market owing to the rapid adoption of the latest technologies. In addition, the increasing R&D efforts by the market participants to develop sleep aid products with fewer or no side effects using herbs and natural products is anticipated to have a favorable impact on the North American market growth. According to a recent survey, nearly 60 million people in America suffer from sleep disorders affecting their daily activities and health conditions. Sedative and hypnotic medications are primarily used as drug sleep aids, which are used to maintain sleep by suppressing activities in the central nervous system. Almost one-third of older people in the U.S. take sleeping pills that induce sleep for at least 6-7 hours. In this region, sleep medications are used mainly by women due to poor health and less quality sleep. In Canada, these sleep aids are also used for children. Hormone supplement melatonin was the most used sleep aid in children in this region.
The European sleep aids market is anticipated to account for a substantial market share during the forecast period. This is because an increasing number of sleep apnea cases across the region will eventually grow the market. In addition, creating awareness of the availability of different treatment procedures for sleep disorders boosts the market demand in this region. For example, recent studies show nearly 25 percent of United Kingdom people suffer from insomnia symptoms.
The Asia Pacific sleep aids 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 share of the sleep aids market. More than 300 million people in China are suffering from sleep disorders, as per the China Sleep Research Society. Many people are focused on completing their daily work, and personal issues lead to stress and disturbance in the sleep cycle. These sleep disorders are more in young people in China due to stress and heavy work at offices. Sleeping disorder also affects the quality of life and may occur major issues in transportation and industrial safety.
There are various sleep aid applications in China. These sleep aid apps help to reduce the disorder and get good sleep. In Japan, most people suffering from sleep disorders use psychotropic drugs. In addition, most people use benzodiazepine medications to promote sleep. Considering all these factors, the market has grown in this region during the forecast period.
The sleep aids market in Latin America has moderate growth owing to the factors such as the increasing use of intelligent gadgets late at night and people being more aware of their health condition. In addition, most people in Brazil suffer from obesity and are overweight due to sleep problems. As a result, an increase in the consumption of benzodiazepine and melatonin for sleep disorders in Brazil will drive the market forward in this region. In Brazil, this medication can be found in drugstores and online shops.
The sleep aids market in Middle East Africa also has mild growth in the sleep aid market due to increasing awareness about sleep aid products and devices which help the person get sufficient sleep and reduce stress. In addition, the government has started focusing on approving drugs and devices used for sleep-related disorders.
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:
FAQ's
The global sleep aids market size was valued at USD 71.63 billion in 2022.
On the basis of the disorder, the insomnia segment dominated the sleep aids market in 2022.
Geographically, the North American region accounted for the most dominant share in the global market in 2022.
Sanofi, Merck & Co, Pfizer, Koninklijke Philips N.V. (Philips), GlaxoSmithKline Plc, Care Fusion Corporation, Cadwell, SleepMed, Natus Medical Manufactures, and DeVilbiss Healthcare LLC. are some of the promising players in the sleep aids market.
Related Reports
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2500
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: sales@marketdataforecast.com