The Sleep Aids Market report published by Market Data Forecast provides a detailed account of the Market Trends via Customized Research presented as Strategic Analyses, Company Profiles, Competitive Landscape, etc. According to the report the Sleep Aids Market is estimated to be USD 67.37 billion in 2018 and predicted to rise to USD 91.53 billion by 2023 with a CAGR of 6.32%. The market is segmented by Sleep Disorder (Insomnia, Sleep Apnea, Restless legs syndrome, Narcolepsy and Sleep walking), by Product (Mattresses & Pillows, Sleep Laboratories, Medication and Sleep apnea devices), by Medication (Prescription-based Drugs, OTC drugs and Herbal Drugs). Further the market is also geographically segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa.
According to the current market trend there has been a significant rise in the demand for wearable sensor & monitors and home sleep tests. There has also been an increase in the usage of CPAP. The major factors contributing in driving the market include increase in geriatric population, rise in demand for sleeping pills and awareness initiatives on sleep disorder by various organizations. The restraints holding down the growth of the market include side effects of sleeping aid medications and patent expiration of treatment pills for sleep disorders.
The Sleep Apnea continues to be the fastest growing segment under sleep disorders while on the other hand Mattress and pillows are expected to have the largest market share in their segment. Based on segmentation by Medication type, the Prescription-based Drugs have been leading the market and are expected the same in coming years.
On the basis of geographical analysis, North America accounts for the largest share in the market with a share of over 50% worldwide. Europe and Asia pacific follow up the market share behind North America. Asia pacific is expected to show the highest CAGR of 6.9% among all the regions in the coming years.
The major companies discussed in the report which have the largest impact on the global market for Sleep aids devices include Sanofi, Pfizer, Koninklijke Philips N.V. (Philips), Merck & Co., GlaxoSmithKline Plc, Cadwell, SleepMed, Natus Medical manufactures, Care Fusion Corporation, DeVilbiss Healthcare LLC.
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