North America Sleep Aids Market

North America Sleep Aids Market Size (2022 to 2027)

The North America Sleep Aids Market is forecasted to be worth USD 49.27 billion by 2027 from USD 36.99 billion in 2022 and is estimated to be growing at a CAGR of 5.9% during the forecast period.

An increase in alcohol consumption, caffeine, and tobacco are the key causes of sleep disturbances are a few of the key factors promoting the sleep aids market growth in the North American region. Moreover, the stress of modern life and public awareness campaigns about sleep problems increased the demand for sleep pills, driving up the market.

In addition, the rising incidence of sleeping problems among people due to lifestyle changes is propelling the sleep aids industry forward at a rapid pace. Changing trends to maintain a healthy lifestyle through a decent sleep cycle are saturating this market’s need. Furthermore, the growing geriatric population also fuels the North American market for sleep aids.  People nowadays are suffering from a variety of health problems due to a lack of enough sleep, which can be caused by various factors such as hectic work schedules, stress, and other factors, all of which are driving up the demand for sleep aids.

The market is further expected to grow as the popularity of over-the-counter medications widely available from pharmacies grows. In addition, the adoption of newly released therapeutic gadgets, particularly in developed and emerging countries, is thought to be boosting demand for sleep aids. Moreover, the introduction of advanced technology for treating sleep problems is expected to impact market share positively. The market for sleep aids is fuelled by ongoing research into generating innovative medications of appropriate quality and lowering problems. The availability of healthcare professionals in analyzing the negative impacts of sleep problems also assists in developing efficient sleep aids.

However, the sleep aids market in North America also faces significant hurdles and constraints, such as the patent expiration of sleep disorder treatment medications and the adverse effects of sleeping aids drugs.

The North America 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

Sleep apnea remains the fastest-growing segment than other sleep disorders, whereas Mattresses and pillows are expected to continue leading the North America Sleep Aids Market. Based on medication type, prescription medications hold the largest share in the market.

By Country:

• The United States
• Canada
• Rest of North America

Geographically, North America dominated the global sleep aids market in 2020, with a worldwide market share of over 50%, and it is projected to register a predominant share during the forecast period. The regional market growth is attributed to the rapid adoption of new technologies, technological advancements in the healthcare sector, and well-established healthcare infrastructure. In addition, the focus on developing innovative approaches using herbs and natural items that have fewer or no adverse effects is increasing market share are propelling the market growth. Prominent market participants in the region are also projected to promote sleep aid demand in North America. The major growth contributors in the area are the United States and Canada.

The United States sleep aids market is predicted to hold the largest share of the North American market, and it is expected to witness significant growth during the forecast period. The more considerable prevalence of sleep disorders leads to the greater demand for therapy in the country. According to the American Sleep Association, 50-70 million adults in the United States suffer from a sleeping condition, with 10% of the population suffering from chronic insomnia and 30% suffering from short-term disorders. In addition, obstructive sleep apnea affects 25 million people in the United States, with 24- 31 percent of males and 9- 12 percent of females suffering from the condition.

KEY MARKET PLAYERS:

A few prominent companies operating in the North America Sleep Aids Market profiled in this report are Sanofi, Pfizer, Koninklijke Philips N.V. (Philips), Merck & Co., Cadwell, Care Fusion Corporation, GlaxoSmithKline Plc, SleepMed, DeVilbiss Healthcare LLC, Natus Medical manufactures.