The sleep aids market in North America is forecasted to be worth USD 52.17 billion by 2028 from USD 39.17 billion in 2023 and is estimated to grow at a CAGR of 5.9% from 2023 to 2028.
The growing population suffering from sleeping issues across North American countries is one of the major factors propelling the sleep aids market growth in North America. According to the statistics published by the Sleep Foundation, an estimated 35.2% of U.S. adults have less than 7 hours of sleep. The U.S. has an estimated 200,000 people diagnosed with narcolepsy, and 70 million people are affected by insomnia annually. In addition, the growing consumption of alcohol, caffeine, and tobacco is anticipated to result in the sleep aids market growth in the North American region as these products can cause sleep disturbances. Moreover, the stress of modern life and public awareness campaigns about sleep problems increased the demand for sleep pills, driving the market growth in North America. In addition, the rising incidence of sleeping problems among people due to lifestyle changes propels the sleep aids market forward at a rapid pace. Therefore, changing trends to maintain a healthy lifestyle through a decent sleep cycle.
Furthermore, the growing geriatric population fuels the North American market for sleep aids. People nowadays are suffering from various 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 boost the demand for sleep aids. Moreover, introducing advanced technology for treating sleep problems is expected to impact the 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 to analyze the negative impacts of sleep problems also assists in developing efficient sleep aids.
However, the sleep aids market growth in North America is anticipated to be hampered by factors 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:
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 of the market.
By Medication Type:
North America dominated the global sleep aids market Geographically, North America dominated the global sleep aids market in 2022 and held more than 50% of the worldwide market share. It is projected to register a dominant share in the global market throughout the forecast period. The regional market growth is attributed to the rapid adoption of technological advancements in the healthcare sector and well-established healthcare infrastructure. In addition, the focus on developing innovative approaches using herbs and natural items with fewer or no adverse effects is increasing market share and propelling the market growth. Furthermore, the presence of key market participants in the North American region favors regional market growth. The U.S. had the largest share of the North American market in 2021, followed by Canada.
The United States sleep aids market is predicted to hold the largest share of the North American market and is expected to witness significant growth during the forecast period. The more considerable prevalence of sleep disorders leads to a 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 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 and Natus Medical manufactures.
The sleep aids market in North America is estimated to grow at a CAGR of 5.9% from 2022 to 2027.
The U.S. accounted for the major share of the North American market in 2021.
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