Sleep Aids Market Outlook 2030:
The global sleep aids market size was valued at $59,815.10 million in 2020, and is projected to reach $111,920.10 million by 2030, registering a CAGR of 6.9% from 2021 to 2030. Sleep disorders are the conditions that impair the sleep pattern or disturb the restful sleep and as a result it can cause daytime sleepiness and other symptoms. It can have several symptoms such as regular experience of difficulty sleeping, tiredness during the day even though sleeping for at least seven hours the night before, reduced or impaired ability to perform regular daytime activities. Not getting enough sleep can have untoward consequences on school &work performance, interpersonal relationships, thinking, mental health, weight and the development of diabetes and heart disease.
The common sleep disorders include insomnia, restless legs syndrome, narcolepsy and sleep apnea. The sleep disorders can be treated with the treatment options such as counseling, medications & supplements like melatonin, zolpidem, zaleplon, eszopiclone, ramelteon, suvorexant, lamborexant, gabapentin, and number of stimulants or wake-promoting medications, such as modafinil, armodafinil and pitolisant. Moreover, regular exercise and proper management of noise, light and temperature at the place also help in sleep impair. Various sleeping aids also can contribute in the treatment of sleep disorders.
The growth of the sleep aids market is driven by the benefits of using sleep aids products and rise in disposable income. Moreover, the surge in the geriatric and obese population has led to an increase in the cases of sleep disorder, which is anticipated to increase the patient population with sleep disorders that contribute toward the growth of the market. However, the side effects of sleep aids medication on human health and large number of patent expiration of medication are expected to hinder the sleep aids market growth. Conversely, the advancement of sleep aids product helps to increase the adoption rate and the untapped market in developing economies, which are expected to offer lucrative opportunities for the growth of the market.
Impact Of Covid-19 On Sleep Aids Market (Pre And Post Analysis)
Coronavirus (COVID-19) was discovered in late December in Hubei province of Wuhan city in China. The disease is caused by a virus, namely, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which is transmitted among humans. Amidst the initial outbreak of COVID-19, the outlook for the sleep aids industry has changed significantly. The COVID-19 pandemic led to the lockdown in the world which resulted in the reduced trade of a number of products, including sleeping aids. This impacted the market by the decreasing the demand of the sleeping aids. Moreover, the disturbances in monthly income of individuals, closure of manufacturing facilities to protect workers in all the regions had reduced the number of production of sleeping aids solutions. The constraints in the handling capacity of goods, at ports, and widespread financial distress also disturbed the supply of the products. It was due to the reason that people feared about the infection during a period of distancing and lockdown. Various regions reported the reduction in the hospital visits.
Overall, the impact of COVID-19 on the sleep aids market was recorded to be fairly negative. This was attributed to decrease in demand of sleeping aids devices for the sleep disorders. Moreover, market players have reduced investment in raw materials and resources, owing to closure of manufacturing facilities to protect workers in all the regions.
By Product
Mattresses And Pillows segment is projected as one of the most lucrative segment.
Sleep Aids Market Segmentation
The sleep aids market is segmented on the basis of product, sleep disorder, and region. By product, the market is segmented into mattress & pillows, sleep laboratories, medications, and sleep apnea devices. The medications segment is further classified into prescription-based and over-the-counter (OTC) drugs. On the basis of sleep disorders, it is categorized into insomnia, sleep apnea, restless leg syndrome, narcolepsy, sleepwalking, and other sleep disorders. Region wise, the sleep aids market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Product Segment Review
Byproduct, the global sleep aid market is classified into mattress & pillows, sleep laboratories, medications, and sleep apnea devices. Mattress & pillows segment was the major contributor to the global market in 2020, and is anticipated to remain dominant during the forecast period due to technological advancements in the sleep aid devices, increase in adoption of sleep aid devices, rise in incidence rate of sleep disorders like insomnia, and increase in number of advanced &effective product launches.
By Sleep Disorders
Insomnia segment is projected as one of the most lucrative segment.
Sleep Disorders Segment Review
On the basis of sleep disorders, the global sleep aids market is classified into insomnia, sleep apnea, restless leg syndrome, narcolepsy, sleepwalking, and other sleep disorders. Insomnia segment was the major contributor to the global sleep aids market in 2020, and is anticipated to remain dominant during the forecast period, due to the increase in healthcare awareness, rise in incidence of sleep apnea, decrease in physical exercise by the population and growth in geriatric population.
Region Segment Review
North America accounted for major share of the global sleep aids market share in 2020, and is expected to remain dominant throughout the forecast period. This is attributed to increase in incidences of Sleep disorders such as sleep apnea, surge in demand for sleep aid devices, availability of advanced healthcare facilities with trained medical professionals, rise in number of R&D activities along with large presence of key players, and surge in investment made by governments in the healthcare system. However, Asia-Pacific is expected to experience the highest growth rate during the forecast period. Moreover, Japan and China are expected to grow at high CAGR in Asia-Pacific sleep aid market majorly due to improvement in healthcare infrastructure, rise in number of hospitals equipped with advanced instruments, development of the R&D sector, rise in healthcare reforms, and technological advancements in the field of sleep aids.
By Region
Asia-Pacific would exhibit the highest CAGR of 9.2% during 2020-2030.
Key Benefits for Stakeholders
- This report provides a detailed quantitative analysis of the current sleep aids market trends and forecast estimations from 2021to 2030, which assists to identify the prevailing market opportunities.
- An in-depth market analysis includes analysis of various regions, which is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate region-specific plans.
- A comprehensive analysis of factors that drive and restrain the growth of the global the sleep aids market is provided.
- The projections in this report are made by analyzing the current trends and future market potential from2020 to 2030, in terms of value.
- An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
- Key market players within sleep aids market are profiled in this report and their strategies are analyzed thoroughly, which help in understanding competitive outlook of the market.
Sleep Aids Market, by Product Report Highlights
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 By SLEEP DISORDERS |
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Analyst Review
Sleep aid products have gained popularity due to rise in the awareness about the ill-effects of sleep disorders on human health and the advancement in sleep aids technology that help to enhance the effectiveness of the product to treat sleep disorders. These products in the form of drugs and devices are used to improve the quality of sleep of the patient. Moreover, these help in the diagnosis and treatment of sleep disorders such as insomnia, narcolepsy, and sleepwalking.
Risk of sleep disorder increases with age and obesity, thus the increase in geriatric and obese population supplements the market growth. Moreover, increased number of initiatives being taken by healthcare organization to raise awareness about the adverse effects of sleep disorder on human health, change in lifestyle, and inconsistent sleep patterns are expected to boost the market growth. However, the side effects of using sleep medication and patent expiration are expected to hinder the market growth.
The sleep laboratories segment is expected to grow at the highest rate and provide lucrative opportunities for the market players. These are used for the diagnosis and treatment of sleep disorders. The presence of a large number of undiagnosed patients suffering from sleep disorder is anticipated to boost the growth of this segment.
The total market value of Sleep Aids market is $111,920.10 million in 2030.
Top companies such as Merck & Co., Inc., GlaxoSmithKline plc, Sanofi S.A, Pfizer Inc., Koninklijke Philips N.V., Natus Medical Inc. held a high market position in 2020. These key players held a high market postion owing to the strong geographical foothold in different regions.
Mattresses And Pillows segment is the most influencing segment owing technological advancements in the sleep aids devices, increase in adoption of these devices.
The forecast period for Sleep Aids market is 2020 to 2030
The market value of Sleep Aids market in 2020 is $59,815.10 million.
The base year is 2020 in Sleep Aids market
The technological advancements in the sleep aid devices, increase in adoption of sleep aid devices, rise in incidence rate of sleep disorders like insomnia are the key trends in the Sleep Aids market report.
Asia-Pacific has the highest growth rate of 9.2% in the market which is growing due to presence of large patient population, strong presence of key players, increase in number of hospitals equipped with advanced Sleep Aids devices.
Yes, the Sleep Aids market companies are profiled in the report.
Yes, the Sleep Aids market report provides PORTER Analysis
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