LI_171533
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Pages: 120
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Apr 2017 | 8118 Views
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Author(s) :
Onkar Sumant and Tenzin Kunsel
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Tables: 55
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Charts: 58
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Global Sleep Aids Market was valued at $49,543 million in 2016, and is estimated to reach $79,851 million by 2022, registering a CAGR of 7.0% from 2017 to 2023. Sleep is a biological requirement that maintain metabolic homeostasis, influences memory and other cognitive function, and regulates immune function. Sleep aids are drugs and medical devices used to diagnose and treat various sleep disorders, such as sleep apnea and insomnia. Lack of quality sleep leads to sleep disorders, which are caused due to medical issues, physical disturbances, environmental problems, and psychiatric disorders. These sleep disorders are expected to adversely affect the human health and lead to number of chronic diseases, such as high blood pressure, diabetes, arthritis, and stroke. Thus, it is important to treat and diagnose these disorders at an early stage.
Global Sleep Aids Market Segmentation
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The global sleep aids market is segmented based on product, sleep disorder, and geography. Based on product, it is classified into mattress & pillows, sleep laboratories, medications, and sleep apnea devices. The medication segment is further divided into prescription-based drugs, over-the-counter (OTC) drugs, and herbal drugs. Based on sleep disorder, it is categorized into insomnia, sleep apnea, restless leg syndrome, narcolepsy, sleep walking, and other sleep disorders. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Drivers, Restrains, and Opportunities
The impact of the driving factors is expected to surpass the effect of restraints. Moreover, the increase in awareness about sleep disorders and technological advancements are expected to provide new market opportunities to sleep aids manufacturers in the near future.
Drivers, Restrains, and Opportunities
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Global Sleep Aids Market Key Geographical Segment
North America accounted for the highest market share in the sleep aids market in 2016, and is expected to maintain its dominance throughout the forecast period.
Global Sleep Aids Market, By Geography, 2016 (%)
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The key players operating in the global sleep aids market include Koninklijke Philips N.V., Merck & Co., Sanofi, DeVilbiss Healthcare LLC., Pfizer Inc., SleepMed Inc., Cadwell Laboratories Inc., Compumedics Limited, Natus Medical Incorporated, and GlaxoSmithKline plc.
The other significant players in the value chain include Teva Pharmaceutical Industries Ltd., Takeda Pharmaceutical Company Limited, CareFusion Corporation, Tempur-Pedic Management Inc., Serta International, and Drive Medical Ltd.
Key Benefits for Stakeholders
Sleep aid products are gaining popularity due to rise in the awareness about the sleep disorders and the advancement in sleep aids technology. These products in the form of drugs and devices are used to improve the quality of sleep of the patient. Moreover, these helps in the diagnosis and treatment of sleep disorders, such as insomnia, narcolepsy, and sleep walking.
Risk of sleep disorder increases with age and obesity, thus the increase in geriatric and obese population supplements the market growth. Moreover, rise in the initiative by healthcare organization to increase 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 hamper the market growth.
The sleep laboratories segment is expected to grow at a highest rate and provide lucrative opportunities for the market players. These are used for the diagnosis and treatment of sleep disorders, and the presence of a large undiagnosed patients suffering from sleep disorder is anticipated to boost growth of this segment.
The employment of sleep aids is highest in North America, owing to the increase in adoption of these products, high awareness regarding the benefits of quality sleep among the consumers, and increase in disposable income. Although the use of sleep aids in Asia-Pacific and LAMEA region is low, the adoption rate is expected to increase, owing to rise in disposable income, presence of large geriatric and obese population.
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