Sleep Aids Market Analysis | 2022-2028

“The Sleep Aids Market was estimated at US$ 64.1 billion in 2021 and is expected to grow at a CAGR of 6.39% during 2022-2028 to reach US$ 99.28 billion in 2028”.

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Market Dynamics

Introduction

Sleep is a biological necessity that influences memory, maintains cognitive abilities, and maintains metabolic balance. People's general health is impacted by poor sleeping habits, which can result in chronic diseases like diabetes, rheumatoid arthritis, high blood pressure, and stroke. They are supported by medications and medical equipment used to treat and diagnose various sleep disorders, including insomnia, narcolepsy, sleep apnea, and others.

Market Drivers

The expansion of the market for sleeping aids is anticipated to be fueled by the growing awareness of this illness among the world's population and its adverse repercussions. The business of sleeping aids is expected to suffer from the lack of necessary paperwork for obtaining a prescription, using drugs or medicines, and incorrectly calibrating devices.

However, the development of the market for sleeping aids is projected to be hampered by the growing challenges and worries associated with treating sleeping disorders as a result of the introduction of cutting-edge technologies.

The surge in patients with sleep disorders brought on by an aging and obese population is what is driving the market's expansion. The market expansion for sleeping aids is being driven by the significance of employing sleep help items and rising non-refundable income. The global population's growing efforts to combat this ailment are expected to lead to an increase in the demand for sleeping pills.

The increasing use of medication by those who suffer from sleep disorder breathing is anticipated to benefit the expansion of the global market for sleeping aids. This type of patient is at significant risk of infection because they are dealing with several negative disease-related effects.

Several investments/guidelines in the industry have been directed in recent years, which would boost the overall market. Some of them are:

• Huge business development potential for sleep aids is anticipated as a result of rising market restrictions on new product development and rising government funding for research and development (R&D). Narcolepsy, chronic insomnia, and disruptive sleep apnea are a few of the sleeping disorders that are becoming more common. The complexity of sleep aids in treating OSA and insomnia contributes to the growth of the global market for sleep aids. Market expansion is anticipated to be sparked by the expanding M&A (Merger & Acquisition) between industry players to expand their geographic reach and product assortment. The rising use of wearable sensors and tracking devices is another important aspect of sleep aids. Sensor-equipped systems serve a variety of purposes, including assessing the quality of sleep and searching for sleep disorders.

Recent Developments

Numerous prospects are opening up for manufacturers of sleep assistance treatments to combat chronic sleeping problems and grow their market share as a result of increasing product approvals and government financing for health treatment and testing of sleep apnea. For instance:

• In December 2019, Eisai Co., Ltd. announced that the USFDA had approved DAYVIGOTM (Lemborexant), an antagonist of the orexin receptor that it had developed and domestically discovered. DAYVIGOTM has been approved for the treatment of adult insomnia caused by issues with sleep initiation or maintenance.
• In July 2018, GSK announced the signing of the agreement to leverage genomic insights for the creation of new medications.
• In April 2017, Koninklijke Philips announced the opening of Dream Station Go. It is the newest and smallest positive airline pressure (PAP) equipment designed to reduce OSA patient transportability.

Segments Analysis

By Product Type

“The pillows and mattresses segment dominated the market and is expected to maintain its leading position throughout the forecast period”.

The market is further segmented into pillows and mattresses, medications, sleep apnea devices, and others. the medications segment is further divided into prescription-based drugs, over-the-counter drugs, and herbal drugs.

Moreover, the sleep apnea devices segment is further classified into positive airway pressure (PAP) devices, facial interfaces, oral appliances, and adaptive servo-ventilators (ASVs). The market for a sleep aid was led by the pillows and mattresses sector, which is predicted to continue dominating during the forecast period.

The arrangement of mattresses and pillows is expected to be influenced by the expanding advancements in industrial techniques. The main factors influencing segmental growth include the ease with which a variety of things can be used and obtained, as well as increased awareness of the health benefits of getting good sleep.

The health association's efforts to develop new, better, and more organized sleeping aids will be accelerated by the growing difficulties of sleeplessness. The expansion of the global market for sleeping aids is significantly influenced by the changing lifestyles of people.

By Sleep Disorder Type

“The insomnia segment held the largest market share and is expected to dominate the market during the forecast period”.

The market is further segmented into insomnia, sleep apnea, restless legs syndrome, narcolepsy, sleepwalking, and others. Due to the increase in healthcare awareness, the rising prevalence of sleeping apnea, the decline in people's physical activity, and the progression of the geriatric population, the segment of insomnia observed the major market share and is projected to lead the market for sleeping aids and its governance in the business during the period of forecast.

A disorder called insomnia makes it difficult to get to sleep or stay asleep. The increasing prevalence of the condition globally can be blamed for a sizable share of the industry. This condition's primary causes include pain, depression, protracted stress, and others.

A developing treatment practice in this area is also a growth sponsor. Because of this, the category for sleep apnea may experience the biggest growth during the forecasted time.

Regional Analysis

“North America accounted for the largest market share, whereas the Asia-Pacific market is projected to experience the highest CAGR throughout the forecast period”.

The market is broken down geographically into areas like North America, Europe, Asia-Pacific, and the Rest of the World (RoW). The market segment with the largest market shares was North America. The market share may be attributable to the increased prevalence of sleep disorders brought on by the increased usage of tobacco products and alcohol intake in the nation.

Additionally, it is anticipated that the market will rise due to the presence of important commercial entities in the United States and the rising consumer awareness of sleep aids and sleep excellence goods. The market for sleeping aids, devices, and medications is expected to see increased demand as the number of overweight and older people grows.

Throughout the forecasted years, the sleep aids market in Asia-Pacific is anticipated to exhibit the highest CAGR. Additionally, it is anticipated that the changing pattern, which involves chaotic busy hours due to the expanding younger population, would present tremendous prospects for market growth.

The highest rate of company growth in the Asia-Pacific region is attributed to the rising per capita income from profits and the growing awareness of the negative consequences on the populace. Additionally, the rising trend toward OTC medication use is anticipated to fuel rapid market expansion in developing nations like China, India, Japan, and others

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Key Players

The following are the key players in the Sleep Aids Market (arranged alphabetically)

• Acelity L.P. Inc. (Kinetic Concepts, Inc.)
• AstraZeneca Plc
• Biodiem
• CSL Limited
• Cadwell Industries Inc.
• Compumedics Limited
• Drive DeVilbiss Healthcare Inc.
• Eisai Co., Ltd.
• Emergent Biosolutions
• F.Hoffmann-La Roche Ltd
• Fisher & Paykel Healthcare Limited
• Gamma Vaccines Pty Ltd.
• GlaxoSmithKline Plc.
• Koninklijke Philips N.V.
• Merck and Co. Inc.
• Natus Medical Incorporated
• Novartis AG, Pfizer Inc.
• Pfizer
• ResMed Inc.
• Sanofi S.A.
• Serta Simmons Bedding LLC
• Sinovac Biotech Ltd.
• SleepMed Inc.
• Takeda Pharmaceutical Company Limited
• Tempur Sealy International Inc.

Note: The above list does not necessarily include all the top players in the market.

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We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

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