The global sleep aids market witnessed significant growth in 2021, with a market size of USD 73.2 billion. It is projected to continue its upward trajectory, growing at a Compound Annual Growth Rate (CAGR) of 5.7 percent during the forecast period. Sleep aids, including medicines and medical devices, play a crucial role in monitoring, diagnosing, and treating sleep disturbances and disorders.
Addressing Sleep Disorders for a Healthier Future
Sleep disorders can have a profound impact on an individuals health, leading to conditions such as cardiovascular diseases, obesity, and diabetes. As the global population ages, the incidence of sleep disorders is on the rise, further propelling the demand for sleep aid products. In 2019, there were 703 million people aged 65 years or older worldwide, a number projected to double to 1.5 billion by 2050.
Market Growth Drivers
Several factors are driving the growth of the sleep aids market, including:
- Rising Disposable Income: Increased affluence has led to a higher adoption of sleep aid products.
- Government Funding and Product Approval: Government funding and approvals for sleep apnea testing and treatment options are expanding the market.
- High Incidence of Sleep Apnea: The prevalence of sleep apnea and related disorders is fueling market growth.
Impact of COVID-19
The COVID-19 pandemic had a noticeable impact on the sleep aids market. Reduced trade and disrupted supply chains resulted in a decreased demand for sleep aids. Furthermore, the economic challenges faced by individuals during the pandemic, coupled with the closure of manufacturing facilities, hindered the production and supply of sleep aid solutions.
- Mattresses & Pillows Dominate: Technological advancements in sleep aid devices have driven the growth of the mattress and pillow segment.
- Insomnia Leads the Way: Insomnia treatment holds the largest market share, with a growing demand driven by an increase in sleep disorders, including insomnia.
- North America at the Forefront: North America dominates the market, with the U.S. leading the way due to high prevalence of sleeping disorders and increased awareness of sleep quality.
Leading players in the global sleep aids market, such as GlaxoSmithKline Plc, Pfizer, Inc., and Koninklijke Philips N.V., are focusing on acquisitions, product development, and expanding their geographical reach. For instance, Eisai Co., Ltd. received FDA approval for DAYVIGO, an orexin receptor antagonist, to treat insomnia in adults.
The market also benefits from ongoing research and development efforts aimed at creating innovative medicines and devices. In July 2018, GSK and 23andMe announced a genetic insights-based approach to developing novel medicines.
About the Market
Key market players include Cadwell Industries, Inc., Compumedics Limited, Drive DeVilbiss Healthcare Inc., Merck & Co., Inc., Natus Medical Inc., PFIZER, INC., Sanofi S.A., and SleepMed Inc.
The global sleep aids market is poised for continued growth, driven by lifestyle changes, healthcare improvements, and an increasing focus on sleep quality. As the market evolves and new technologies emerge, it is expected to offer more effective solutions to address sleep disorders and improve the overall well-being of individuals worldwide.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/sleep-aids-market
Visit Our Blogs:
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
Fairfield Market Research
UK +44 (0)20 30025888
USA (Toll-free) +1 (844) 3829746
This press release first seen on Brilad
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Everest Market Insights journalist was involved in the writing and production of this article.