Sleep aids are pills and medical devices that enable a person suffering from sleep disorder to fall asleep. Sleep aids consist of various products such as medications, sleep laboratories, sleep apnea devices, and mattresses & pillows.
Globally, the sleep aids market is witnessing significant growth due to growing aging population, increasing demand for sleeping pills due to stressful modern lifestyle, and rising initiatives by various health organizations to increase awareness about sleep disorders. However, factors such as side effects associated with sleep aids medications and patent expiration of major sleep drugs are key restraints for the growth of the global sleep aids market. The global sleep aids market was valued at US$ 58,080.0 Mn in 2014 and expected to account for US$ 80,814.7 Mn by the end of 2020 at a CAGR of 5.7%.
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North America was the largest market for sleep aids in 2014, mainly due to technological advancements in the region. The North American market for sleep aids was valued at US$ 31,944.0 Mn in 2014 and is expected to account for US$ 44,523.8 Mn by 2020 at a CAGR of 5.7%. In terms of sleep disorders, sleep apnea is the fastest growing segment. In terms of product, mattresses and pillows are the largest segment in sleep aids market. In terms of medications, prescription medications are the largest segment in the market.
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The North America sleep aids market was valued at US$ 31,944.0 Mn in 2014 and is expected to account for US$ 44,523.8 Mn by 2020 at a CAGR of 5.7%. The latest trends that have been observed in the global sleep aids market includes increasing usage of home sleep test for diagnosis of sleep apnea, continuous positive airway pressure (CPAP) therapy to treat sleep apnea, and wearable monitors and passive-off body sensors.
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Sanofi, Merck & Co., Pfizer, Koninklijke Philips N.V. (Philips), GlaxoSmithKline Plc, Takeda Pharmaceutical Company Limited, Care Fusion Corporation, Teva Pharmaceutical Industries Ltd. are some of the leading players in the global market for Sleep Aids market. Some of the other major players in Sleep Aids market are; Cadwell, SleepMed, Inc, Natus Medical manufactures, DeVilbiss Healthcare LLC and Compumedics Limited.
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