According to the report Sleep Aids Market, published by Market Data Forecast, the global market is projected to reach USD 83.8 billion by 2021, at a CAGR of 6.32% from 2016 to 2021.
Sleep aids are defined as medicines or devices that help in treatment of sleep disorders like insomnia and sleep apnea and help people have a sound sleep. Sleep is a necessary part of human activities, which helps boosting memory, relaxing body improve cognitive functioning and regulates immune function. 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.
Many people today still take traditional and alternative methods to treat their sleep disorders. These methods have witnessed a stable growth during the decade, as urban cities are witnessing increasing number of patients suffering from sleep disorders. Apart from sleeping pills, herbal medicines, aroma therapy like scented candles and sound machines are also being used extensively.
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Sleep Aids Market: Drivers & Restraints
One of the leading drivers for this market is increasing stress in day-to-day life. People in urban cities lead a fast life with immense pressure from work, home society. This has led to a disturbed sleeping pattern with less sleep hours as minimum as 3-4 per day. Because of this, there has been a tremendous rise in sleeping aids within last decade itself and it is expected to grow during forecast period. Also increased use of caffeine, smoking and alcohol has also contributed in sleeping disorders. This has generated demand for sleeping aids. Government aid in form of policies and spreading awareness regarding sleep disorders and sleep aids has also influenced growth of the market. Although, the sleep aids market has many drivers, certain factors restrain the market growth to, such as side effects of sleeping pills and expiration of treatment pills after patient’s’ recovery.
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Sleep Aid Market: Segmentation
By Sleep Disorder
- Sleep Apnea
- Restless legs syndrome
- Sleep Walking Therapeutic
- Mattresses & Pillows
- Sleep Laboratories
- Sleep apnea devices .
- Prescription-based Drugs
- OTC Drugs
- Herbal Drugs.
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Sleep Aids Market: Overview
Sleeping aids are drugs and medical devices that are used for treatment of sleeping disorder. Seeping aids provides treatment and diagnosis for sleep disturbances and disorders. Symptoms of sleep disorders include daytime sleepiness, abnormal sleeping behaviours, irregular breathing and distress during sleep. Sleep disorders has an adverse effect on human health. It can lead to neural problems that may lead to accidents, affect productivity at work and can cause stress and depression. Furthermore, sleep disorder can also affect the body that leads to major chronic diseases such as obesity, cardiovascular diseases, and diabetes.
Under the segments, Sleep apnea leads the market in sleep disorders segment with fastest growth. In product based segment, mattresses and pillow dominate the segment. While segmentation based on medicines, prescription based medicines having largest market share and they are leading the market and will continue to do so during forecast period.
Sleep Aids Market: Region-wise Outlook
North America leads global sleeping aids market, where U.S.A has largest market share over 50% over the globe. Fast-paced modern lifestyle and stressed work life coupled with rising demand for sleeping pills and rising awareness by numerous health organizations are leading the North American sleeping aids market to propelling growth.
Asia-Pacific shows promising growth and expected to grow with a CAGR of 6.9 being the highest among the region. India and China will have a bloating demand of sleeping pills due to an enormous population base. Europe follows North America being second largest market owing to availability of better sleeping aids therapies and disturbed work-life balance.
Key Questions Answered
- What is the competitive landscape and market share of major players in the Asia-Pacific region?
- What are the drivers, key factors leading the market? Which market segments are growing the fastest?
- What are the unmet technological needs currently on the market? How will emerging technologies fulfil these unmet needs?
- What are the challenges and barriers that have hindered growth of the market?
- What measures are taken by leading companies to increase market growth?
Sleep Aids Market: Key Players
The major companies dominating the market are Sanofi, Merck & Co., Pfizer, Koninklijke Philips N.V. (Philips), GlaxoSmithKline Plc., Care Fusion Corporation, Cadwell, SleepMed, Natus Medical manufactures, DeVilbiss Healthcare LLC.
Reasons to buy Sleep Aids Market Report:
- Global, regional and country-level analysis and forecasts of the study market; providing Insights on the geographical areas in which this industry is prospering
- Segment-level analysis on basis of product type, application, colour along with market size forecasts and y-o-y estimations to detect key areas of industry growth in detail
- Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
- Study of macro and micro environmental factors that affect the market presented in an extensive strategic analyses section containing PESTLE and Porter’s Five Forces Analyses
- A comprehensive listing of key market players along with company overview, product portfolios, key financial information (subjected to availability), SWOT analysis and Analyst overview to study and sustain the market environment
- Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
- Expertly devised Market Outlook along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
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