The presence of large number of sleep disorder cases and rise in awareness about the adverse effects of sleep disorders on human health are anticipated to attract the patients with high purchasing power and boost the market growth.
According to a new report published by Allied Market Research, titled, Sleep Aids Market – Global Opportunity Analysis and Industry Forecast, 2017-2023,” the global sleep aids market accounted for $49,543 million in 2016, and is estimated to reach at $79,851 million by 2023, registering a CAGR of 7.0% from 2017 to 2023. North America is the highest contributor in the sleep aids market; however, Asia-Pacific has witnessed the highest growth rate in 2016.
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.
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Sleep aids in the form of drugs and medical devices are used for the diagnosis and treatment of sleep disorders, such as sleep apnea and sleep walking. These are expected to improve the quality of sleep for patients with sleep disorders. Sleep disorders could adversely affect the human health and cause chronic diseases, such as diabetes and cardiovascular diseases.
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.
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.
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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.
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.