“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 sleep aids market growth.”
The Top key companies analyzed in the market report include Koninklijke Philips N.V., Sanofi, Merck & Co., Pfizer Inc., DeVilbiss Healthcare LLC., Cadwell Laboratories Inc., SleepMed Inc., Natus Medical Incorporated, Compumedics Limited, and GlaxoSmithKline plc.
The Sleep Aids Market size contributed to nearly $49.54 billion in 2016 and is expected to reach $79.85 billion by 2023, growing at a CAGR of 7.0% from 2017 to 2023. North America contributed the highest revenue in the sleep aids market; however, Asia-Pacific accounted for the fastest growth rate in 2016.
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Change in lifestyle preferences, stressful and hectic work conditions, and other issues interfering with the interruption in sleep habits increase in the disposable income, and increase in awareness regarding the harmful effects of sleep disorder on the health would drive the growth of sleep aids market. The risk of sleep disorder enhances as the age and obesity increases, so the increase in geriatric and obese population could raise the prevalence of sleep disorders, which in turn, drive the market growth. The surge in demand for sleep aids led to the advancements of the technology, which will present new avenues in the market. However, the adverse effects related to sleep drugs on human health and expiration of patents would impact the market growth.
The mattress & pillows segment contributed to the largest market share in 2016 and will maintain its dominance throughout the forecast period. Availability of different products, rise in awareness regarding the benefits of quality sleep, and advancement in technologies facilitate the growth for this segment. Insomnia contributes the largest share in the sleep aids market and will maintain its highest contribution throughout the forecast period, owing to the presence of huge population suffering from insomnia.
In 2015, North America held the largest market share, accounting for the highest market share, owing to the increase in the prevalence of sleep disorders, high disposable income of people residing in the region, and high rate of adoption for technologically advanced products. However, Asia-Pacific would experience the highest CAGR during the study period, owing to an increase in disposable income, a rise in government initiatives to modernize the current healthcare infrastructure and surge in healthcare expenditure.
Key Findings of the Sleep Aids Market:
- The sleep laboratories segment is expected to register the highest growth rate during the forecast period.
- The insomnia segment contributed the highest revenue and will maintain its dominance by 2023.
- North America held the major market share of the global sleep aids market and is expected to grow at a CAGR of 6.6% during the forecast period.
- China would grow at the highest CAGR of 10.8% in the Asia-Pacific region during the forecast period.
- The narcolepsy segment is expected to witness at the highest growth rate, with a CAGR of 9.1% from 2017 to 2023.
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