Sleeping Aids Market Report with 159 no of Pages and prime objective of this report is to provide the insights on the post COVID-19 impact which will help market players in this field evaluate their business approaches
The global Sleeping Aids market was valued at 5725.61 Million USD in 2020 and will grow with a CAGR of 4.94% from 2020 to 2027, based on a newly published report.
Sleeping aids are defined as products or devices used to facilitate sleep in individuals with various sleep disorders. Sleeping aids include pressure-relief mattresses, sleep apnea devices, and drugs. Owing to the high adoption and the increased availability across the world, the mattress and pillow segment will account for major share of the sleeping aids market. These multipurpose products are adopted by individuals suffering from sleep disorders as they are being continuously evolved with technological innovations to alleviate sleep disorders. The introduction of technologically advanced products and the growing awareness about their availability, will drive the growth of the sleep aid market in this segment.
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Sleeping aids are a category of psychostimulants that affect consciousness by affecting neuroendocrine systems, particularly the central nervous system and the neurotransmitter system. It is used to treat sleep apnea, poor posture, and neck pain and as a mood lifter. Specially formulated with a combination of various herbs to address multiple health problems, these drugs have become very popular over the past decade. Sedatives, or hypnotic, medicines, also known as sleeping pills, have been used as sleeping aids for many years, although they gained popularity much later than they do today. Originally, they were used as a way to calm women who gave birth, allowing them to slip into a deep slumber.
Market Vendors: GlaxoSmithKline, Pfizer, Merck, Becton Dickinson, Hill-Rom, Koninklijke Philips, Teva Pharmaceuticals, Abecca Healthcare, Betterlifehealthcare, Cadwell Laboratories, Compumedics, Lifeline Corporation, Medical Depot, Natus Medical, Talley Group
The growing prevalence of sleeping disorders is a prime factor fostering growth of the sleeping aids market. According to the American Sleep Association, 50-70 million US adults have a sleep disorder, 48.0% report snoring, 25 Million U.S. adults have obstructive sleep apnea. Growing incidences of chronic disease due to sleeping disorder is again augmenting growth of the market. Increasing innovations in sleep aid devices and drug for proper sleep is also accelerating growth of the Sleeping Aids market. For instance, in December 2019, Mondias Natural Products Inc. announced that it has launched its BazzzicsTM Sleep Aid product line.
By Types: Medication, Mattresses and Pillows, Sleep Apnea Devices
By Applications: Insomnia, Restless Legs Syndrome, Sleep Apnea, Narcolepsy, Sleep Walking
North America is expected to witness significant growth over the forecast period and this is attributed to the increasing investment by key players in the development of advanced sleeping aids devices. For instance, in October 2019, Neurovalens, the Belfast-based health technology company, has secured £750,000 to launch a new product in the United States which is designed to help people sleep better.
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Key Indicators Analyzed
- Market Players & Competitor Analysis: The report covers the key players of the industry including Company Profile, Product Specifications, Production Capacity/Sales, Revenue, Price and Gross Margin 2016-2027 & Sales with a thorough analysis of the market’s competitive landscape and detailed information on vendors and comprehensive details of factors that will challenge the growth of major market vendors.
- Global and Regional Market Analysis: The report includes Global & Regional market status and outlook 2016-2027. Further the report provides break down details about each region & countries covered in the report. Identifying its sales, sales volume & revenue forecast. With detailed analysis by types and applications.
- Market Trends: Market key trends which include Increased Competition and Continuous Innovations.
- Opportunities and Drivers: Identifying the Growing Demands and New Technology
- Porters Five Force Analysis: The report provides with the state of competition in industry depending on five basic forces: threat of new entrants, bargaining power of suppliers, bargaining power of buyers, threat of substitute products or services, and existing industry rivalry.
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