The Sleep Aids Market is estimated to be valued at Us$ 73350.49 Mn in 2023 and is expected to exhibit a CAGR Of 7.3% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Sleep aids products are designed to help induce sleep or improve sleep quality. Major products in the market include mattresses & pillows, sleep laboratories, medicines & drugs and sleep apnea devices. Mattresses and pillows provide comfort and support to muscles and joints while sleeping. Medicines include both prescription and over-the-counter drugs that help in falling asleep and reducing wakes during night. Sleep laboratories conduct tests such as polysomnography and actigraphy to diagnose sleep disorders. Sleep apnea devices such as CPAP machines are used to treat sleep apnea disorder.
Market Dynamics:
The sleep aids market is primarily driven by increasing prevalence of sleep disorders worldwide. According to WHO, around 30-40% of adults worldwide suffer from a brief or long term sleep disorder. Sleep disorders can negatively impact quality of life as well as increase risk of medical conditions. The increasing awareness about ill-effects of sleep disorders and availability of effective treatment options are thus driving more people to opt for sleep aids.
Additionally, rising geriatric population also contributes to market growth. With age, sleep quality tends to deteriorate making the elderly more prone to disorders like insomnia. Growing obese population is another factor fueling the market as obesity is a key risk factor for disorders like sleep apnea. However, risks of dependence and side-effects associated with medicines and presence of alternative treatment options can restrain the market to a certain level over the forecast period.
SWOT Analysis
Strength:
- The sleep aids market offers various products that cater to different patient needs like insomnia, sleep apnea, narcolepsy etc.
- Rising awareness about importance of good quality sleep is driving demand for sleep aids.
- Technological advancements are leading to development of more effective sleep aids.
Weakness:
- Long term usage of certain prescription sleep medications can lead to dependency and addiction.
- Side effects of some products like next day drowsiness limit their usage.
Opportunity:
- Growth in elderly population who are more prone to sleep disorders will boost market revenue.
- Untapped potential in developing regions will provide new growth avenues to players.
Threats:
- Alternative therapies like yoga, meditation posing competition to drugs and devices.
- Patent expiries of blockbuster drugs resulting in lower prices and revenues.
Key Takeaways
The Global Sleep Aids Market Size is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing prevalence of lifestyle diseases and sleep disorders. The market size for 2023 is US$ 73350.49 Mn.
Market size analysis:
North America is currently the largest sleep aids market owing to high awareness levels and timely adoption of advanced products. However, Asia Pacific is likely to emerge as the fastest growing regional market by 2030 on back of rising disposable incomes, growing geriatric population and increasing healthcare spending in countries like India and China.
Regional analysis:
The United States dominates the North America regional market and is expected to grow at a CAGR of 5.8% during 2023-2030. This can be attributed to growing cases of obesity, increasing workload and stress levels causing sleep deprivation amongst individuals.
Key players analysis:
Key players operating in the sleep aids market are Sanofi, Merck & Co., Inc, Pfizer Inc., Koninklijke Philips N.V., GSK plc, Sommetrics, Inc., ResMed, Cadwell Industries, Inc., SleepMed, Inc., Sci Sparc, Natus Medical Incorporated, Therapix Biosciences Ltd, Compumedics Limited, AstraZeneca, Eisai Co., Ltd., Tris Pharma, Inc., Novartis AG, Fisher & Paykel Healthcare Limited, Rotech Healthcare Inc., Idorsia Pharmaceuticals Ltd., StimScience among others.
