Market Research Report
Global Sleep Aids Market - 2019-2026
|Published by||DataM Intelligence||Product code||834585|
|Published||Content info||130-180 Pages
Delivery time: 1-2 business days
|Global Sleep Aids Market - 2019-2026|
|Published: May 1, 2019||Content info: 130-180 Pages||
The global sleep aids market was worth the US $XX billion in 2018 and is expected to reach US $XX billion by 2026, at a CAGR of XX% during the forecast period.
Sleep aids are pills medical devices used to treat and diagnose various sleep disturbances and disorders, such as sleep apnea and insomnia. Products such as specialized mattresses and pillows which can induce sleep are also categorized as sleeping aids. Sleep aid medications are commonly referred to as hypnotics or sleeping pills. Hypnotics are a class of psychoactive drugs whose primary function is to induce sleep and to treat insomnia (sleeplessness). These sleep disorders are expected to adversely affect human health and lead to several chronic diseases, such as high blood pressure, diabetes. Thus, it is essential to treat and diagnose these disorders at an early stage. Growing
Increasing prevalence of insomnia and obstructive sleep apnea (OSA) disorders, rising use of portable sleep apnea devices, improving healthcare facilities, the surge in demand for sleeping pills attributed to stressful modern lifestyle, and increasing geriatric population are the key factors driving the growth of the market. According to Centres for Disease Control and Prevention (CDC), in 2017, around 49.2 million people across the globe have sleeping issues. Increasing awareness about sleep disorders and technological advancements are boosting the global sleep aids market.
Growing awareness initiatives by various organizations to educate people and medical practitioners about healthy sleep habits are propelling the global sleep aids market. For instance, in March 2018, the National Sleep Foundation conducted the sleep awareness week with the theme 'Begin with Sleep Moreover'.
However, the adverse effects of using sleeping aids are hampering the global sleep aids market. In older adults, using these pills can cause memory problems and drug addiction issues.
Based on product the global Sleep Aids market is broadly segmented as mattress and pillows, medication, sleep apnea devices, and others. Among all these mattresses and pillows accounted for major market share in 2018, and it is projected to grow at a significant pace over the forecast period (2019-2026). This is attributed to the fact that mattresses and pillows are a cost-effective solution, due to which these are widely adopted among the global population. Additionally, technical advancements and developments by manufacturers are driving the mattresses and pillows segment. In May 2017, DeVilbiss Healthcare introduced the P903 Full Electric Expandable Width Low Height Long-Term Care (LTC) bed, to its premium line of mattresses and bedding products.
Sleeping aid drugs include prescription drugs such as benzodiazepine, antidepressants, orexin antagonists, and over the counter (OTC) drugs such as antihistamines, melatonin, and others. Among these, uptake of OTC drugs is growing at a significant rate, owing to low cost and no adverse effects compared to others. Sleep aid devices include positive airway pressure (PAP) machines and oral appliances. Oral appliance therapy is an effective, non-invasive treatment. It is more comfortable, easy to wear, and portable.
Based on the sleep disorder Sleep Deprivation, Narcolepsy, insomnia, sleep apnea, and others. Among all these insomnia accounted for major market share in 2018. It is due to the rise in the prevalence of the number of insomnia cases over the years. Over the forecast period (2019-2026) sleep apnea disorder is growing at a high pace. The growing prevalence of OSA (Obstructive Sleep Apnea), along with technological advancements are anticipated to boost the sleep apnea segment. According to WHO (World Health Organization), in 2018, the prevalence of sleep apnea impacts more than 936 million people worldwide which is nearly ten times greater than the 2007 estimation. Thus, the growing incidence of OSA is expected to drive the global sleep aids market.
The global Sleep Aids market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America accounted for a major share in the global sleeping aids market in 2018. This is attributed to the rising number of sleep apnea disorders. The Asia Pacific is expected to be the fastest growing region in the global sleeping aids market, owing to the increasing demand for sleeping pills due to stressful modern lifestyle. With the ever-increasing geriatric population, the frequency of sleep disorders is rising, which further creates demand for these products. According to the Food and Drug Administration (FDA), in 2014, in Japan sold around 339 million sleeping pills.
Significant players of the global sleep aids market are Teva Pharmaceutical Industries Ltd., Merck & Co., Sanofi, DeVilbiss Healthcare LLC. (Drive Medical), Pfizer Inc., SleepMed Inc., Cadwell Laboratories Inc., Compumedics Limited, Natus Medical Incorporated, GlaxoSmithKline plc., and others. The product launches, collaboration, and product agreements, and other key developments are the dominating strategies adopted by the market players to enhance their product portfolio in the global sleep aids market.