Press release
Do you Know Recent Trends in Booming Sleep Aids Market in the Global Industry?
Sleep aids are drugs and devices that are used to diagnose and treat sleep disorders, such as sleep apnea and insomnia. Sleep disorders are caused due to substance misuse, stressful work environment, and inconsistent sleep pattern. Sleep aids help to improve the quality of sleep by reducing the time required to fall asleep and increasing the duration of quality sleep. The global sleep aids market was valued at $49,543 million in 2016, and is estimated to reach $79,851 million by 2022, registering a CAGR of 7.0% from 2017 to 2023.
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The global sleep aids market is segmented based on product, sleep disorder, and geography. Based on product, it is categorized into mattress & pillows, sleep laboratories, medications, and sleep apnea devices. The medications segment is further divided into prescription-based drugs, over-the-counter (OTC) drugs, and herbal drugs. Based on sleep disorder, it is classified into insomnia, sleep apnea, restless leg syndrome, narcolepsy, sleep walking, and other sleep disorder. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The market growth is attributed to the surge in prevalence of sleep disorders, rise in geriatric and obese population, and change in lifestyle. The surge in disposable income; increase in awareness about sleep disorders; stressful work issues; enhanced intake of caffeine, tobacco, and alcohol; and technological advancements are expected to boost the sleep aids market growth. However, adverse effects of sleep aids medication in patient with sleep disorders, such as dizziness, diarrhea, constipation, daytime drowsiness; and expiration on sleep drugs patents are expected to hamper the market growth.
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KEY BENEFITS
• This report offers a detailed quantitative analysis of the current market trends from 2016 to 2023 to identify the prevailing opportunities.
• Market estimations provided are based on comprehensive analysis of the key developments in the industry.
• The global market is comprehensively analyzed with respect to product, sleep disorder, and geography.
• In-depth analysis based on geography facilitates in analyzing the regional market to assist in strategic business planning.
• The development strategies adopted by key manufacturers are enlisted to understand the competitive scenario of the market.
KEY PLAYERS PROFILED
• Koninklijke Philips N.V.
• Merck & Co.
• Sanofi
• DeVilbiss Healthcare LLC.
• Pfizer Inc.
• SleepMed Inc.
• Cadwell Laboratories Inc.
• Compumedics Limited
• Natus Medical Incorporated
• GlaxoSmithKline plc.
Sleep Aids Market Key Segments
BY PRODUCT
• Mattresses & Pillows
• Sleep Laboratories
• Medications
• Sleep Apnea Devices
BY SLEEP DISORDER
• Insomnia
• Sleep Apnea
• Restless Legs Syndrome
• Narcolepsy
• Sleep Walking
• Other Sleep Disorders
BY GEOGRAPHY
• North America
• Europe
• Asia-Pacific
• LAMEA
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