Sleeping Aids Market is Projected to Witness the Fastest Growth in Asia-Pacific, with a CAGR of 7.1%

The sleeping aids market is projected to witness the fastest growth in APAC, with a CAGR of 7.1%, owing to the growing geriatric population, increasing prevalence of sleep disorders, and surging awareness about sleeping aids products in the region. According to the World Bank, life expectancy at birth of people in India increased from 67 years in 2010 to 69 years in 2016, representing growth in the geriatric population of the country. With the growing geriatric population, the frequency of sleep disorders is increasing, which further creates demand for these products.

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The medication category is further classified into prescription drugs, over-the-counter drugs and herbal remedies. Among these, prescription drugs held the largest share in the sleeping aids medication market, with 65.7% share in 2017. Based on the sleep disorder, the sleeping aids market has been categorized into insomnia, sleep apnea, restless legs syndrome, narcolepsy, sleep walking and others. Among these, insomnia held the largest share in this market, with 31.2% contribution in 2017, mainly due to rise in the prevalence of the number of insomnia cases over the years.

Globally, key players in the sleeping aids industry are developing new devices and products for the treatment of sleeping disorders. For instance, in March 2018, Drive DeVilbiss Healthcare introduced the next generation Trotter Mobility Chair. The product offers parents and caregivers a lightweight, foldable alternative to heavier wheelchair-style mobility bases. The new generation Trotter features a padded seat and back upholstery at the same low price as the original version. New accessories include angle adjustable footplates, anti-tippers, contoured headwings, headrest extension, canopy, under-seat carrier and Poziform ankle positioners.

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Some of the other players in sleeping aids industry are Sanofi, Merck KGaA, Koninklijke Philips N.V., Pfizer Inc., SleepMed Inc., Takeda Pharmaceutical Co. Ltd., Cadwell Laboratories Inc., Natus Medical Inc., and Compumedics Limited.

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