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Big News for the Sleep Aids Industry: Market Expected to Reach $79,851 Million Globally, by 2023

11-28-2018 08:03 PM CET | Health & Medicine

Press release from: Allied Market Research

Big News for the Sleep Aids Industry: Market Expected to Reach

The presence of large number of sleep disorder cases and rise in awareness about the adverse effects of sleep disorders on human health are anticipated to attract the patients with high purchasing power and boost the market growth.

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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Sleep aids in the form of drugs and medical devices are used for the diagnosis and treatment of sleep disorders, such as sleep apnea and sleep walking. These are expected to improve the quality of sleep for patients with sleep disorders. Sleep disorders could adversely affect the human health and cause chronic diseases, such as diabetes and cardiovascular diseases.

Change in lifestyle, stressful working condition, other issues that interfere with the sleep habits, rise in the disposable income among the customers, and growth in awareness about the adverse effects of sleep disorder on human health are expected to boost the growth of sleep aids market. The risk of sleep disorder increases with age and obesity thus, the rise in the geriatric and obese population could increase the prevalence of sleep disorder, which is expected to fuel the market growth. The rise in demand for sleep aids has also lead to an increase in the advancement of the technology, which will further open new avenues for the market growth. However, the adverse effects of sleep drugs on human health and patent expiration are expected to hamper the market growth.

The mattress & pillows segment was the highest revenue contributor in 2016, and is anticipated to continue this trend during the forecast period. Availability of a variety of products, awareness about the health benefits of quality sleep, and advancement in manufacturing techniques are some of the driving factors for the growth of this segment. Insomnia dominates the sleep aids market and is expected to remain the highest contributor toward the market growth, owing to the presence of a large population base suffering from insomnia.

In 2015, North America accounted for maximum contribution to the total revenue generated, owing to the high prevalence rate of sleep disorders, presence of high disposable income, and high adoption rate of technologically advanced products. However, Asia-Pacific is expected to witness the highest CAGR during the analysis period, attributable to rise in disposable income, increase in government initiatives to modernize healthcare infrastructure, and rise in healthcare expenditure.

Key Findings of the Sleep Aids Market:

• The sleep laboratories segment is projected to grow at the highest rate during the analysis period.
• The insomnia segment generated the highest revenue, and is expected to continue its dominance in future.
• North America dominated global sleep aids market, and is projected to grow at a CAGR of 6.6%.
• China is expected to grow at the highest CAGR of 10.8%in the Asia-Pacific.,
• The narcolepsy segment is anticipated to grow at the highest at a CAGR of 9.1%.

The key companies profiled in the report include

• Koninklijke Philips N.V.,
• Merck & Co.,
• Sanofi,
• DeVilbiss Healthcare LLC.,
• Pfizer Inc.,
• SleepMed Inc.,
• Cadwell Laboratories Inc.,
• Compumedics Limited,
• Natus Medical Incorporated, and
• GlaxoSmithKline plc.

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Table Of Content

Chapter: 1 INTRODUCTION
1.1. REPORT DESCRIPTION
1.2. KEY BENEFITS
1.3. KEY MARKET SEGMENTS
1.4. RESEARCH METHODOLOGY
1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools and models

Chapter: 2 EXECUTIVE SUMMARY
2.1. CXO PERSPECTIVE

Chapter: 3 MARKET OVERVIEW
3.1. MARKET DEFINITION AND SCOPE
3.2. KEY BENEFITS
3.2.1. Top investment pockets
3.2.2. Top winning strategies
3.3. PATENT ANALYSIS
3.3.1. Patent analysis by year
3.3.2. Patent analysis by region
3.3.3. Patent analysis by sleep disorder
3.4. GOVERNMENT REGULATIONS
3.4.1. U.S. FDA
3.4.2. Europe CE Mark
3.4.3. Ministry of Health, Labor, and Welfare (MHLW)
3.5. TOP PLAYERS POSITIONING, 2016
3.6. MARKET DYNAMICS
3.6.1. Drivers
3.6.1.1. Modern lifestyle increases the risk of sleep disorders
3.6.1.2. Stressful Work Condition and Working in Shifts
3.6.1.3. Rise in geriatric and obese population
3.6.2. Restraints
3.6.2.1. Adverse effects of sleep aid medication
3.6.2.2. Patent expiration
3.6.3. Opportunities
3.6.3.1. Technological Advancements Leading to Better Adoption
3.6.3.2. Untapped Markets in Developing Economies

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About us

Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client’s insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.

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