North America Sleeping Aids Market 2020 Driving Factors, Industry Growth, Key Vendors and Forecasts to 2028
The rising prevalence of health related diseases and disorders raises the demand for better healthcare services and technologically advanced equipment and treatment methods. In order to operate these, the requirement for highly qualified medical professionals increases and thus generates high employment opportunities in the region. According to statistics published by the U.S. Bureau of Labor Statistics, the rate of employment of various medical professionals in the healthcare industry is anticipated to grow by 14% between 2018 and 2028.
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Further, about 1.9 million jobs in the industry were estimated to be added during this period in the United States. The highest median annual wage was recorded to be USD 208,000 or more for physicians and surgeons in 2018. Similarly, the recorded median annual pay for other healthcare occupations in May 2018 was USD 158, 240 for dentists, USD 126,120 for physicians, USD 84,270 for occupational therapists and USD 29,740 for various healthcare support occupations such as home health aides and medical transcriptionists.
The greater demand for medical services and healthcare facilities in the North America region is estimated to considerably impact the growth of North America Sleeping Aids Market in the region between 2020 and 2028. Moreover, the increased spending by the population in countries such as United States and Canada is further leading to the growth of this industry. The health expenditure per capita based on the purchasing power parity (PPP) in United States rose significantly from USD 9,053.43 in 2014 to USD 9,869.74 in 2016, while it went from USD 4,529.36 in 2014 to USD 4,718.30 in 2016 in Canada, according to the World Health Organization. The personal healthcare expenditure in United States, as stated by the Centers for Disease Control and Prevention, was estimated to increase by an annual percent change of 4.6% during 2006-2016 with total spending of USD 1,804 Billion in 2006 which augmented to USD 2,834 Billion in 2016. This can be attributed to the substantial demand for novel medical technologies and healthcare assistance in North America.
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Furthermore, to provide better understanding of internal and external marketing factors, the multi-dimensional analytical tools such as SWOT and PESTEL analysis have been implemented in the North America Sleeping Aids market report. Moreover, the report consists of market segmentation, CAGR (Compound Annual Growth Rate), BPS analysis, Y-o-Y growth (%), Porter's five forces analysis, absolute $ opportunity and anticipated cost structure of the market.
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