Sleep Aids Market Booming Worldwide Report 2021-2028 | Sanofi S.A., Merck & Co, Pfizer, Koninklijke Philips N.V

Overview

Some of the common side effects of prescription sleeping pills include feeling extremely tired during the day, difficulty concentrating and remembering things, and experiencing anxiety while sleeping. While the above side effects may be annoying for some, they should be expected and no reason to avoid sleep medicine if needed. Many people choose to purchase a natural alternative to prescription sleeping pills by researching all of the different options on the market today. You can find natural alternatives that do not carry the same risks as prescription sleeping pills and often times are more affordable and carry less of a risk of side effects.

Market Statistics:

The global sleep aids market was valued at US$ 80,814.7 Mn in 2020 and is forecast to reach a value of US$ 118,825.4 Mn by 2028 at a CAGR of 5.7% between 2021 and 2028.

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Global Sleep Aids Market: Drivers

Increasing prevalence of sleep disorders is expected to propel growth of the global sleep aids market over the forecast period. For instance, according to the study, ‘Worldwide and Regional Prevalence Rates of Co-Occurrence of Insomnia and Insomnia Symptoms With Obstructive Sleep Apnea: A Systematic Review and Meta-Analysis’ published in February 2019, the overall prevalence rates of insomnia, any insomnia complaints, difficulty falling asleep, difficulty maintaining sleep, and early morning awakening found in obstructive sleep apnea patients were 38%, 36%, 18%, 42%, and 21%, respectively.

Global Sleep Aids Market: Opportunities

Increasing funding in sleep aids is expected to propel growth of the global sleep aids market. For instance, in June 2019, CVS Health, a US-based pharmacy benefit manager, announced to fund Sleepio app, an insomnia app, developed by Big Health.

Moreover, R&D in sleep disorders is also expected to aid in growth of the market. For instance, in April 2020, researchers from University of Regina, Canada, reported investigating the relationship between public safety personnel occupation, sleep problems, and various mental disorder symptoms.

Recent Developments

Major players operating in the global sleep aids market are focused on launching new products to expand their product portfolio. For instance, in March 2020, Somnus, a U.S.-based company, launched SOMNUS, an all-natural alternative sleep-aid that does not contain, alcohol, or melatonin.

Covid-19 Impact Analysis:

Globally, as of 8:23pm CEST, 19 October 2021, there have been 240,940,937 confirmed cases of COVID-19, including 4,903,911 deaths, reported to WHO. As of 19 October 2021, a total of 6,545,309,084 vaccine doses have been administered. Major players in the market are focused on donating products during the Covid-19 pandemic. For instance, in May 2020, Sommetrics, Inc. and its partially owned affiliate, aerFree, LLC announced the donation of their aerFree product to leading academic centers to assist in the management of COVID-19 respiratory impairment.

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Market Trends:

Increasing prevalence of lifestyle disorders is expected to propel growth of the global sleep aids market. For instance, according to the Federal Research Center for Nutrition and Biotechnology, in 2018, (Russia) 60% of women and 50% of men aged over 30 were overweight with 27% of these men and 31% of these women officially obese.
The global sleep aids market is witnessing approval and launch of new products. For instance, in 2016, the U.S. Food and Drug Administration approved new device Cerêve Sleep System for the treatment of insomnia.

The Americas is expected to witness significant growth in the global sleep aids market, owing to high prevalence of sleep apnea in the regions. For instance, around 170 million people across North and South America have sleep apnea, according to a study by ResMed Inc. presented in June 2019 at the annual SLEEP meeting hosted by the American Academy of Sleep Medicine (AASM) and the Sleep Research Society.

Global Sleep Aids Market: Competitive Landscape
Major players operating in the global sleep aids market include, Cadwell Laboratories, Inc., Compumedics Limited, DeVilbiss Healthcare LLC, GlaxoSmithKline Plc, Koninklijke Philips N.V., Merck & Co., Inc., Natus Medical Incorporated, Pfizer, Inc., ResMed Inc., Sanofi S.A.,Sommetrics, Inc., SleepMed, Inc., Therapix Biosciences Ltd.

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