Sleeping Aids Market Size, Growth Drivers, Trends And Analysis 2024-2033

"The Business Research Company recently released a comprehensive report on the Global Sleeping Aids Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The sleeping aids market size has grown strongly in recent years. It will grow from $83.66 billion in 2023 to $90.09 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to increased stress and sleep disorders, aging population, lifestyle changes, awareness and education, consumer preference for natural remedies.

The sleeping aids market size is expected to see strong growth in the next few years. It will grow to $124.41 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to wellness and self-care trends, mental health awareness, home-based sleep solutions, personalized sleep solutions, natural and non-invasive options. Major trends in the forecast period include wellness and self-care emphasis, technological integration, sleep hygiene education, regulatory focus on safety.

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Market Drivers and Trends:

The increasing global aging population is expected to propel the growth of the sleeping aid market going forward. The aging population is used to describe shifts in a population's age distribution that result in a higher percentage of elderly people. There is a growing need for sleep-related solutions due to the various aging-related factors that can cause sleep disorders and disturbances, thus, the need for sleeping aids is largely driven by the aging population. For instance, in October 2022, according to the data released by the World Trade Organization, a US-based international organization, from 2020 to 2021, the proportion of the population aged 60 and up increased from 1 billion to 1.4 billion. By 2050, the world's population of adults aged 60 and up will have doubled (to 2.1 billion). The number of people aged 80 or more is predicted to treble between 2020 and 2050, reaching 426 million. Therefore, the increasing global aging population is driving the growth of the sleeping aid market.

Product innovations are a key trend gaining popularity in the sleeping aids market. Major market players are developing new products to sustain their position in the sleeping aids market, such as wearable sleep aids. For instance, in March 2022, StimScience, a US-based company operating in sleeping aids launched the wearable sleep aid Somnee. This product is the first electronic sleep aid headband with personalized non-invasive brain stimulation that improves sleep quality and reduces overnight tossing and turning by more than one-third in a 1,500-night home pilot study.

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Major Key Players of the Market:

Cadwell Industries Inc., Compumedics Limited, DeVilbiss Healthcare Pvt. Ltd., Merck & Co. Inc., Natus Medical Incorporated, Novartis AG, Pfizer Inc., Sanofi SA, Sinovac Biotech Ltd., Sleepmed Inc., Acelity L.P. Inc., Eisai Co. Ltd., ResMed Inc., Fisher & Paykel Healthcare Corporation Limited, Braebon Medical Corporation, Löwenstein Medical GmbH & Co. KG, Takeda Pharmaceutical Company Limited, Koninklijke Philips N.V., AstraZeneca plc, Biodiem Ltd., Apnea Sciences Corp., Boehringer Ingelheim International GmbH, Teva Pharmaceutical Industries Ltd., Vanda Pharmaceuticals Inc., Cadila Healthcare Limited, Johnson & Johnson Services Inc., Mylan N.V., BMC Medical Co. Ltd., Cleveland Medical Devices Inc., Serta Simmons Bedding LLC, Tempur Sealy International Inc., Sleep Number Corporation, Casper Sleep Inc., Purple Innovation Inc., Leesa Sleep LLC

Sleeping Aids Market 2024 Key Insights:

• The sleeping aids market size is expected to see strong growth in the next few years. It will grow to $124.41 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%.
• Rising Incidence Of Sleep Disorders Sparks Growth In Sleeping Aids Market
• Somnee By Stimscience Redefines Sleep Enhancement With Brain Stimulation
• North America was the largest region in the sleeping aids market in 2023

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The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

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LinkedIn: https://in.linkedin.com/company/the-business-research-company
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Learn More About The Business Research Company

The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

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