Sleeping Aids Market - Global Industry Analysis 2023
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In today’s market, alternative and traditional sleeping aids are of great demand. Medical advice through prescriptions and over the counter medication has increased considerably. Therefore, the availability and accessibility of sleeping aids has grown over the past decade. In addition to sleeping pills, accessories such herbal supplements, sound machines and aromatherapy candles are also considered as major sleeping aids. Pillows and mattresses form the largest sleeping aid market but their growth rate is not as significant compared to sleep laboratories. Sleep laboratories carry out sleep testing of individuals suffering from sleep disorders. In such laboratories, sleep disturbances, movements during sleep and sleeping behaviors are ascertained through one or more sessions or therapy.
Sleeping aids market is witnessing significant growth and is expected to grow further in the coming years. With the rising aging population, stressful working conditions, inconsistent sleeping hours and change in lifestyle are all major reasons disturbing the sleeping habits in humans and thereby, driving the demands for sleeping aids. On the other hand, the major restraints inhibiting the growth of sleeping aids market globally are the side effects related to the use of sleeping pills and devices. Patent expiration of a number of sleeping drugs is the other reason that can result in the reduction in use of sleeping aids. The global sleep aids market is classified on the basis of four segments such as product, sleep disorder, medication and geography. The product segment has been segregated into sleep laboratories, mattresses and pillows, sleep apnea devices and medications.
North America dominates the global sleeping aids market, where U.S. is the largest market in terms of revenue. Stressful modern lifestyle and work life coupled with increasing demand for sleeping pills and rising awareness by numerous health organizations are all driving the growth of the North American sleeping aids market. North America sleep aids market is followed by Europe, Asia Pacific, Latin America and Middle East and Africa (MEA). Asia Pacific is the largest prospective region for the sleeping aids market. The growing demands for sleeping pills and medical devices from an enormous population of India and China is set to bolster the growth of sleeping aids market in the Asia Pacific region.
Some of the key players in the sleeping aids market are Merck & Co., Sanofi, Pfizer, Koninklijke Philips N.V. (Philips), Takeda Pharmaceutical Company Limited, GlaxoSmithKline Plc, Care Fusion Corporation, SleepMed, Inc, Cadwell, Teva Pharmaceutical Industries Ltd, Natus Medical Incorporated, Compumedics Limited. and DeVilbiss Healthcare LLC.
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