Sleeping Aids Market Expected to Reach US ~$118.31 Billion and CAGR 7.1% by 2030 – Polaris Market Research
The global sleeping aids market size is expected to reach USD 118.31 billion by 2030 according to a new study by Polaris Market Research.
The growing number of patients base suffering from respiratory issues, cardiovascular illnesses, and Obstructive Sleep Apnea (OSA), coupled with the rising occurrence of insomnia, are the primary factors that are likely to accelerate the industry demand across the globe. In addition, growing awareness regarding the accessibility of various sleeping aids and rising investments by the companies in the R&D activities are bolstering the industry growth across the globe. Moreover, factors such as rising consumption of alcohol and tobacco, sedentary lifestyle, and stressful working hours are further attributed to the global industry demand in the forecasting years.
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Based on the sleep disorders, the insomnia segment is dominating the global industry with the highest revenue shares owing to the irregular sleep schedule, stress, poor sleeping habits, and many others, coupled with the rising incidences of these disorders among the young and millennial population may lead to the segment demand. Whereas the sleep apnea segment is showing the highest CAGR rate that leads the industry demand. Factors such as the growing prevalence of patients affected with OSA (Obstructive Sleep Apnea), and growing awareness regarding the availability of various pills are fostering the global demand in the approaching years.
The growing prevalence of sleep apnea and insomnia among the population is a major health problem, which acts as a major driving factor for the industry’s growth. For instance, as per the Sleep Foundation, nearly 10% to 30% of adults and 30% to 48% of older adults are suffering from insomnia. Additionally, narcolepsy is also an erratic disorder that can be treated and controlled with the help of sleep aids. Consequently, lack of sleep is decreasing productivity causing stress, depression, physical illnesses and pain, medications, and other neurological problems. Therefore, the industry is gaining huge traction among the population to cure their sleep disorders. Additionally, advancements in the types of sleeping aids such as mattresses and pillows are also propelling the global demand in the near future.
Market participants such as Natus Medical Incorporated, Biodiem, Cadwell Industries Inc., Compumedics Limited, CSL Limited, Devilbiss Healthcare, Drive, Emergent Biosolutions, F.Hoffmann-La Roche Ltd., Sleepmed Inc., Gamma Vaccines Pty Ltd., GlaxoSmithKline Plc, Koninklijke Philips N.V., Merck & Co., Inc., AstraZeneca Plc, Pfizer Inc., Sanofi, Sinovac Biotech Ltd., and Novartis AG are some of the key players operating in the global industry.
The frequent tactical movements such as mergers & acquisitions, product developments & launches, and others by the prominent industry players are supporting the global market development. For instance, in April 2021, Sandland Sleep introduced a new product, cannabinoid CBN-a, a natural, hemp-derived ingredient.
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Polaris Market Research has segmented the sleeping aids market report on the basis of product, sleep disorder, and region:
Sleeping Aids, Product Outlook (Revenue – USD Billion, 2018 – 2030)
- Mattresses & Pillows
- Sleep Laboratories
- Prescription-based Drugs
- OTC drugs
- Herbal drugs
- Sleep Apnea Devices
Sleeping Aids, Sleep Disorders Outlook (Revenue – USD Billion, 2018 – 2030)
- Sleep Apnea
- Restless Legs Syndrome
- Sleep Walking
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