PUBLISHER: The Business Research Company | PRODUCT CODE: 1425809
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425809
Sleeping Aids Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on sleeping aids market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for sleeping aids? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The sleeping aids market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The term 'sleeping aids' encompasses a range of psychoactive medications aimed at addressing insomnia and occasional sleep disturbances. These aids are designed to alleviate daytime fatigue and cognitive impairment caused by sleep disruptions.
Different categories of sleeping aids include mattresses, pillows, sleep laboratories, medications (both prescription and over-the-counter), herbal remedies, and devices for conditions like sleep apnea. 'Medications' encompass formulations comprising various active and inactive ingredients tailored to address specific sleep-related issues such as insomnia, sleep deprivation, narcolepsy, and sleep apnea. These aids are commonly available through hospital pharmacies, retail outlets, online platforms, drug stores, and similar channels.
The sleeping aids market research report is one of a series of new reports from The Business Research Company that provides sleeping aids market statistics, including sleeping aids industry global market size, regional shares, competitors with a sleeping aids market share, detailed sleeping aids market segments, market trends and opportunities, and any further data you may need to thrive in the sleeping aids industry. This sleeping aids market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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%. Historical growth was influenced by rising demand due to heightened stress levels, a larger aging demographic, shifts in lifestyle patterns, increased awareness and educational efforts, and a growing consumer inclination towards 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%. In the upcoming forecast period, the surge is expected due to a rise in wellness and self-care trends, increased awareness about mental health, the prevalence of home-based sleep solutions, a demand for personalized sleep remedies, and the popularity of natural and non-invasive options. Notable trends in this period will encompass a continued focus on wellness and self-care, integration of technology in sleep solutions, efforts towards educating about sleep hygiene, and regulatory emphasis on safety measures.
The growth trajectory of the sleeping aids market is expected to be significantly influenced by the increasing incidence of sleep disorders. Sleep disorders, stemming from insufficient sleep, have substantial implications for overall health. Sleeping aids play a crucial role as medications, not only in mitigating cognitive impairment resulting from sleep deprivation but also in promoting short-term improvements in sleep quality. Notably, as of January 2022, data from the National Center for Biotechnology Information reveals the prevalence of sleep problems in diverse populations, with rates projected at 52.39% for COVID-19 patients, 45.96% for children and adolescents, 42.47% for healthcare workers, 41.50% for special populations with healthcare needs, 41.16% for university students, and 36.73% for the general population. This observed rise in sleep disorders underscores the increasing demand for sleeping aids, positioning them as essential solutions.
The growth of the sleeping aid market is further propelled by the increasing global aging population. The term 'aging population' signifies shifts in age distribution, resulting in a higher proportion of elderly individuals. The various factors associated with aging can contribute to sleep disorders and disturbances, necessitating solutions in the form of sleeping aids. Notably, as of October 2022, data from the World Trade Organization indicates a significant increase in the population aged 60 and above, from 1 billion to 1.4 billion from 2020 to 2021. Projections for the year 2050 indicate a doubling of the world's population of adults aged 60 and above to 2.1 billion, with the number of individuals aged 80 or more expected to triple, reaching 426 million. This demographic shift underlines the growing demand for sleeping aids driven by the aging population.
A notable trend in the sleeping aids market is the emphasis on product innovations by major market players. The development of new products, including wearable sleep aids, serves as a strategic approach for market players to maintain their competitive edge. In March 2022, StimScience, a US-based company specializing in sleeping aids, introduced Somnee, a wearable sleep aid. This innovative product stands out as the first electronic sleep aid headband featuring personalized non-invasive brain stimulation. Results from a 1,500-night home pilot study indicate a remarkable improvement in sleep quality and a reduction of over one-third in overnight tossing and turning. This exemplifies the industry's commitment to advancing solutions and meeting evolving consumer needs through innovative product offerings in the sleeping aids market.
Major players in the sleeping aids manufacturing sector are actively engaging in strategic collaborations with prominent manufacturing companies, a move aimed at fortifying their market positions. Strategic collaborations provide companies with the opportunity to join forces with partners possessing the requisite expertise to translate conceptual ideas into tangible solutions. In October 2023, EnsoData, Inc., a leading US-based software company specializing in artificial intelligence (AI) solutions for sleep testing, diagnosis, and treatment, revealed a strategic partnership with React Health, a US-based manufacturer of sleep and respiratory devices. The collaboration is designed to enhance Positive Airway Pressure (PAP) adherence support for patients with sleep apnea. By leveraging actionable data, durable medical equipment suppliers, and referring doctors will have the means to provide prompt and personalized support to patients facing challenges in adhering to their treatment plans. This strategic partnership exemplifies a concerted effort to optimize patient care through innovative collaborations within the sleeping aids market.
In August 2022, ResMed Inc., a prominent US-based company focused on the treatment of sleep apnea, chronic obstructive pulmonary disease, and other respiratory conditions, executed the acquisition of Mementor for an undisclosed amount. The acquisition underscores ResMed's commitment to digital health applications as an alternative to traditional pharmacological therapy, with the overarching goal of improving sleep quality. Mementor, a Germany-based consumer software developer specializing in sleep medicine, adds valuable capabilities to ResMed's portfolio, showcasing the company's dedication to expanding its offerings and staying at the forefront of advancements in sleep-related technologies. This strategic move exemplifies the industry's recognition of the importance of digital solutions in addressing sleep-related challenges and aligning with evolving consumer preferences.
Major companies operating in the sleeping aids market report are 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, Lowenstein 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
North America was the largest region in the sleeping aids market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the sleeping aids market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the sleeping aids market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The sleeping aids market consists of sales of insomnia treatment drugs, quazepam, narcolepsy treatment drugs, modafinil, and sodium oxybate. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.