Sleeping Aids Market Size, Share, Growth, and Industry Analysis, By Type (Medication Mattresses and Pillows, Sleep Apnea Devices), By Distribution (Insomnia, Restless Legs, Syndrome, Sleep Apnea, Narcolepsy, Sleep Walking), Regional Insights, and Forecast To 2032

Updated On: 29 April 2024

SLEEPING AIDS MARKET REPORT OVERVIEW

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The global sleeping aids market size was USD 59210 million in 2019 and market is projected to touch USD 114904 million by 2032 at CAGR 5.2% during the forecast period.

The rise in the obese and elderly populations, as well as an increase in individuals with sleep disorders, are driving market growth. The expanding non-refundable income and the importance of using sleep assist products contribute to the market development of sleeping aids. The growing global population's endeavor to combat this condition is expected to fuel the growth of the sleeping aids industry. The increasing use of medicine by people who have sleeping-disorder breathing is projected to have a beneficial impact on the global market for sleeping aids. This type of individual is at increased risk of infection because of the disease's various hostile repercussions.

The global market for sleep aids is very competitive and relatively fragmented. The leading industry participants are always executing various growth strategies in order keep a competitive edge. These players use innovations, mergers & acquisitions, collaborations, and partnerships to thrive in a competitive market. To supply industries with highly effective and cost-efficient solutions, the key market players are always focusing on research and development.

COVID-19 Impact: Limited Trade of Products to Sink Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic caused a global lockdown, resulting in limited trade of a variety of products, notably sleeping aids. This has an effect on the market by lowering the need for sleeping aids. Furthermore, disruptions in individual monthly income, as well as the shutdown of factories to safeguard workers in all regions, had reduced the quantity of sleeping aids products produced.

COVID-19 had a rather unfavorable effect upon the sleeping aids market growth overall. This was attributable to a decline in the need for sleeping aids for sleep disorders. Furthermore, market participants lowered the amount they invest in resources and raw materials as a result of the shutdown of production plants in all regions to protect workers.

LATEST TRENDS

"Sleep-Inducing Cushions to Stimulate Market Development   "

Sleep-inducing cushions and mattresses are growing more popular throughout the world, and this has had a direct impact on the expansion of the sleep products industry. Increased incidences of restless legs syndrome and sleepwalking have additionally resulted in significant income in the worldwide sleeping advertisement business. Narcolepsy is a rare disorder that can be cured and managed with sleep medicines.

SLEEPING AIDS MARKET SEGMENTATION

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By Type

Based on type the global market can be categorized into medication, mattresses and pillows, sleep, apnea devices.

• Medication: Sleeping pills are tranquilizer-containing prescription drugs used for the treatment of insomnia, restless sleep, and difficulties falling asleep. There are numerous varieties of sleeping pills accessible today, each with its own chemical makeup and pharmacological impact.
• Mattresses and Pillows: The continuous development of industrial methods is likely to have an impact on the placement of mattresses and pillows. Furthermore, important qualities that promote segmental growth include simple access and use of many objects, as well as improved understanding of the health advantages of good sleep. The growing difficulty of sleeplessness will force the health organization to create new and better-organized sleeping aids. People's shifting lifestyles have a significant impact on worldwide market growth.
• Sleep Apnea Devices: The major therapy option for mild to severe sleep apnea is CPAP (consistent positive airway pressure) equipment. The CPAP machine treats disruptive sleep apnea via opening the airway and thus preventing throat collapse when trying to breathe.

By Application

Based on application the global market can be categorized into insomnia, restless legs syndrome, sleep apnea, narcolepsy, sleep walking.

• Insomnia: Insomnia occurs when you do not sleep as much as you should. This could indicate that you have trouble falling asleep enough, aren't sleeping well, or are having difficulty getting to and staying asleep. Insomnia becomes a minor annoyance for some people. Insomnia may constitute a big source of stress for others.
• Restless Legs Syndrome: RLS is a condition characterized by an uncontrollable impulse to move one's legs, frequently in response to an unpleasant sensation. It typically occurs in the middle of the day or at night, when you're seated or lying down.
• Narcolepsy: Narcolepsy is a neurological condition that causes excessive drowsiness during the day. Narcolepsy makes it difficult for people to remain awake for extended periods of time. They suddenly fall asleep. This can pose major issues in their daily lives.
• Sleep Walking: Sleepwalking, also known as somnambulism, is the act of waking up and wandering around while asleep. Sleepwalking is more prevalent in children than in adults and is usually overcome by teenagers. Isolated cases of sleepwalking do not always indicate major problems or necessitate therapy.

DRIVING FACTORS

"Importance of Sleep in General Health to Support Market Expansion  "

A huge opportunity exists to boost understanding of the importance of sleep in general health and well-being. More people are looking for knowledge and solutions to improve their sleep, which may increase the popularity of sleep aids. Wearable devices, smart mattresses, and smartphone apps for measuring sleep habits, for example, give opportunity for creating more effective and individualized treatments.

"Advancements in Research and Development to Foster Industry Progress"

The market is expanding due to a surge in the overall number of hospitals equipped with innovative instruments, advancements in research and development, and the spread of healthcare reforms. Growing elderly and obese people have led in an increase in insomnia scenarios, which is expected to increase the number individuals with sleep disorders, resulting in market growth throughout the analyzed period.

RESTRAINING FACTOR

"Regulatory Barriers to Stop Market Evolution    "

Many sleep aids, particularly prescription drugs, can cause sleepiness, grogginess, reliance, and even the danger of addiction. This element has prompted concerns about patient and medical staff safety. Sleep aids, especially prescription medications, are subject to stringent regulatory scrutiny. The clearance procedure for novel sleep aid drugs can be lengthy and expensive, impeding market expansion.

SLEEPING AIDS MARKET REGIONAL INSIGHTS

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"North America Regulation upon the Industry Owing to Increased Usage of Tobacco Products "

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

North America had the highest sleeping aids market share segment in the industry. The rising number of sleep illnesses in the country may be attributed to the increased usage of tobacco products and alcohol intake. Furthermore, the presence of important business organizations in the United States, together with rising consumer awareness of sleep assistance and sleeping excellence goods, is expected to drive market expansion. The rise in overweight and older persons is expected to drive up the need for sleeping aids and drugs.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• GlaxoSmithKline (U.K.)
• Pfizer (U.S.)
• Merck (U.S.)
• Becton Dickinson (U.S.)
• Hill-Rom (U.S.)
• Koninklijke Philips (Netherlands)
• Teva Pharmaceuticals (Israel)
• Abecca Healthcare (New Zealand)
• Betterlifehealthcare (U.S.)
• Cadwell Laboratories (U.S.)
• Compumedics (Australia)

INDUSTRIAL DEVELOPMENT

December 2023: Eisai Co., Ltd. announced that the USFDA approved a new drug application in December 2023 for its internal disclosed and enhanced orexin antagonist bound receptor DAYVIGOTM (Lemborexant). Lemborexant, also known as DAYVIGOTM, has been approved for the treatment of insomnia symptoms in adults.

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.