Sleep aids refer to medical devices and medicines or pills that enable a person to overcome the problem of sleeplessness. Sleeplessness, as a disorder is increasing rapidly owing to fast paced lifestyles, stress, age, and other medical conditions. Sleep aids are used not only in the diagnosis of sleep disorders but also in the treatment of the same. The global sleep aids market is mainly driven by the rising incidence of sleep disorders, the signs of which include abnormal sleep behaviors, increased movements during sleep, and excessive sleepiness in the daytime.
Ongoing market trends suggest that the global sleep aids market will expand at a CAGR of 5.7% from 2014 to 2020, thereby reaching US$80814.7 million by the end of 2020 from US$58080 million in 2014. Sleep apnea devices, medications, pillows and mattresses, and sleep laboratories are the different types of sleep aids.
Side Effects of Sleep Aid Drugs: A Glaring Market Restraint
It is mostly the geriatric population that is most prone to sleep disturbances and sleep disorders. However, sleep disorders are affecting the younger and the adult population also because of a number of reasons, with stress being the number one factor. People mostly resort to sleeping pills as a remedy for managing sleep disorders. The high incidence of sleep disorders globally, is also a key factor behind growing awareness regarding sleep aids to address the issue of sleep disorders.
At present, the global sleep aids market is characterized by the extensive use of passive-off body sensors and wearable monitors. However, issues relating to the patent expiration of key sleep disorder drugs, and the side effects of sleep aid drugs are expected to hamper the growth of the global sleep aids market in the forthcoming years.
The Growing Problem of Sleep Apnea to Drive the Global Sleep Aids Market
The global sleep aids market is segmented on the basis of type of sleep disorder, product, medications, and geography. On the basis of type of sleep disorder, this market is categorized into sleep walking, narcolepsy, restless legs syndrome, sleep apnea, and insomnia. The segment for sleep apnea is by far the largest and is anticipated to expand robustly over the next few years.
Product-wise, the global sleep aids market is segmented into sleep apnea devices, medications, sleep laboratories, and mattresses and pillows. The mattresses and pillows segment witnesses the highest demand within under the “product” category.
Based on medication, this market is categorized into herbal drugs, OTC drugs, and prescription-based drugs, with the segment for prescription-based drugs holding the highest share within the “medications” category.
U.S.: The Largest Consumer in the Global Sleep Aids Market
Geographically, the global sleep aids market is segmented into Asia, North America, Europe, and Rest of the World. With the U.S. being the largest market for sleep aids, North America holds the highest share in the global sleep aids market. High demand for sleep aids in the U.S. can be attributed to the following factors prevailing in this region: highly stressful lifestyles, growing geriatric population, greater awareness programs relating to sleep disorders, and high demand for sleeping pills. It is however, the Asia sleep aids market that is anticipated to expand robustly in the forthcoming years.
The leading companies in the global sleep aids market are Pfizer, Takeda Pharmaceutical Company Ltd., Care Fusion Corporation, Sanofi, Teva Pharmaceutical Industries Ltd., GlaxoSmithKline Plc, Merck & Co., and Koninklijke Philips NV. The other companies in this market are Compumedics Limited, DeVilbiss Healthcare LLC, Cadwell, Natus Medical, and SleepMed Inc.