The global sleep aids market was valued at US$58.1 bn in 2014 and is expected to be valued at US$80.8 bn by 2020 at a 5.70% CAGR. The global sleep aids market is witnessing considerable growth due to factors such as the growing aging population, increasing incidence of sleep apnea, and rising demand for sleeping pills. Side effects linked with sleep aids medications are predicted to hamper the growth of the global sleep aids market during the forecast period.
Sleep aids are medical devices and pills that enable people who are suffering from sleep disorders to have peaceful sleep. Some of the major symptoms and signs of sleep disorders are irregular breathing, excessive daytime sleepiness, abnormal sleep behavior, and excess movement during sleep. Sleep disorders adversely affect the human body and may lead to many complications such as relationship stress, poor health, and reduced productivity at work. Moreover, lack of sleep leads to chronic diseases such as cardiovascular diseases, depression, obesity, and diabetes. Availability of various sleep aids, medicines, and medical devices has helped the sleep aids market grow by leaps and bounds in the last few years.
North America Sleep Aids Market to Register Fastest Growth at 5.70% CAGR
Sanofi, Pfizer, GlaxoSmithKline Plc, Care Fusion Corporation, Merck & Co., Koninklijke Philips N.V. (Philips), Takeda Pharmaceutical Company Limited, Teva Pharmaceutical Industries Ltd, Cadwell, Natus Medical manufactures, Compumedics Limited, SleepMed, Inc, and DeVilbiss Healthcare LLC. are some of the prominent companies in the global sleep aids market.
The global sleep aids market is segmented on the basis of geography, medication, sleep disorder, and product type. Geographically, the global sleep aids market is classified into North America, Asia Pacific, Europe, and Rest of the World. In terms of market share, in 2014, North America led the global sleep aids market. The North America sleep aids market was valued at US$31.9 bn in 2014 and is predicted to reach US$44.5 bn by 2020 at a 5.70% CAGR therein. Some of the latest trends observed in sleep aids in this region are the use of home sleep tests to detect sleep apnea, continuous positive airway pressure therapy for treating sleep apnea, and passive-off body sensors.
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Increasing Incidence of Sleep Apnea to Drive Global Sleep Aids Market
Based on sleep disorder, the global sleep aids market is divided into insomnia, sleep apnea, restless legs syndrome, sleep walking, and narcolepsy. In 2014, the sleep apnea sector dominated the global sleep aids market and is predicted to develop rapidly during the forecast period. By product, the global sleep aids market is classified into medications, sleep apnea devices, mattresses and pillows, and sleep laboratories. The mattresses and pillows sector is predicted to expand rapidly in the coming few years. By medication, the global sleep aids market is divided into OTC drugs, herbal drugs, and prescription drugs, out of which the prescription drugs sector is the major contributor. A variety of sleeping pills, devices, and drugs are being introduced by the leading players to help people achieve full sleep.