Sleep Aids Market Is Estimated To Witness High Growth Owing To Increasing Prevalence Of Sleep Disorders
Sleep Aids Market
The Sleep Aids Market is estimated to be valued at Us$ 73350.49 Mn in 2023 and is expected to exhibit a CAGR Of 7.3% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Sleep aids are medicines or devices used to treat issues related to sleeping such as insomnia disorder, obstructive sleep apnea, restless legs syndrome, circadian rhythm sleep disorders, etc. The commonly used sleep aids include medication sleep aids such as antihistamines, melatonin receptor agonists, antidepressants, and hypnotic nonbenzodiazepines. Non-medication sleep aids include sleep machines, weighted blankets, lavender-scented eye pillows, and meditation apps to help reduce stress and achieve better sleep quality.
Market key trends:
The increasing prevalence of sleep disorders across the globe is a major factor fueling the growth of the sleep aids market. The Centers for Disease Control and Prevention (CDC) estimates that about 50-70 million Americans suffer from chronic sleep and wakefulness disorders. Moreover, the stress and busy lifestyles of today have increased the rates of insomnia among people. The American Academy of Sleep Medicine recognizes insomnia as a chronic condition that requires long-term treatment. This is prompting more individuals to rely on sleep aids for treatment of sleep disorders. Development of digital and home healthcare solutions for sleep aids is another key trend in the market. Companies are innovating smart sleeping masks, sleep tracking apps, and other technologies to help improve sleep quality at home without medical supervision.
Porter’s Analysis
Threat of new entrants: The sleep aids market requires high R&D investment and clinical trials for new product development which makes it difficult for new players to enter.
Bargaining power of buyers: The buyers have high bargaining power due to availability of alternative treatment options and brands.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute raw materials.
Threat of new substitutes: Emergence of herbal supplements and alternative therapies pose threat of substitution.
Competitive rivalry: The market is highly competitive due to presence of major players.
SWOT Analysis
Strength: Wide range of prescription drugs, OTC supplements and devices available for treatment. Growing awareness about ill effects of sleep deprivation.
Weakness: Risk of dependence and addiction associated with prescription drugs. Side effects of prescription sleep aids like daytime drowsiness.
Opportunity: Untapped markets in developing countries. New products in pipeline targeting specific sleep disorders.
Threats: Stringent regulations. Patent expiry of blockbuster drugs.
Key Takeaways
The Global Sleep Aids Market Size is expected to witness high growth at a CAGR of 7.3% over the forecast period owing to increasing stress levels, hectic lifestyles and irregular sleep patterns. North America dominates the sleep aids market currently due to growing patient pool of insomnia in the region. Asia Pacific is expected to grow at the fastest rate due to increasing healthcare expenditure and growing awareness.
Key players operating in the sleep aids market are Sanofi, Merck & Co., Inc, Pfizer Inc., Koninklijke Philips N.V., GSK plc, Sommetrics, Inc., ResMed, Cadwell Industries, Inc., SleepMed, Inc., Sci Sparc, Natus Medical Incorporated, Therapix Biosciences Ltd, Compumedics Limited, AstraZeneca, Eisai Co., Ltd., Tris Pharma, Inc., Novartis AG, Fisher & Paykel Healthcare Limited, Rotech Healthcare Inc., Idorsia Pharmaceuticals Ltd., StimScience among others.
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