- The primary factors driving growth of the sleep aids market are increasing prevalence of sleep disorders such as sleep apnea, insomnia, narcolepsy, and sleep deprivation.
- North America is the largest market, and is expected to increase during the forecast period.
- Sleep apnea segment is expected to gain more traction than narcolepsy over the next decade owing to rising prevalence of obstructive sleep apnea.
According to the Trends market research (TMR), titled ‘Global Sleep Aids Market’: Industry Analysis 2012-2016 and Opportunity Assessment 2018-2025. The global sleep aids market is expected to expand during the forecast period 2018-2025.
In terms of revenue,others product type segment-consisting of mattresses and pillows, chin straps and mouth pieces & nasal devices is projected to remain dominant. By indication type, insomnia segment is expected to be most dominant segments and collectively gain more the 35% market share over the forecast period. Sleep apnea segment is expected to gain more traction than narcolepsy over the next decade owing to rising prevalence of obstructive sleep apnea.
Among all distribution channel e commerce segment is the second most dominant segment for sleep aids market which is then followed by hospital pharmacies. Asia-Pacific is the second most lucrative region for the sleep aids market and projected to grow at fastest CAGR over the forecast period.
On the basis of region, the market has been segmented into North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. North America is the largest market, and is expected to increase during the forecast period. Asia-Pacific is the fastest growing marketplace for sleep aids market and projected to grow through 2025.
Buy Research Report: Mobile Water Treatment Systems Market Set to Grow US$ 1,952.0 Mn during 2020-2030
Buy Research Report: Electric Trolling Motors Market to Expand at a CAGR of 3.2% During 2020-2030
Buy Research Report: Global Solar Cells and Modules Market Strategic Assessment and Forecast by 2026
Buy Research Report: What Are the Upcoming Trends in the Telemonitoring System Market? What Impact Would They Make in Forecast – 2026?
Buy Research Report: Global Peak Flow Meter Market Latest Trend Analysis, Progression Status, Revenue Expectation to 2026
The primary factors driving growth of the sleep aids market are increasing prevalence of sleep disorders such as sleep apnea, insomnia, narcolepsy, sleep deprivation and others. The healthcare facilities are focusing on the implementation of several educational programs to raise awareness among the general population regarding the ill effects caused due to untreated sleep disorders and this will create demand for sleep aids drugs and devices products in near future. Other factors influencing growth of global sleep aids market include growing awareness about the sleep related disorders, rise in online sales, and others.
However, lack of awareness in developing countries about the major issues related to sleep disorders comprise the major factor deterring the growth of sleep aids market.
Some key players in the global sleep aids market across the value chain are ResMed Inc., Koninklijke Philips N.V., Merck & Co. Inc., Drive DeVilbiss Healthcare LLC, GlaxoSmithKline Plc., Fisher & Paykel Healthcare Limited, Sanofi SA, and Pfizer Inc. Leading manufacturer are focusing to expand their regional presence in the emerging geographies such as APAC and MEA by collaborating with the distributors.