Sleeping Aids Market by Offering (Mattresses and Pillows, Sleep Laboratory Services, Medication [Prescription Drugs, OTC Drugs, Herbal Remedies], Sleep Apnea Devices [PAP Devices, Facial Interfaces, Oral Appliances, ASVs]), by Sleep Disorder (Insomnia, Sleep Apnea, Restless Legs Syndrome, Narcolepsy, Sleep Walking), by Geography (U.S., Canada, Germany, U.K, France, Italy, Spain, Japan, China, Australia, Brazil, Mexico, Saudi Arabia, U.A.E, South Africa) – Global Market Size, Share, Development, Growth and Demand Forecast, 2013–2023

Sleeping Aids Market Overview

The global sleeping aids market generated $69.5 billion revenue in 2017 and is projected to showcase a CAGR of 6.5% during 2018–2023, due to the growing prevalence of insomnia and obstructive sleep apnea (OSA) disorders, rising use of portable sleep apnea devices, increasing government support for start-up companies, growing healthcare facilities, surge in demand for sleeping pills attributed to stressful modern lifestyle, and increasing geriatric population.

GLOBAL SLEEPING AIDS MARKET, BY SLEEP DISORDER, $M (2013-2023)

Based on offering, the sleeping aids market has been categorized into sleep apnea devices, medication, mattress and pillows, sleep laboratory services and others. Mattresses and pillows dominated this market during the historical period, with 42.2% contribution in 2017. This is attributed to the fact that mattresses and pillows are a cost-effective solution, due to which these are widely adopted among global population.

On the basis of sleep disorder, the market has been categorized into insomnia, sleep apnea, restless legs syndrome, narcolepsy, sleep walking and others. The sleeping aids market is predicted to witness fastest growth from sleep apnea, with a CAGR of 7.2% during the forecast period. This growth is attributed to growing geriatric population and rising prevalence of sleep apnea disorders, with changing lifestyle habits.

Geographically, North America continues to dominate the sleeping aids market, with 49.3% contribution in 2017, owing to the growing incidence of sleep disorders and rising initiatives by several government and non-government organizations for increasing awareness about sleep disorders and sleep hygiene.

Several non-government organizations, such as American Sleep Apnea Association (ASAA), and Circadian Sleep Disorders Network, have been conducting various awareness programs to educate people and medical practitioners about healthy sleep habits. For instance, in March 2018, National Sleep Foundation, conducted the sleep awareness week with the theme “Begin with Sleep Moreover”. Furthermore, key players in the North American market are investing large capital to develop technologically efficient, effective, and easy to use sleeping aids products.

Sleeping Aids Market Dynamics

Trends

Increasing demand for wearable monitors and sensors, shift towards herbal OTC drugs, rising demand for home sleep testing devices and growing use of continuous positive airway pressure (CPAP) are the key trends observed in the sleeping aids industry. In 2017, a national poll on healthy aging was conducted by the University of Michigan, which stated that in the population aged 65 to 80 years, 4% of the people used herbal/ natural sleeping aids on a regular basis, while 8% used these aids occasionally.

CPAP is a medical device that consists of a pump and a mask connected through a tube. The device is mostly used by sleep apnea patients while sleeping, to reduce their sleep disorders. It also provides relief from snoring and offers uninterrupted sleep. Technological advancements in CPAP devices, such as full-face masks, usage of soft material, and mask that covers only nose, are resulting in increased adoption of these devices.

Growth Drivers

Growing prevalence of insomnia and OSA disorders, rising use of portable sleep apnea devices, and surge in demand for sleeping pills attributed to stressful modern lifestyle are the factors driving the growth of the sleeping aids market. Disruption in sleep can lead to sleep disorder, which in turn, supports the demand for sleeping pills. Improper sleep also increases the risk of chronic diseases such as, diabetes, depression, heart diseases, and obesity. Obesity also lead to serious sleep disorders, such as insomnia and OSA. Thus, rising prevalence of such diseases aids the market demand.

According to the population division of Department of Economic and Social Affairs (DESA) in the United Nations Secretariat, aging population is expected to make up 30% of the population in China, by 2050. The population of people aged 60 years and above is expected to reach 437 million in China and 324 million in India, as compared to 107 million in the U.S., by 2050. Elderly population is susceptible to poor health or chronic medical conditions, which increases their chances of having various sleep problems. According to the Centre for Disease Control and Prevention (CDC), a U.S. based national public health institute, in 2010, about 25% of people in the country witnessed sleep deprivation. Therefore, growing geriatric population also plays a major role in driving the growth of sleeping aids industry.

Sleeping Aids Market Competitive Landscape

Major players in the sleeping aids market are introducing advanced products and are also investing more in the research and development of these products. For instance, in January 2018, Takeda Pharmaceutical Co. Ltd. (Takeda) announced an agreement with Unipharm Inc., to acquire the range of over-the counter (OTC) medicines and food supplements business unit. The partnership aimed at the promotion and sale of these products in Russia, where Takeda already has a strong presence.

In August 2017, EarlySense LTD, the creator for a sleep monitor known as EarlySense Live, and SleepMed Inc., announced a partnership agreement, to help provide consumers with a solution that would help them to identify sleep disorders that may impact their health. EarlySense Live uses hospital-proven technology to help its users easily track and monitor vital signs such as heart rate, respiratory rate, sleep cycles and stress levels.

Some of the other key players in sleeping aids industry are Sanofi, Merck KGaA, Koninklijke Philips N.V., Pfizer Inc., Drive DeVilbiss Healthcare, Cadwell Laboratories Inc., Natus Medical Inc., and Compumedics Limited.