Global sleeping aids market is forecasted to attain revenue of $101.9 billion by 2023, according to P&S Intelligence.
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 the demand for sleeping pills attributed to stressful modern lifestyle, and increasing geriatric population are the key factors driving the growth of the market.
Insights on market segments
Based on offering, the sleeping aids market has been categorized into mattress and pillows, sleep laboratory services, medication, sleep apnea devices and others. Sleep apnea devices are predicted to be the fastest growing product category in this market, witnessing CAGR of 7.4% during the forecast period. This growth is characterized by technology advancements and increasing number of OSA cases, globally.
The medication category is further classified into prescription drugs, over-the-counter drugs and herbal remedies. Among these, prescription drugs held the largest share in the sleeping aids medication market, with 65.7% share in 2017. Based on the sleep disorder, the sleeping aids market has been categorized into insomnia, sleep apnea, restless legs syndrome, narcolepsy, sleep walking and others. Among these, insomnia held the largest share in this market, with 31.2% contribution in 2017, mainly due to rise in the prevalence of the number of insomnia cases over the years.
Browse report overview with detailed TOC on "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" at:https://www.psmarketresearch.com/market-analysis/sleeping-aids-market
Sleeping aids market to witness fastest growth in Asia-Pacific (APAC)
During the forecast period, the sleeping aids market is projected to witness the fastest growth in APAC, with a CAGR of 7.1%, owing to the growing geriatric population, increasing prevalence of sleep disorders, and surging awareness about sleeping aids products in the region. According to the World Bank, life expectancy at birth of people in India increased from 67 years in 2010 to 69 years in 2016, representing growth in the geriatric population of the country. With the growing geriatric population, the frequency of sleep disorders is increasing, which further creates demand for these products.
Key market players are introducing technologically advanced products
Globally, key players in the sleeping aids industry are developing new devices and products for the treatment of sleeping disorders. For instance, in March 2018, Drive DeVilbiss Healthcare introduced the next generation Trotter Mobility Chair. The product offers parents and caregivers a lightweight, foldable alternative to heavier wheelchair-style mobility bases. The new generation Trotter features a padded seat and back upholstery at the same low price as the original version. New accessories include angle adjustable footplates, anti-tippers, contoured headwings, headrest extension, canopy, under-seat carrier and Poziform ankle positioners.
In May 2017, Drive DeVilbiss Healthcare introduced, the P903 Full Electric Expandable Width Low Height Long-Term Care (LTC) bed, to its premium line of beds and bedding products. It is equipped with a wide selection of features, making it capable to support up to 600 lbs. weight and can help to reduce resident falls and staff injuries. The bed features various expansion options that would provide comfort to the people, according to their positioning needs and also has a variety of options including various headboard and footboard styles.
Some of the other players in sleeping aids industry are Sanofi, Merck KGaA, Koninklijke Philips N.V., Pfizer Inc., SleepMed Inc., Takeda Pharmaceutical Co. Ltd., Cadwell Laboratories Inc., Natus Medical Inc., and Compumedics Limited.
GLOBAL SLEEPING AIDS MARKET SEGMENTATION
Market Segmentation by Offering
Market Segmentation by Sleep Disorder
Market Segmentation by Geography