The global sleeping aids market is projected to reach up to $101.9 billion by 2023, starting from $69.5 billion in 2017, growing at a CAGR of 6.5% during the forecast period (2018–2023). The demand for sleep apnea devices is expected to witness fastest growth during the forecast period, driven by the development of advanced sleep devices apnea and the growing number of cases of obstructive sleep apnea (OSA).
Rising Demand for Home Sleep Test is a Key Trend
The sleeping aids market has witnessed significant increase in the demand for home sleep test as a major trend. Sleep tests are conducted to keep a record of patients’ sleep pattern, either during a series of naps throughout the day or overnight. These tests are painless and are used to diagnose sleep problems, such as insomnia, sleep apnea, and narcolepsy. A variety of home sleep tests are available that help in diagnosing a particular cause of the sleep disorder, and are cost-effective, compared to those conducted in sleep laboratories. The overall cost of performing sleep apnea test at home along with equipment varies between $150 and $500. The costs are often covered by several insurance companies, such as Centers for Medicare & Medicaid Services (CMS), Blue Cross Blue Shield (BCBS), Aetna Inc., and Cigna Corporation.
A Surge in Demand for Sleeping Pills Significantly Impacts the Market
Changes in lifestyle, including increased consumption of alcohol, caffeine, and tobacco, disturb an individual’s sleep patterns, which, in turn, leads to a disrupted sleep. Sleep disturbance can cause various, chronic diseases, such as elevated blood pressure, heart diseases, and diabetes. In addition, stressful conditions, hectic work environment, odd shift timings, and long working hours accompanied by excess workload hamper sleep quality. All these factors have led to increased adoption of sleeping pills that are available as over-the-counter (OTC) medications, so as to help an individual fall asleep.
Segmentation Analysis of Sleeping Aids Market
Geographical Analysis of Sleeping Aids Market
North America and Europe, together, were the major revenue contributors, thereby, accounting for over 73% of the global sleeping aids market, in 2017, where North America led the market. Growth in the North American market is primarily driven by the increasing incidence of sleep disorders and government and nongovernmental organizations’ initiatives to raise awareness of sleep disorders and sleep hygiene. In addition, several players in the regional market are investing huge capital to develop sleep apnea devices that are technically advanced, reliable, and easy to use.
However, APAC is expected to witness fastest growth in the sleeping aids market, during the forecast period. This can be due to the rise in the prevalence of sleep disorders and high consumption of sleeping pills. According to a study funded by the JurongHealth Services Research and Quality Improvement Grant, 1 in 3 Singaporeans have moderate-to-severe OSA and 1 in 10 Singaporeans suffer from severe sleep apnea.
Other regions including LATAM and MEA held a considerable share in the sleeping aids market in 2017, mainly on account of surge in geriatric population, increasing prevalence of sleep disorders, and initiatives taken by the public and private organizations to raise awareness about sleeping aids.
Competitive Landscape of Sleeping Aids Market
The sleeping aids market is consolidated in nature. Several players, across the globe, are actively working in the field of sleeping aids to gain a significant market share. Some of the players include Serta Simmons Bedding LLC, Tempur Sealy International Inc., Takeda Pharmaceutical Company Limited, Natus Medical Incorporated, Regeneron Pharmaceuticals Inc., SleepMed Incorporated, Koninklijke Philips N.V., Sanofi-aventis Groupe, Merck & Co. Inc., Pfizer Inc., Cadwell Industries Inc., DeVilbiss Healthcare LLC, Compumedics Limited, and GlaxoSmithKline plc.
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 to 2023" at:https://www.psmarketresearch.com/market-analysis/sleeping-aids-market
In recent years, several players have taken a number of strategic measures to secure their position in the sleeping aids market. For instance, in January 2018, Takeda Pharmaceutical Company Limited announced the signing of a framework agreement to acquire a range of OTC medicines and food supplements, assuming the fulfilment of certain conditions, from Unipharm Inc. The framework agreement, which signed by Takeda Pharmaceuticals Company Limited, included the rights for a number of Unipharm Inc.’s OTC products, such as Vitrum (supplement), Artra (pain relief) and Melaxen (sleeping agent).
Similarly, in September 2017, Sanofi-aventis Groupe and Regeneron Pharmaceuticals Inc. announced that the European Commission (EC) has granted marketing authorization for Dupixent (dupilumab), for use in adults with moderate-to-severe atopic dermatitis who are candidates for systemic therapy.