NEW YORK, Dec. 3, 2021 /PRNewswire/ -- As per Persistence Market Research's latest revised industry analysis, the global sleep aids market was valued at over 24.6 Bn in 2020, and is expected to exhibit a CAGR of close to 4.5% over the forecast period (2021-2031).
Increasing prevalence of sleep-related disorders, changing lifestyles, obesity, and increasing aging population, together with technology advancements with the launch of innovative devices are some of the factors driving demand for sleep aids.
Increasing demand for sleeping pills due to modern lifestyles is one of the major factor driving demand for sleep aids. Stressful pace of life is found to be the main characteristic of modern lifestyle, thus increasing the incidence of sleep-related disorders. According to the Centers for Disease Control and Prevention (CDC) 2020 report, one-third of the U.S. population gets less than the recommended amount of sleep on a regular basis.
Key Takeaways from Market Study
- By product, mattresses and pillows, chin straps, mouth pieces, and nasal devices will hold a market share of 72.5% in 2021, expanding at a CAGR of around 4.3% over the forecast period.
- By indication, insomnia is expected to hold well over 35% market share in 2021, and is expected to continue growing at a moderate rate over the forecast period.
- By distribution channel, the e-Commerce and others segments together holds more than 50% market share, and are expected to continue a similar trend through the forecast period.
- By region, North America held the highest share in the global market in 2020, with the market expanding at a CAGR of nearly 4%.
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"Growing incidence of sleeping disorders and rising need for technologically advanced products for their treatment are expected to drive market growth over the forecast period," says an analyst of Persistence Market Research.
Market Competition
New product launches and acquisitions have emerged as a key growth strategy adopted by some of the leading manufacturers of sleep aids. By focusing on these strategies, key stakeholders are expanding their geographic footprints and strengthening their existing product portfolios.
- 04-Feb-2020, Merck & Co/MSD claimed FDA approval for a new use of its insomnia drug Belsomra, treating sleep disruption in people with mild-to-moderate Alzheimer's disease.
- In January 2019, GSK announced that it completed the acquisition of Tesaro for approximately US$ 5.1 Bn.
- In 2018, Philips acquired NightBalance, a digital health company in the Netherlands, which has developed an innovative, easy-to-use device to treat positional obstructive sleep apnea and positional snoring.
- In August 2017, Sanofi S.A. announced the acquisition of Protein Sciences, a vaccines biotechnology company based in Meriden, Connecticut, in the United States.
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What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the sleep aids market in its latest study, presenting historical demand assessment of 2016 – 2020 and projections for 2021 – 2031.
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The research study is based on product (drugs {insomnia treatment drugs [doxepin hydrochloride, eszopiclone, ramelteon, triazolam, zaleplon, quazepam, and others], narcolepsy treatment drugs [modafinil, sodium oxybate, armodafinil, and others]}, devices {CPAP devices, BIPAP devices, and APAP devices}, others {mattresses & pillows, chin straps, nasal devices and mouthpieces}), by indication (insomnia, sleep deprivation, narcolepsy, sleep apnea, and others), and distribution channel (hospital pharmacies, retail pharmacies, e-Commerce, drug stores, and others), across five key regions of the world.
Related Reports:
- Insomnia Treatment Market
- Sleep Service Providers Market
- Mobility Aids and Transportation Equipment Market
- Hearing Aids Market
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Persistence Market Research (PMR), as a 3rd-party research organization, does operate through an exclusive amalgamation of market research and data analytics for helping businesses ride high, irrespective of the turbulence faced on the account of financial/natural crunches.
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