The sleep aids market players and analysis by product, Sleep-Disorder and region– market forecast till 2032. The sleep aids market is projected to grow from USD 64.5 Billion in 2023 to USD 112.6 Billion by 2032, exhibiting a CAGR of 7.20% during the forecast period (2023 - 2032).
Market Dynamics
Increases in the elderly and overweight population, changes in sleep habits owing to modern living, rising consumer wealth, and the need for more healthcare services have all contributed to the market's expansion. Also, increases in disposable wealth and the use of sleep aids have helped propel the industry forward. There has also been a rise in the prevalence of sleep disorders because of the rise in the population of the elderly and the overweight. The rise in the prevalence of sleep disorders among patients is expected to be a major factor in the expansion of this market. There are likely to be lucrative chances for market expansion thanks to the growing popularity of sleeping aid products and the gaps in the market that they cover in an era of increasing financial conservatism.
Demand for sleep aids has risen in response to the rising prevalence of tiredness around the globe. All age groups, even the elderly, can benefit from sleep aids. Lifestyle shifts that have an impact on sleep, increased access to healthcare resources, rising consumer income, and a greater emphasis on high-quality healthcare have all contributed to the growth of the sleep aids market. Major market players in sleep aid therapies are focusing on product advancements, successes, and the launch of new products in order to increase their development opportunities. Manufacturers of sleep aids are increasing their spending on R&D products to address the demographic demand of some patients.
Competitive Analysis
Major players in the Sleep Aids market, including Acelity L.P. Inc. (Kinetic Concepts, Inc.), AstraZeneca Plc, Biodiem, Cadwell Industries Inc., Compumedics Limited, CSL Limited, Drive, Drive DeVilbiss Healthcare Inc., Eisai Co., Ltd., Emergent Biosolutions, F.Hoffmann-La Roche Ltd., Fisher & Paykel Healthcare Limited, Gamma Vaccines Pty Ltd., GlaxoSmithKline Plc., Koninklijke Philips N.V., Merck and Co. Inc., Natus Medical Incorporated, Novartis AG, Pfizer Inc., ResMed Inc., Sanofi S.A., Serta Simmons Bedding LLC, Sinovac Biotech Ltd., SleepMed Inc., Takeda Pharmaceutical Company Limited, and Tempur Sealy International Inc., are attempting to increase market demand by investing in research and development operations.
Market Segmentation
The global sleep aids market is segmented based on product, Sleep-Disorder and regions.
Mattresses and pillows, pharmaceuticals, sleep apnea devices, and others make up the Product segment of the Sleep Aids Market.
The Sleep Aids Market segmentation, based on Sleep-Disorder, includes insomnia, sleep apnea, restless legs syndrome, narcolepsy, sleep walking, and other sleep disorders.
Regional Analysis
In 2022, North America accounted for 45.80% of the worldwide market for sleep aids. One possible explanation for this rise in market share is the correlation between smoking and alcohol consumption and the rise in the incidence of sleep problems. In addition, the North American market for sleep aids was led by the United States, although the strongest growth was seen in Canada.
The European market for sleep aids is the second largest in the world. The presence of major corporate organizations in Europe, in addition to the growing consumer awareness of sleep help and sleep excellence products, is expected to fuel the market's expansion. Additionally, the German market for sleep aids was the largest, while the British market was the fastest expanding in Europe.
From 2023 to 2032, the market for sleep aids is projected to grow at a rate of CAGR that is highest in Asia Pacific. Rising per capita income from profits and greater public awareness of the negative repercussions have contributed to Asia/Pacific's rapid economic development. Additionally, China's Sleep Aids market maintained the greatest market share, while India's Sleep Aids market grew at the quickest rate in the Asia-Pacific region.
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