The Global Sleeping Aid Market- Growth, Trends, COVID-19 impact and Forecast (2021-2025)
The Sleeping Aid Market is segmented by Sleeping disorder (Insomnia, Sleep Apnea, Restless Leg Syndrome and Others); Product type (Mattresses and Pillows, Medication, Sleep Laboratories, Sleep Apnea Devices); Geography (North America, Europe, APAC and ROW).
Introduction
Sleep aids are pills and medical devices that enable a person suffering from sleep disorder to fall asleep. Sleep aids consist of various products such as medications, sleep laboratories, sleep apnea devices, and mattresses & pillows.
Higher stress levels amongst people in developed nations and fast changing life styles in the developing nations are expected to remain key growth drivers for the sleeping aid products during the period of study and are also expected to intensify as population with higher stress levels in the near future.
However, fluctuations of raw material availability, adverse effects of sleeping aid medications, stringent rules and regulations by government are hindering the growth of the market.
The COVID-19 pandemic has severely impacted healthcare industry. Along with this, the recovering manufacturing activities across the globe from the beginning of 2021 is expected to mitigate to numerous potential negative impacts caused during COVID-19 and maximize their opportunities in future
Table of Contents
Market Overview
The global sleeping aid market is expected to grow to $99.10 billion by 2025
Growth momentum is expected to accelerate during the forecast period with a 5.82% CAGR.
The increasing network of healthcare facilities, wide use of portable sleep apnea devices, surging geriatric population, growing adoption of wearable monitors and sensors are expected to fuel the market demand.
North America was dominating the market in 2020. This dominance is attributed to a highly developed economy, growing incidence of sleeping disorders.
Key Trends
Shifting consumer preference for herbal over-the-counter (OTC) drugs is key sleeping aids industry trend
The growing adoption of wearable monitoring devices and sensors is another key driver expected to boost the market growth during the forecast period.
Growing usage of portable sleep apnea devices is expected to fuel the market growth
Key Market Players
Some of the key players in the market are Koninklijke Philips, Sanofi, Tempur Sealy International, GlaxoSmithKline, Merck, Serta Simmons Bedding.
The key players are dominating the market by adopting modern and innovative technologies to customize the product, enhance its properties, and differentiate the final product from its competitors.
Companies are also adopting certain strategic initiatives, M&A activities to increase their production capacity and to enhance their product portfolio to cater to the growing demand, particularly in the developing regions.
Growth Drivers and Challenges
With the rising aging population, stressful working conditions, inconsistent sleeping hours and change in lifestyle are driving the demand for sleeping aid market
Surge in demand for sleeping pills to drive sleeping aids market
Growing prevalence of insomnia and OSA to generate significant demand in sleeping aids industry
Adverse side effects associated with sleep aid medications, and patent expirations of medications are hindering the market growth
Fluctuation in availability of raw materials and stringent government regulations also restraining the market growth.