|Status : Upcoming||Report Code : VRHC1092||Industry : Healthcare||Available Format :|
Disruption in sleep caused due to factors such as environmental problems, psychiatric disorders, medical issues, and others, is known as the sleep disorder. Sleeping aids are the devices or medication used to induce sleep. It is used in the treatment of various sleeping disorders such as insomnia, sleepwalking, and sleep apnea.
The global sleeping aids market is growing at a significant rate, due to the mounting occurrence of insomnia and obstructive sleep apnea disorders, and escalating usage of portable sleep apnea devices. Different offerings such as medication, mattresses, and pillows, sleep apnea devices, sleep laboratory services, and others contributed to the sleeping aids market size. The market has witnessed a high demand for mattresses and pillows due to a cost-effective solution.
Insight by Offering
On the basis of offering the market is subdivided into medication, mattresses and pillows, sleep apnea devices, sleep laboratory services, and others. Of all offerings, mattresses and pillows segment accounted the largest share in the market, due to a cost-effective solution. In addition, sleep laboratories are expected to grow at the fastest rate in the market, due to the presence of a large undiagnosed population base suffering from a sleep disorder.
The medication segment is further subdivided into prescription drugs, herbal remedies, and over-the-counter drugs. Among all the prescription drugs accounted the largest share in the market. The sleep apnea devices are further subdivided into positive airway pressure (PAP) devices, oral appliances, facial interfaces devices, adaptive servo-ventilation (ASVs), and others.
Insight by Sleep Disorder
On the basis of sleep disorder, the market is subdivided into insomnia, restless legs syndrome, sleepwalking, sleep apnea, narcolepsy, and others. The mounting occurrence of sleep apnea disorders, expanding the geriatric population, technological advancement and changing lifestyle are some of the factors responsible for the growth of the sleep apnea. Of all the sleep disorder, sleep apnea is expected to grow at the fastest rate in the sleeping aids market. In addition, insomnia accounted the largest share in the market due to the mounting occurrence of insomnia cases.
Fluctuating consumer inclination toward herbal OTC drugs, mounting requirement for home sleep test, escalating acceptance of wearable monitors and sensors, and augmented usage of CPAP therapy devices are the trends in the sleeping aids market.
Mounting occurrence of insomnia and obstructive sleep apnea disorders (OSA), changing lifestyle, escalating usage of portable sleep apnea devices, and mounting government support for startup companies are the primary growth drivers for sleeping aids market. For instance, according to the Sleep Health Foundation, approximately one in three people have at least mild insomnia.
Mounting disposable income, an upsurge in awareness about the adverse effect of sleep disorder, expanding the geriatric population, stressful work condition, and escalating healthcare facilities are also facilitating the growth of the sleeping aids market.
Lengthy wait time for sleep care services, patent expiration of sleep disorder medications, scarcity of skilled professionals, and side effects associated with sleeping aids medications are the major challenges for the growth of sleeping aids market.
Globally, the manufacturing companies trying to enter the sleeping aids market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier to the entry of new players. This offers an edge to the established players in the industry competition.
Geographically, North America is the largest sleeping aids market as in the region the occurrence of sleep disorder is increasing. In addition, escalating initiatives by numerous government and non-government organizations, the upsurge in the adoption of sleeping aid products, and mounting alertness about sleep disorders and sleep hygiene are also up surging growth of the North American sleeping aids market.
Asia-Pacific is observed to witness the fastest growth in the market, due to expanding the geriatric population. In addition, the mounting occurrence of sleep disorder, mounting alertness about sleeping aids products, and changing lifestyle are also creating a positive impact on the sleeping aids market growth in the region.
Key players in the sleeping aids market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In May 2018, Royal Philips acquired NightBalance, to expand its product portfolio in respiratory and sleep care and its position in the home care market. Sanofi, SleepMed Inc., Tempur Sealy International Inc., Pfizer Inc., Merck & Co. Inc., GlaxoSmithKline plc, Cadwell Laboratories Inc., Takeda Pharmaceutical Company Limited, Koninklijke Philips N.V., Compumedics Limited, Natus Medical Incorporated, Serta Simmons Bedding LLC, and Drive DeVilbiss Healthcare are the key players offering sleeping aids.