Sleep Aids Market are drugs and medical devices that help people suffering from sleep difficulty to fall asleep. The use of these devices enables diagnosis and treatment of sleep disturbances and sleep disorders. Symptoms of sleep disorders include irregular breathing patterns and excessive daytime sleepiness, abnormal sleep behaviors, and increased movement during sleep.
Sleep disorders, if not treated, can severely affect the neural efficiency of patients and may cause accidents, relationship stress, poor health, and reduced work productivity. It can even cause various chronic diseases such as cardiovascular diseases, depression, diabetes, and obesity.
Increasing Geriatric Population to Benefit Market Growth
Increasing aging population worldwide, increasing consumer dependency on sleeping pills due to the high-stress modern lifestyle, and increasing initiatives by healthcare organizations to raise awareness about sleep disorders are the main factors responsible for the growth of the sleep aids market.
However, side effects associated with sleep drugs and patent expiration of key sleep aid medications challenge the growth of this market.
The global market for sleep aids was worth US$58,080.0 million in 2014 and is expected to be worth US$80,814.7 million by 2020, expanding at a CAGR of 5.7% during the period therein.
Sleep disorder, medication, product, and geography are the major criteria on which the sleep aids market is segmented.
By sleep disorder type, the market is sub-segmented into insomnia, restless legs syndrome, sleepwalking, sleep apnea, and narcolepsy. Of all, sleep apnea is registered as the fastest growing sleep disorder type in the sleep aids market.
Product-wise, the sleep aids market comprises mattresses and pillows, medications, sleep laboratories, and sleep apnea devices. Amongst all the products, mattresses and pillows account as the largest product segment in the overall market.
Strained Familial Environments in North America Drive Demand for Sleep Aids
The key regional markets for sleep aids are North America, Asia, Europe, and Rest of the World (RoW). Whilst North America is sub-segmented into the U.S. and Rest of North America, Europe is sub-segmented into Germany, the U.K., France, and Rest of Europe. Asia is sub-segmented into Japan, China, and Rest of Asia.
In 2014, North America dominated the sleep aids market due to technological advancements in the region. The sleep aids market in the region was valued at US$31,944.0 million in 2014 and is estimated to be worth US$44,523.8 million by 2020, growing at a CAGR of 5.7% for the period.
In North America, the U.S. accounts as the largest market for sleep aids. Increasing incidence of sleep disorders in a large geriatric populace suffering from chronic health conditions, increasing dependency on sleeping pills across demographics due to the high-stress modern lifestyle, and initiatives by healthcare organizations to raise awareness about sleep disorders are the main reasons driving demand for sleep aids in the U.S.
Some of the major companies in the sleep aids market are Sanofi, Pfizer, GlaxoSmithKline Plc, Care Fusion Corporation, Cadwell, Natus Medical Manufacturers, Compumedics Limited, Merck & Co., Koninklijke Philips N.V., Takeda Pharmaceutical Company Limited, Teva Pharmaceutical Industries Ltd., SleepMed Inc., and DeVilbiss Healthcare LLC.
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