Rising Sleep Apnea Patient Pool Burgeoning Market Growth
Increasing geriatric population and prevalence of sleep disorders are significantly fuelling sleep aids market growth, with the market anticipated to be valued at US$ 23.5 Bn in 2019. The sleep aids market is expected to exhibit a CAGR of 5% during the forecast period (2019-2029). According to the National Sleep Foundation 2018, more than 18 million individuals in the U.S. experience sleep apnea.
Other factors responsible for the sleep aids market growth includes propelling age, stressful working hours, and increase in consumption of alcohol and tobacco, and changing lifestyles. Delay in the diagnosis can lead to chronic conditions such as risk of heart failure, stroke, high blood pressure, diabetes, and obesity. Growing inclination towards the usage of OTC drugs and devices for monitoring, diagnosing, and treatment of sleep disorders is expected to fuel the demand for sleep aids drugs and devices.
Recent Trends Shaping Sleep Aids Market
CPAP (continuous positive aviation route pressure) is a sleep aids therapeutic device used for the treatment therapy of sleep apnea that involves a siphon and mask attached to a tube. Increasing adoption rate of CPAP sleep aids device is mainly attributed to benefits involving improvement in the sleep cycle and relief from snoring.
Organizations such as Philips Respironics, ResMed, Inc. what's more, others are progressively focusing on all sorts of CPAP devices such as in-CPAP humidifiers, which keep air inside the device moist. Portable CPAP sleep aid device is smaller, lighter, and simpler to carry. Individuals are utilizing this compact CPAP sleep aids devices as a locally established unit.
Increasing Awareness Programs for Management of Sleep Disorders
Healthcare professionals and policy makers are collectively working to increase awareness among general population for the diagnosis and treatment of sleep disorders to reduce burden of chronic sleep loss. There is a rise in sleep apnea cases, which is increasing patient pool seeking medical advice and services for sleep disorders. To increase awareness for sleep disorders and its consequences, Brazilian Sleep Society promoted “Sleep Week” from March 13, 2017 to March 19, 2017 in Brazil.
Guidance from healthcare professionals and several activities helped in understanding ill effects of sleep disorders. There is a great need for such awareness programs to increase usage of sleep aids devices in regions such as Latin America owing to factors such as lack of skilled healthcare professionals and lack of information for sleep aids devices.
Regional Analysis – North American Market Preeminent
North America is expected to be the dominant region in the sleep aids market owing to growing incidence of sleep disorders as well as rising geriatric population. For instance, as per the American Sleep Association, 50-70 million US adults have sleeping disorder with 10% of population reported with chronic insomnia, and 30% of population with short-term issues. 25 Million U.S. adults have obstructive sleep apnea out of which, 24-31% of men and 9-21% of women have obstructive sleep apnea.
The Asia Pacific sleep aids market is expected to be a significant revenue generator during the forecast period owing changing lifestyles, increasing consumption of alcohol and tobacco, and stressful working hours. Awareness campaigns, strategic pricing of products to target price-sensitive consumers and increase in research and development in the region are expected to create lucrative growth opportunities for players in the sleep aids market.
Key Market Players Focusing on New Product Launches
The sleep aids market is characterised as a fragmented market. Some of the dominant players include Sanofi SA, GlaxoSmithKline Plc, and Pfizer. Some of the prominent brands offering sleep aids include Ambien CR, QuilliChew ER and Sominex. New product launches continue to be the preferred developmental strategy of leading companies. In July 2019, Dr. Reddy’s Laboratories launched generic Ramelteon tablets of 8 mg strength for treatment of insomnia in the U.S market.
Obstructive sleep apnea influences people of all ages, with an increasing predominance in older population more than 60 years. Portal continuous positive airway pressure is the preferred and first line of treatment for sleep apnea in early diagnosed patients for better management of sleep disorders. Manufacturers are working on developing new devices and drugs to combat sleep disorders.
Sleep Aids Market - Scope of the Report
Persistence Market Research (PMR) recently published a market study on the global market for sleep aids. The study provides detailed assessment on the key market dynamics, including drivers, trends, opportunities restraints, and detailed information about the sleep aids market. The market study presents exclusive information about how the sleep aids market will grow during the forecast period of 2019-2029.
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market and compounded annual growth rate (CAGR) are explained in PMR’s study in a comprehensive manner. Other information includes epidemiology of OSA in North America and Latin America. This information can help readers understand the quantitative growth prospects of the sleep aids market during the forecast period.
The study is relevant for manufacturers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market. Business researcher, shareholders, industry experts can leverage the information and data presented in PMR’s study.
The study also includes statistics as well as facts related to macroeconomics factors that are impacting developments in the market. It also offers actionable insights based on the future trends in the sleep aids market. Furthermore, small businesses and new entrants in the sleep aids market too can make use of the information presented in this study, based on which, they can make appropriate business decisions to gain momentum in the market.
Key Segments of the Sleep Aids Market
PMR’s study on the sleep aids market offers information divided into four important segments-product type, raw material, distribution channel, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.
Key Questions Answered in PMR’s Sleep Aids Market Report
Sleep Aids Market: Research Methodology
In PMR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the sleep aids market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analyst ensure accuracy and reliability of conclusions.
Secondary resources referred to analyst during the production of the sleep aids market study include statistics from government healthcare organizations, research journals, press release, annual reports, white papers, directories, and databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary resources and secondary resources acts as a validation from companies in the sleep aids market, and makes PMR’s projection on the growth prospects of the sleep aids market more accurate and reliable.