A sizeable patient pool has been opting for various alternative therapies for sleep management, including nonprescription drugs, prescription drugs, and sleep aid devices. Widespread availability and launch of sleep aid products to treat sleep disorders are the factors for commercial success of the sleep aids market. A new study of Persistence Market Research (PMR) suggests that global sleep aids market revenues exceeded US$ 23 Bn in 2018 and will exhibit a promising CAGR during the forecast period (2019 - 2029).
As per the recent report of National Healthy Sleep Awareness Project, increasing pervasiveness of obstructive sleep apnea affected 25 million adults in the U.S. alone. Nearly 69% of analyzed obstructive sleep apnea patients were utilizing continuous positive aviation route pressure (CPAP)/AutoPAP machine and 23% were utilizing Bilevel PAP machine.
Key Takeaways - Sleep Aids Market Study
- The sleep aids market is characterized as an emerging market. Increase in obese population, surge in prevalence of sleep disorders, changing lifestyles, distressing work issues, and increasing intake of alcohol, and caffeine are the key factors fostering market growth.
- Factors such as growing incidences of sleep apnea, government initiatives for awareness of ill effects of sleep disorders, increasing adoption rate of sleep aid services among obese population, and favorable reimbursement policies are contributing to growth of the North America sleep aids market.
- Rising prevalence of insomnia is increasing the demand for sleep aids devices.
- Additional benefits such as managing back pain, lower stress level, and improving quality of sleep are increasing demand for mattresses and pillows in the sleep aids market.
Drugs and devices have a collective role to play in effective management of sleep disorders, with better clinical outcomes. PMR’s report states that over 85% of patients remain undiagnosed of such disorders, exhibiting the need of proper diagnosis and treatment options.
New Product Launches to Gain Competitive Advantage
The key players of the sleep aids market are focusing on product development and launches to increase their growth prospects. Increasing investment for R&D of products to fulfill demands from targeted patient population is the key strategy of sleep aid market players. Giants in the sleep aids market are focusing to enhance geographical reach for existing and new products.
On January 8, 2019, Oventus Medical Ltd. introduced its nylon-made O2Vent Optima sleep aids device for the treatment of sleep apnea in Australia. Optima sleep aids device is an altered 3D-printed nylon oral apparatus that advances the jaw forward to open the aviation route and improves the viability of oral machine treatment.
Want to Explore the Report Inclusions?
Persistence Market Research offers a unique perspective and actionable insights on sleep aids in its latest study, presenting historical demand assessment from 2014 – 2018 and projections from 2019 – 2029. The global sleep aids market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provides compelling insights on sleep aids market on basis of product type (drugs, devices, others), indication (insomnia, sleep deprivation, narcolepsy, sleep apnea, others) and distribution channel (hospital pharmacies, retail pharmacies, e-commerce, drug stores, others) across five major regions.
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