Sleeping Aids Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030
Page: 215 | Report Code: LS240820 | Research Suite: Report (PDF) & Market Data (Excel)
The global sleeping aids market was valued at USD 89.6 billion in 2022, and a CAGR of 7.4% is expected during the forecast period. Sleep disorders are the conditions that impair the sleep pattern or disturb the restful sleep. It includes symptoms such as tiredness during the day, even after sleeping for 7 or more hours at night. Rising incidences of insomnia and apnea are increasing growth in market revenue. Stress, anxiety, and lifestyle changes contribute to the growing number of people experiencing sleep-related issues. Global aging population is driving growth in the market significantly.
Growth Drivers
The increasing number of insomnia patients, along with the
growing geriatric population, is driving growth in the market significantly.
Due to lifestyle imbalance, the number of anxiety patients is increasing
worldwide. Greater awareness of sleep disorders and their impact on health has
led to more diagnoses and treatments. This has been supported by advancements
in medical technology and sleep studies that help identify and treat
sleep-related conditions. The fast-paced and high-stress nature of modern life
has led to increased stress and anxiety, contributing to the sleep problems.
The wide availability and variety of OTC sleeping aids, including melatonin
supplements, herbal remedies, and non-prescription medications, are driving
growth in this market significantly.
Innovation in sleep technology, such as smart mattresses,
sleep tracking devices, and apps, has created new opportunities in the sleeping
aid market. These technologies help people monitor and improve their sleep
patterns. Growth of e-commerce platforms has made sleeping aids more accessible
to a global audience, allowing consumers to purchase products online more
conveniently. Increasing disposable income in emerging markets has led to
higher spending on health and wellness products, including sleeping aids.
Growing awareness about the link between mental health and sleep quality is
driving growth in the market significantly. As more people seek help for
anxiety, depression, and other mental health conditions, sleeping aids are
often recommended as a part of treatment. The pandemic brought many health
issues, in which, due to stress, anxiety, and disruptions to daily routine,
sleep disorders were significant. This has led to the surge in demand for
sleeping aids.
Segmentation
By Products
·
Mattresses and Pillows
·
Sleep Laboratories
·
Medications
·
Sleep Apnea Devices
By Sleep Disorders
·
Insomnia
·
Sleep Apnea
·
Restless leg syndrome
·
Sleepwalking
·
Narcolepsy
·
Other Sleep Disorders
Regional Outlook
·
Asia Pacific
·
North America
·
Latin America
·
Europe
·
Middle East and Africa
Global Sleeping Aids Market by Product
Segmentation
On the basis of products, the global sleeping aids market is segmented into mattresses and pillows, sleep laboratories, medications, and sleep apnea devices. Mattresses and pillows are the leading segment and are expected to dominate the market during the forecast period due to technological advancements and increasing disposable income. The rise in incidence rate of sleep rate disorder is driving growth in the market significantly. Insomnia and sleep apnea devices are also highly in demand due to increasing disposable income and rising healthcare expenditure.
An increase in the number of advances
and effective products launched are driving the growth in the market
significantly. Lifestyle imbalance is leading towards significant growth in
sleep disorder patients, and it is indirectly growing the market significantly towards
a new height. The rise in disposable income in all over the world is driving
growth in the market as well.
Regional Outlook
On the basis of the regions, the global sleeping aids market is divided into 5 parts: Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. North America is the leading segment in the market and is expected to dominate the market during the forecast period. Increasing healthcare expenditure on research and development activities and the increasing number of sleep disorder patients due to lifestyle imbalances are driving growth in the market significantly.
A rise in the number of hospitals, including advanced equipment, is driving growth in the market. Asia Pacific is the second fastest-growing segment in the market due to rising populations in emerging economies like China, Japan, India, and South Korea. Increasing healthcare expenditure on research and development activities is driving growth in the market. Greater demand for residential spaces, including sleeping units, is driving the market towards new heights. Consumers are increasingly willing to invest heavily in sleep quality and comfort, leading to a higher demand for innovative and premium sleeping products.
Growing awareness
about the importance of sleep health across the Asia Pacific region has led to
increased demand for sleep-related products, including mattresses, pillows, and
other sleeping products. The Asia-Pacific region is a major hub for
international tourism and business travel. This drives the demand for sleeping
units in hotels, resorts, and other accommodation facilities. Rapid economic
growth and infrastructure development in the region are boosting the
construction of residential and commercial spaces. It creates a strong market
for sleeping units. In many Asian cultures, there is a strong emphasis on the
home and family, leading to a significant investment in home furnishings.
Increasing trend of multigenerational living in some countries, which do
increase the need for diverse types of sleeping units.
Companies introducing new material designs in the region are inspiring significant growth in the Asia-Pacific region. Rising disposable income, and due to technology and innovation, the European market is significantly witnessing growth in countries like Germany, Italy, England, France, and Belgium. With a greater number of geriatric people, Europe is witnessing significant growth in insomnia patients worldwide. Increased focus on sleep hygiene in Europe is the key factor behind the significant growth in the market.
Health campaigns and better access to information have made consumers more aware of the consequences of poor sleep, leading to the greater use of sleeping aids. Older adults in Europe are expected to suffer from chronic conditions that disrupt sleep, increasing their reliance on sleeping aids. European companies are introducing innovative sleep aids, including wearable sleep-tracking devices, and noninvasive therapies like white noise machines and aromatherapy devices.
Key Players
·
Cadwell Industries Inc.
·
Natus Medical Inc.
·
Sanofi S.A.
·
Sleepmed Inc.
·
Pfizer, Inc.
·
Merck and Co.
·
GlaxoSmithKline Plc
·
Campumedics Limited
·
Drive Devibiss Healthcare Inc.
·
Koninklijke Philipps N.V.
· Other Players