PRESS RELEASE
Published August 18, 2023
The global sleep aids market, valued at a staggering USD 73.2 billion in 2021, is set to experience remarkable growth with a projected compound annual growth rate (CAGR) of 5.7 percent during the forecast period. Sleep disturbances and disorders have spurred the demand for sleep aid products, encompassing both medicinal and medical device solutions. These aids play a pivotal role in monitoring, diagnosing, and treating sleep irregularities, promoting healthy sleep patterns and overall well-being.
Sleep disorders often manifest through irregular breathing and abnormal sleeping behavior, impacting sleep quality, timing, and quantity. Signs and symptoms such as excessive daytime sleepiness, irregular breathing, and heightened movement during sleep indicate the presence of sleep disorders. The detrimental effects of sleep disorders on health are manifold, potentially leading to cardiovascular diseases, obesity, and diabetes among other conditions.
An upswing in disposable income and the tangible benefits of sleep aids have become significant drivers of market expansion. The aging and overweight populations are witnessing a surge in sleep disorders, propelling the market growth for patients in need of effective solutions. According to statistics, the global elderly population, aged 65 years and above, stood at 703 million in 2019 and is projected to double to 1.5 billion by 2050.
While the market presents lucrative opportunities in developing economies due to growing adoption, the impending expiry of patents for certain sleep aid medications and their associated side effects have raised concerns. Nevertheless, the forecasted period anticipates the evolution and widespread adoption of advanced sleep aid products, with untapped potential in developing nations adding to the growth momentum.
Key industry players are strategically positioning themselves for growth through acquisitions, innovative product development, and strategic product launches. Heavy investments in research and development are aimed at catering to specific patient demographics. Furthermore, expanding the reach of existing and novel products to various geographic regions remains a core strategy for market giants.
Eisai Co., Ltd., a prominent player in the market, marked a milestone in December 2019 with the approval of DAYVIGO™ (lemborexant) by the U.S. Food and Drug Administration. This in-house developed orexin receptor antagonist was greenlit to address insomnia in adults struggling with falling asleep or staying asleep. Collaborative efforts between GSK and 23andMe in July 2018 unveiled a genetic insights-based approach for innovative drug development. Notably, Koninklijke Philips N.V. introduced the DreamStation Go in April 2017, a compact positive airway pressure (PAP) device designed to simplify travel for sleep apnea patients.
COVID-19 Impact on the Sleep Aids Market
The COVID-19 pandemic brought about significant disruptions, including reduced trade and product demand, affecting the sleep aids market. Economic constraints, alongside the closure of manufacturing facilities, resulted in decreased production and supply chain disruptions. Fears surrounding infection, lockdowns, and restricted port capacities further hindered product supply, ultimately leading to a downturn in the demand for sleep aids.
Market Drivers
Government funding and approvals for sleep aid products emerge as strong market drivers. Lifestyle shifts, improved access to healthcare, and heightened demand for quality healthcare contribute to the growth of sleep aid providers. Product approvals and government backing for enhanced treatment options and sleep disorder diagnosis play a pivotal role in expanding market share.
Market Restraints
The introduction of new technologies has raised concerns about the complexity of sleep disorder treatment. Improper documentation, licensing issues, and insufficient equipment standards for sleep devices have restrained market growth. Additionally, side effects associated with sleep aid medications have hindered their widespread adoption.
Segment Overview
The market is witnessing the dominance of mattresses and pillows, owed largely to technological advancements. On the other hand, the insomnia category holds sway over the market due to rising cases of sleep apnea and increased healthcare awareness.
Regional Landscape
North America commands the largest revenue share in the sleep aids market, driven by high incidences of sleeping disorders correlated with alcohol and tobacco consumption. The Asia-Pacific region is experiencing steady growth due to rising per capita income and increased awareness about the adverse effects of sleep disorders.
Competitive Landscape
Key players, including Eisai Co., Ltd., GlaxoSmithKline Plc, Merck & Co., Inc., and Koninklijke Philips N.V., are actively engaging in acquisitions, product innovations, and market expansion strategies to further their growth prospects.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) www.fairfieldmarketresearch.com/report/sleep-aids-market
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