Sleeping Aids Market Size Is Projected to Reach $118.31 Billion by 2030 | CAGR: 7.1% : Polaris Market Research

NEW YORK, March 14, 2022 /PRNewswire/ -- Polaris Market Research recently published a research report on "Sleeping Aids Market Share, Size, Trends, Industry Analysis Report, By Product (Mattresses & Pillows, Sleep Laboratories, Medications, Sleep Apnea Devices); By Sleep Disorders; By Region; Segment Forecast, 2022 - 2030" in its research database.

According to research report published by Polaris Market Research, the global Sleeping Aids Market size expected to reach to USD 118.31 Billion by 2030 from USD 64.08 Billion in 2021, at a compound annual growth rate (CAGR) of 7.1% during forecast period 2022 to 2030.

Report Overview:

Sleeping aids products are used in the form of medicines and medical devices to ensure proper monitoring, diagnosis, and treatment for sleep disturbances and disorders. Symptoms of sleep disorders include excessive daytime sleepiness, irregular breathing, or increased movement during sleep. Sleep disorders causes problems with the quality, timing, and amount of sleep, which result in irregular breathing and abnormal sleeping behaviors. Sleep disorders can adversely affect an individual's human health in many ways. For example, people with the condition can experience major chronic diseases such as cardiovascular diseases, obesity, and diabetes. It can also lead to low quality of life, low work productivity of an individual, and stress and depression.

The most common sleeping disorder include insomnia, restless legs syndrome, narcolepsy, and sleep apnea. Some treatment options are counseling, medications & supplements, and a number of stimulants or wake-promoting medications, such as modafinil, armodafinil, and pitolisant. Moreover, regular physical exercise, proper management of noise, light, and temperature at the place can contribute to the treatment of the condition. However, various sleeping aids also can help treat sleep disorders. However, the rising adoption of sleep aids products in developing economies is expected to offer lucrative opportunities for the growth of the market.

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Key Aspects Covered by Report:

• Granular level information about the sleeping aids market size, regional share, history, and forecast (2022-2030)
• Driving factors affecting the market growth.
• Qualitative and quantitative analysis
• Most-detailed segmentation
• The advancements and progress in the sleeping aids market during the forecast period.
• Market competition by key players
• The restrictions and restraints are likely to hamper the market.

Top Market Players Covered:

• AstraZeneca Plc
• Biodiem
• Cadwell Industries Inc.
• Compumedics Limited
• CSL Limited
• Drive
• Devilbiss Healthcare
• Emergent Biosolutions
• F.Hoffmann-La Roche Ltd.
• Gamma Vaccines Pty Ltd.
• GlaxoSmithKline Plc
• Koninklijke Philips N.V.
• Merck & Co. Inc.
• Natus Medical Incorporated
• Novartis AG
• Pfizer Inc.
• Sanofi
• Sinovac Biotech Ltd.
• Sleepmed Inc

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Basic Questions Answered by Report:

• Who are the leading key players, and what are their key business plans in the sleeping aids market?
• What are the critical concerns of the five forces analysis?
• What are the different prospects and threats faced by the dealers?
• What are the strengths and weaknesses of the key vendors?
• What are the main trends that have a positive impact on the growth of the sleeping aids market?
• What are the growth opportunities that could emerge in the industry in the coming years?
• What are the regional growth trends and the leading revenue-generating regions?
• Which technologies will top the sleeping aids market in the next years?
• Does the study cover COVID-19 Impact Analysis and its effect on growth?
• What are the growth strategies envisaged by the players to maintain their grip on the sleeping aids market?

Sleeping Aids Market: Growth Leading Factors

The benefits of using sleep aids products and increase in disposable income are driving the growth of the sleeping aids market. The rise in the geriatric and obese population, which has led to an increase in the cases of sleep disorders, is contributing to the market's growth. The growing focus of the global population towards the adverse effects of this disorder is expected to drive the development of the sleeping aids industry. Also, the growing consumption of medication by patients of SDB (Sleep-disordered breathing) is anticipated to positively favor the global sleeping aids market growth. These patients are at high risk of suffering from various adverse outcomes of the virus infection.

The current product developments, along with the changing regulations due to the COVID-19 outbreak across different applications, are projected to positively affect the market growth in the post-pandemic era. In addition, the changing sleep pattern of the global population due to changing lifestyles is another primary factor driving the growth of the sleeping aids market. Moreover, the rising acceptance of new products in the market and the increasing government funding for research & development are forecasted to open up new growth opportunities in the sleeping aids industry.

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Sleeping Aids Market: Report Scope

Global Sleeping Aids Market: Key Segmentation

• Insight by Product

Based on product, the global sleeping aid market is segmented into mattresses & pillows, sleep laboratories, medications, and sleep apnea devices. Mattress & pillows segment dominated the market with the largest market share in 2020 and is anticipated to remain dominant during the forecast period. The factors contributing to this segment growth involve technological advancements in the sleep aid devices, rise in adoption of sleep aid devices, increase in the incidence rate of sleep disorders like insomnia, and rise in the number of advanced &effective product launches.

• Insight by Sleep Disorders

By sleep disorders, the global sleep aids market is classified into insomnia, sleep apnea, restless leg syndrome, narcolepsy, sleepwalking, and other sleep disorders. The Insomnia segment witnessed the largest market share in 2021 and is anticipated to continue its dominance in the industry during the forecasting years owing to the increase in healthcare awareness, rise in the incidence of sleep apnea, decrease in physical exercise by the population, and growth in the geriatric population. Moreover, the rising treatment trials are another growth contributor to this segment. The Sleep Apnea segment may show the fastest growth rate in the forecasting years due to the increasing sleep apnea testing. Also, the increasing adoption of CPAP (Continuous Positive Airway Pressure) devices is projected to push the growth of the segment.

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Geographical Overview:

North America witnessed a significant share in the global sleep aids market share in 2020 owing to the high prevalence of sleeping disorders due to the high use of alcohol and cigarette consumption in North America. Moreover, the significant presence of key industry players in the U.S., as well as the increasing consumer awareness related to sleep quality and sleeping aids products, is expected to positively favor the market growth.

North America is accounted for the highest market shares in the global market in 2021. This huge market share can be attributed to the high prevalence of sleeping disorders due to the high use of alcohol and cigarette consumption in North America. Furthermore, the presence of key industry players in the U.S., along with the rising consumer awareness related to sleep quality and sleeping aids products, is anticipated to boost the growth of the market. The rise in the obese and geriatric population in the U.S. is anticipated to drive the demand for sleeping aids medication and devices.

Asia-Pacific is anticipated to register the highest growth rate during the forecast period. This growth can be attributed to the increasing per capita income increasing knowledge regarding the negative effects of sleeping disorders among the population. Similarly, the rise in the number of hospitals equipped with advanced instruments, advancements in the R&D sector, technological advancements in the field of sleep aids, and growth in healthcare reforms are the key drivers for the growth of the Asia-Pacific sleep aid market in Japan and China with a high CAGR.

Browse the Detail Report "Sleeping Aids Market Share, Size, Trends, Industry Analysis Report, By Product (Mattresses & Pillows, Sleep Laboratories, Medications, Sleep Apnea Devices); By Sleep Disorders; By Region; Segment Forecast, 2022 - 2030" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/sleeping-aids-market

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The market is primarily segmented on the basis of product, sleep disorders, and region.

Sleeping Aids Market: By Product Outlook

• Mattresses & Pillows
• Sleep Laboratories
• Medications
• Prescription-based Drugs
• OTC drugs
• Herbal drugs
• Sleep Apnea Devices

Sleeping Aids Market: By Sleep disorders

• Insomnia
• Sleep Apnea
• Restless Legs Syndrome
• Narcolepsy
• Sleep Walking
• Others

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SOURCE Polaris Market Research