Sleep Aids Market is expected to touch a US$ 40.1 Bn at a CAGR of 4.5% by the end of 2031

Sleep Aids Market 2022

A Sleep Aids Market analysis framework is a useful tool that is mainly used by companies and industry owners. The primary purpose of the market analysis framework is to study the market for its product or services. Moreover, it is an essential tool that offers a better understanding of the market’s competitive dynamics based on the demand and supply of the product and services. It helps the companies know their position in the market regarding other competitors in the Sleep Aids Market. This report offers you an idea of the untapped opportunities for the period of 2022-2031. There are many popular market analysis framework tools like SWOT analysis or Porter Five forces model, and much more. Hence, it helps the companies to analyze their competition and improve their strategy effectively.

The global sleep aids market is worth US$ 25.8 Bn at present, and is set to expand 1.6X over the next ten years.The market for sleep aids is expected to reach US$ 40.1 Bn by 2031, while expanding at a CAGR of 4.5%.Emerging new technologies in sleep devices, increasing prescription medication of sleep aids, and growing usage of portable sleep apnea devices are some of the key trends being witnessed in this marketplace.

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As per Persistence Market Research’s latest revised industry analysis, the global sleep aids market was valued at over 24.6 Bn in 2020, and is expected to exhibit a CAGR of close to 4.5% over the forecast period (2021-2031).

Increasing prevalence of sleep-related disorders, changing lifestyles, obesity, and increasing aging population, together with technology advancements with the launch of innovative devices are some of the factors driving demand for sleep aids.

Increasing demand for sleeping pills due to modern lifestyles is one of the major factor driving demand for sleep aids. Stressful pace of life is found to be the main characteristic of modern lifestyle, thus increasing the incidence of sleep-related disorders. According to the Centers for Disease Control and Prevention (CDC) 2020 report, one-third of the U.S. population gets less than the recommended amount of sleep on a regular basis.

Company Profiles:

• ResMed Inc.
• Royal Philips NV
• Merck & Co. Inc.
• Drive DeVilbiss Healthcare LLC
• GlaxoSmithKline Plc.
• Fisher & Paykel Healthcare Limited
• Sanofi SA
• Pfizer Inc

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Key Takeaways from Market Study

• By product, mattresses and pillows, chin straps, mouth pieces, and nasal devices will hold a market share of 72.5% in 2021, expanding at a CAGR of around 4.3% over the forecast period.
• By indication, insomnia is expected to hold well over 35% market share in 2021, and is expected to continue growing at a moderate rate over the forecast period.
• By distribution channel, the e-Commerce and others segments together holds more than 50% market share, and are expected to continue a similar trend through the forecast period.
• By region, North America held the highest share in the global market in 2020, with the market expanding at a CAGR of nearly 4%.

“Growing incidence of sleeping disorders and rising need for technologically advanced products for their treatment are expected to drive market growth over the forecast period,” says an analyst of Persistence Market Research.

Market Competition

New product launches and acquisitions have emerged as a key growth strategy adopted by some of the leading manufacturers of sleep aids. By focusing on these strategies, key stakeholders are expanding their geographic footprints and strengthening their existing product portfolios.

• 04-Feb-2020, Merck & Co/MSD claimed FDA approval for a new use of its insomnia drug Belsomra, treating sleep disruption in people with mild-to-moderate Alzheimer’s disease.
• In January 2019, GSK announced that it completed the acquisition of Tesaro for approximately US$ 5.1 Bn.
• In 2018, Philips acquired NightBalance, a digital health company in the Netherlands, which has developed an innovative, easy-to-use device to treat positional obstructive sleep apnea and positional snoring.

In August 2017, Sanofi S.A. announced the acquisition of Protein Sciences, a vaccines biotechnology company based in Meriden, Connecticut, in the United States.

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What Does the Report Cover?

Persistence Market Research offers a unique perspective and actionable insights on the sleep aids market in its latest study, presenting historical demand assessment of 2016 – 2020 and projections for 2021 – 2031.