Sleep Aids Market | High Prevalence of Sleep Disorders to Contribute toward Spiraling Demand in the Market
Sleep aids refer to those medical devices and drugs that are utilized in the diagnosis and treatment of various types of sleep disorders, including insomnia and sleep apnea. The growth of the global sleep aids market is likely to be driven by the increasing prevalence of sleep disorders across the globe. A person suffering from sleep disorder finds it extremely difficult to stay asleep and fall asleep. It causes the person to wake up too early and then the person is unable to go back to sleep again. Upon waking up, one might still feel exhausted. Sleep disorders not only reduces level of energy but it also affects health and mood adversely. In addition, quality of life and professional live also take a hit. How much a person should sleep varies from one individual to another. However, on an average, a person must sleep for at least seven to eight hours at night.
Product, sleep disorder, and region are the three key parameters based on which the global sleep aids market has been divided. The objective of such segmentation is to offer a clearer, 360-degree view of the market.
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Global Sleep Aids Market: Notable Developments
The global sleep aids market has come across some significant developments in the recent years. One of such developments pertaining to the market is mentioned below:
- May 2018, Dutch multi-national conglomerate Koninklijke Philips N.V. made an acquisition of the NightBalance B.V. The latter has been a digital healthcare pharmaceutical company ideated and started by alumni of Delft University of Technology. With this acquisition, Philips is expected to expand its product portfolio of sleep aids.
Some of the key players in the global sleep aids market comprise the below-mentioned:
- Koninklijke Philips N.V.
- Natus Medical Incorporated
- eVilbiss Healthcare LLC
- Cadwell Laboratories Inc.
- Merck & Co., Inc.
- GlaxoSmithKline plc
Global Sleep Aids Market: Key Trends
The following drivers, restraints, and opportunities characterize global sleep aids market over the assessment period, from 2019 to 2027.
High Prevalence of Sleep Disorders to Contribute toward Spiraling Demand in the Market
The global sleep aids market is driven by the increased prevalence of sleep disorders all over the world. Lack of sound sleep often results in sleep disorders, thereby giving rise to several health-related problems. Lack of sound sleep causes psychiatric disorders, environmental problems, and physical disturbances. Sleep disorders affect overall human health and the affected individual’s functioning in professional and personal space. It often leads to chronic health conditions, such as stroke, arthritis, diabetes, and high blood pressure. These factors are likely to amplify growth opportunities of the global sleep aids market in the foreseeable future.
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In addition, technological advancement and innovations made in the field and growing awareness about the harmful effects of sleep disorders is expected to drive the demand for sleep aids in the near future
Global Sleep Aids Market: Geographical Analysis
In terms of revenue, North America is estimated to be one of dominant force in the global sleep aids market throughout the period of analysis, from 2020 to 2026. Regional dominance of North America is ascribed to the availability of highly advanced healthcare infrastructure. In addition, people in the region are highly aware of the issues pertaining to sleep disorder. Many people across the region experience some sort of sleep disorder or the other, which demand treatment of the same. Many of the leading market players are also present in the region, which is likely to drive the growth of the sleep aids market in North America.
The global sleep aids market is segmented as:
- Mattress & Pillows
- Sleep Laboratories
- Sleep Apnea Devices
- Sleep Apnea
- Restless Leg Syndrome
- Sleep Walking
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