Wilmington, Delaware, Nov. 02, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “U.S. Sleep Aids Market, By Product (Mattresses And Pillows, Sleep Laboratories, Medications, Supplements, and Sleep Apnea Devices), By Sleep Disorder (Insomnia, Sleep Apnea, Restless Leg Syndrome, Narcolepsy, Sleepwalking, and Other Sleep Disorders) By Age (18 To 39, 40 To 49, 50 To 59, 60 To 69, And 70 and Above), By Gender (Men and Women) By Race (Non-Hispanic White, Non-Hispanic Black, and Mexican America): Industry Analysis and Industry Forecast, 2022-2032.” According to the report, the U.S. sleep aids industry was estimated at $29.6 billion in 2022, and is anticipated to hit $54.7 billion by 2032, registering a CAGR of 6.3% from 2023 to 2033.
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Prime determinants of growth
Increase in the prevalence of various sleep disorders such as insomnia, sleep apnea, and others and surge in awareness about the management of sleep disorders drive the growth of the U.S. sleep aids market. However, side effects associated with the sleep medications and devices are hampering the U.S. sleep aids market growth. On the contrary, increase in new product launches and technological advancement in the sleep apnea devices are expected to offer remunerative opportunity for expansion of the U.S. sleep aids market during the forecast period.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $29.6 billion |
| Market Size in 2032 | $54.7 billion |
| CAGR | 6.30% |
| No. of Pages in Report | 135 |
| Segments covered | Product, Sleep Disorder, Age, Gender, and Race |
| Drivers | Increase in prevalence of sleep disorder Rise in stress and anxiety levels Surge in prevalence of aging population |
| Opportunity | Increase in new product approvals |
| Restraint | Side effects associated with sleep aids |
Recession Scenario
- In the economic recession, the U.S. sleep aids market is driven by stable demand for pharmaceuticals and medical devices for diagnosis and treatment of various health conditions, including sleep disorders.
- However, various companies are facing pricing pressure from care organizations and government agencies impact the U.S. sleep aids market growth.
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The mattresses and pillows segment to maintain its leadership status throughout the forecast period
Based on product, the mattresses and pillows segment held the highest market share in 2022, accounting for nearly half of the U.S. sleep aids market revenue, owing to increase in demand for mattresses and pillows in the U.S. as it helps to provide quality sleep. However, sleep laboratories is expected to witness the fastest CAGR of 7.9% from 2023 to 2032, owing to increase in awareness and diagnosis of sleep disorders.
The insomnia segment to maintain its leadership status throughout the forecast period
Based on sleep disorder, the insomnia segment held the highest market share in 2022, accounting for half of the U.S. sleep aids market revenue, owing to rise in prevalence of insomnia due to increase in stress and anxiety levels in Americans. However, sleep apnea is expected to witness the fastest CAGR of 7.1% from 2023 to 2032, owing to increase in prevalence of sleep apnea and technological advancements in sleep apnea devices.
The 70 and above segment to maintain its leadership status throughout the forecast period
Based on age, the 70 and above segment held the highest market share in 2022, accounting for more than one-fourth of the U.S. sleep aids market revenue, owing to high prevalence of sleep disorders in this age group due to various medical conditions. However, 50 to 59 is expected to witness the fastest CAGR of 7.6% from 2023 to 2032, owing to increasing prevalence of sleep disorder due to low sleep quality in this age group.
The women segment to maintain its leadership status throughout the forecast period
Based on gender, the women segment held the highest market share in 2022, accounting for more than half of the U.S. sleep aids market revenue, owing to high prevalence of sleep disorders in women as compared to men due to various physical changes such as pregnancy and others. However, men is expected to witness the fastest CAGR of 6.6% from 2023 to 2032, owing to increasing prevalence of sleep apnea among men.
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The non-Hispanic white segment to maintain its leadership status throughout the forecast period
Based on race, the non-Hispanic white segment held the highest market share in 2022, accounting for more than two-thirds of the U.S. sleep aids market revenue, owing to surge in prevalence of insomnia in non-Hispanic white and high demand for sleep aids among this group of people. However, Mexican America is expected to witness the fastest CAGR of 7.4% from 2023 to 2032, owing to the increasing risk of sleep apnea and surge in adoption of sleep aids in this group of people.
Leading Market Players: -
- ActiGraph LLC
- Compumedics Limited.
- Drive DeVilbiss Healthcare Inc.
- GlaxoSmithKline Plc
- Koninklijke Philips N.V.
- Merck and Co., Inc.
- Natus Medical Inc.
- Sanofi S.A.
- Sleep Doctor
- SleepMed Inc.
The report provides a detailed analysis of these key players of the U.S. sleep aids market. These players have adopted strategies such as, product approval and acquisition to increase their market share and maintain dominant shares in the U.S. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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