Sleep Aids Market Size to Worth Around USD 124.97 Bn by 2030

Ottawa, Aug. 02, 2022 (GLOBE NEWSWIRE) -- The global sleep aids market size was valued at USD 78.72 billion in 2022. The main biological need is Sleep which helps in influencing memory, keeping cognitive functions, and metabolic homeostasis. The overall health of humans is affected due to negative sleeping conditions which lead to long-lasting or chronic diseases like diabetes, arthritis, high blood pressure, and stroke. Their supports are drugs and medical devices which are used for treating & diagnosing different forms of sleep conditions, like insomnia, narcolepsy, sleep apnea, and others. The increasing effort of the worldwide population on the antagonistic effects of this condition is expected to drive the evolution of the market for sleeping aids.

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The absence of appropriate documents for the permitting license and use of pills or medicines and the inappropriate calibration of devices of sleeping aids is predicted to undesirable impact on the industry of sleeping aids. Though, the increasing difficulty and anxieties in sleeping disorder treatment owed to the introduction of the latest technologies are likely to hamper the progress of the market of sleeping aids.

Key Takeaways:

• The sleep laboratories segment is projected to hit at a CAGR of 8.3% between 2022 to 2030.
• The restless legs syndrome segment is anticipated to reach at a CAGR of 8.1% between 2022 to 2030.
• Asia-Pacific region is anticipated to grow at a CAGR of 9.4% from 2022 to 2030.
  
  

Report Highlights

• Growing consumer non-refundable income, shared with increasing public awareness of the sleep disorders’ antagonistic effects can grow the market size of sleeping aids during the expected period. Also, sleeping aid like diabetes, arthritis, high blood pressure, and stroke, may badly disturb human health which leads to chronic diseases.
• Increasing incidence of sleep disorders like disruptive sleep apnoea, chronic insomnia, and narcolepsy will also help in growing the business in the upcoming years with worldwide sleep aids devices. These factors will deliver profitable development for the growth of the market of sleep aids in the upcoming years.

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Scope of the Report

Market Dynamics

Drivers

• The main factor driving the development of the market for sleeping aids is the altering sleep form of the worldwide population caused by altering lifestyles. Additionally, the growing wealth of the consumers attached with the better contact with medical facilities on account of the increasing claim for worth health care is predicted to grow the market.
• Increasing sanctions of new product development in the market and growing government capital for research & development (R&D) are projected to bid huge sleep aids business development opportunities. Increasing occurrence of sleeping conditions like disruptive sleep apnea, chronic insomnia, and narcolepsy may excite sleep change. Sleep aids are complicated in OSA treatment and insomnia which helps in increasing the development of the worldwide market of sleep aids.
• The growing M&A (Merger & Acquisition) between industry players to increase their geographic occurrence and product collection is expected to initiate market growth. Another key feature of sleeping aids is the growing acceptance of wearable sensors and tracking devices. Sensor-equipped systems make diverse motives like evaluating the excellence of sleep and chasing sleep illnesses.
• The machines record and allocate data regarding diverse physical situations. The lifestyle variations and tense working atmospheres affect sleep patterns, vital to changing sleep disorders. This performance is an important driving force in the upcoming years and will excite the growth of universal sleep aids occupational.

Restraints

The introduction of innovative technologies has increased difficulty in the treatment of sleeping aids conditions. Also, the absence of appropriate papers for the use and authority of sleeping medications and inappropriate equipment settings related to sleep devices are in charge of less market growth. Sensor-equipped arrangements are used for different purposes like checking sleep disorders and evaluating the excellence of sleep. An alternative important factor for the market of sleeping aids is the growing acceptance of vesture sensors and tracking devices. These devices distribute and record data regarding different physical conditions.

In addition, the sleep quality is also caught up due to more working hours, a hectic working environment, working different shifts, and tense situations, along with additional workload. There are various drugs offered by the market for the treatment of narcolepsy and insomnia, but these drugs have more side effects and are very hazardous. The adverse effects associated with sleep aid pills or medications are adverse allergic reactions, headaches, presentation difficulties, daytime memory problems, and extended drowsiness. All these issues or side effects pay to an increasing acceptance of OTC sleep aids pills which helps in falling asleep and gives a positive outcome on the demand for the market of sleeping aids.

Opportunities:

Changes in lifestyle and changes in sleeping patterns enhanced admission to services of healthcare, increasing customer wealth, and growing demand for worthy healthcare are driving the sleep aid providers. The increasing occurrence of sleep apnoea and insomnia has generated admirable chances for growth in the market of global sleep aids. Growing government funding and product sanctions for good treatment decisions and testing sleep apnoea are opening huge possibilities for manufacturers of sleep aid treatment products to fight against chronic sleep conditions and increase market share.

Sleep-inducing pillows and mattresses are more popular all over the world, and this has directly affected the development of the sleeping aids market. Increasing cases of the restless-leg syndrome and sleep-walking have also covered the arrival of huge revenues in the worldwide market of sleeping aids. Narcolepsy is also a sporadic condition that can be treated and controlled with the support of sleep aids. The market for global sleep aids will likely develop at a bright hope over the next years.

Challenges

The sleep market supports or aids are anticipated to appeal to huge revenues as new stakeholders or investors in the market show interest. The beginning of innovative medicines and sleep aid laboratories is expected to increase the demand in the market for worldwide sleep aids. Also, the sleeping aids market expanded together with developments in insomnia treatment.

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Recent Developments

• Eisai Co., Ltd. declared that the USFDA permitted a new drug confirmation for its developed and domestic discovered DAYVIGOTM (Lemborexant) an antagonist of orexin receptor in December 2019. DAYVIGOTM was accepted for treating insomnia categorized by problems with sleep maintenance or sleep beginning in adults.
• Koninklijke Philips declared the inauguration of Dream Station Go in April 2017. It is the smallest and newest positive airline pressure (PAP) device intended to shorten transportability for patients with OSA.
• GSK declared the signing of the contract to influence genomic insights for the new medication development in July 2018.
  
  

Market Segmentation

By Product

• Mattresses & Pillows
• Medications
  • Prescription-based Drugs
  • OTC drugs
  • Herbal drugs
• Sleep Apnea Devices
  • Positive Airway Pressure (PAP) Devices
  • Facial Interfaces
  • Oral Appliances
  • Adaptive Servo-Ventilators (ASVs) 
• Others
  
  

By Sleep-Disorder

• Insomnia
• Sleep Apnea
• Restless Legs Syndrome
• Narcolepsy
• Sleep Walking
• Other Sleep Disorders

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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