According to a new market report published by Persistence Market
Research “Global Market Study on Sleep Aids: Sleep Apnea to Witness
Highest Growth by 2020”, the global
sleep aids market was valued at US$ 58.1 Bn in 2014 and is
expected to expand at a CAGR of 5.7% to account for US$80.8 Bn by
2020.
Sleep aids are drugs and medical devices that help a person to fall
asleep. Lack of quality sleep leads to a medical condition known as a
sleep disorder. Sleep disorder occurs due to changes in sleeping
pattern of a person which can be caused by physical disturbances,
medical issues, psychiatric problems, and environmental issues.
Globally, the sleep aids market is witnessing significant growth due
to rising incidence of sleep disorders due to growing geriatric
population, increasing demand for sleeping pills due to stressful
modern lifestyle and rising initiatives by various health
organizations to increase awareness about sleep disorders. However,
factors such as side effects associated with sleep aids medications
and patent expiration of major sleep drugs are key restraints for the
growth of the global sleep aids market. The global sleep aids market
was valued at US$ 58.1 Bn in 2014 and expected to account for US$
80.8 Bn by 2020 at a CAGR of 5.7%.
North America has the largest market for the global Sleep Aids
market. This is due to technological advancements in the region. The
North American sleep aids market was valued at US$ 31.9 Bn in 2014
and is expected to account for US$ 44.5 Bn by 2020 at a CAGR of 5.7%.
In terms of sleep disorders, sleep apnea is the fastest growing
segment. In terms of product, mattresses and pillows are the largest
segments in the sleep aids market. In terms of medication,
prescription medications are the largest segment in the market.
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Some of the latest trends in the global sleep aids market are
increasing usage of home sleep test for diagnosis of sleep apnea,
continuous positive airway pressure (CPAP) therapy to treat sleep
apnea, and growing adoption of wearable monitors and passive-off body
sensors.
Sanofi, Merck & Co., Pfizer, Koninklijke Philips N.V. (Philips),
GlaxoSmithKline Plc, Takeda Pharmaceutical Company Limited, Care
Fusion Corporation, Teva Pharmaceutical Industries Ltd. are some of
the leading players in the global market for Sleep Aids market. Some
of the other major players in Sleep Aids market are; Cadwell,
SleepMed, Inc, Natus Medical manufactures, DeVilbiss Healthcare LLC,
and Compumedics Limited.
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