SLEEP AIDS MARKET ANALYSIS

Sleep aids are pills and medical devices that are used in the diagnosis and treatment of sleep disorders. Sleep aids consist of various products such as medications, sleep laboratories, sleep apnea devices, and mattresses & pillows. Medications generally include drugs, which help induce sleep by restraining activities in the central nervous system. Sleeping pills or other sleep aids are commonly used to treat insomnia and occasional sleeplessness. Sleep aid produces a sedative effect varies on its chemical composition.

Global sleep aids market is estimated to be valued at US$ 68,360.2 million in 2022 and is expected to exhibit a CAGR of 7.3% during the forecast period (2022-2030).

Figure 1.Global Sleep Aids Market Share (%), by Product Type, 2022

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Global Sleep Aids Market - Drivers

Increasing prevalence of sleeping disorders such as insomnia and sleep apnea is expected to propel growth of the global Sleep Aids Market during the forecast period. For instance, in May 2022, a review article was published by OneCare Media, LLC, that around 10% to 30% and 30% to 48% of adults and older adults struggles with chronic insomnia every year, globally.

Furthermore, key companies focusing on product approval for treatment of insomnia a type of sleep disorder are expected to propel growth of the global Sleep Aids Market during the forecast period. For instance, in January 2022, Idorsia Pharmaceuticals Ltd., a biopharmaceutical company that develops and manufactures pharmaceutical, biological, and diagnostic products., receives the U.S. Food and Drug Administration approval of QUVIVIQ (daridorexant), a dual orexin receptor antagonist, which blocks the binding of the wake-promoting neuropeptides orexins and turn down overactive wakefulness, for treatment of insomnia.

Figure 2. Global Sleep Aids Market Share (%), by Region, 2022

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Global Sleep Aids Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization had declared it a public health emergency on January 30, 2020.

COVID-19 has affected the economy in three main ways: by directly affecting production and demand of drugs and vaccines, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, U.A.E., Egypt, and others, faced problems with regard to the transportation of drugs and vaccines from one place to another. Following the outbreak of COVID-19 in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization declared it a public health emergency. According to the World Health Organization’s report, manifestation of coronavirus (COVID-19) has resulted in more than 626,090,018 confirmed cases infected by COVID-19 worldwide as of 25th October, 2022.

Furthermore, due to COVID-19 pandemic, the prevalence of sleeping disorders like insomnia and sleep apnea among the COVID-19 patients in comparison with the people not affected with COVID-19 are more during the COVID-19 pandemic. For instance, in February 2021, a data was published by National Center for Biotechnology Information, according to which, prevalence rate of sleep problems among all populations was 35.7% while patients with COVID-19 appeared to be the most affected group, with a rate of 74.8%, globally.

Global Sleep Aids Market: Key Developments

In June 2021, Eisai Co., Ltd., a research-based pharmaceutical company that develops, manufactures and commercializes high quality medicines, launches an in-house developed drug DAYVIGO (LEMBOREXANT) in Hong Kong, China. DAYVIGO is a dual orexin receptor antagonist that inhibits orexin neurotransmission regulating sleep-wake rhythm for the treatment of insomnia. In addition, applications for approval have been submitted to the respective regulatory authorities in Australia, Brazil, India, Indonesia, and other countries.

In August 2021, ResMed, a company which provide an innovative solutions in sleep technology for obstructive sleep apnea, snoring solutions, hypertension & respiratory care solutions, launched an AirSense 11 PAP Series, Personal Therapy Assistant and Care Check-In for treating sleep apnea. AirSense 11 gives access to myAir App, which tracks the amount of time patients spend using CPAP therapy, number of sleep apnea events per hour.

Global Sleep Aids Market: Restraint

The major factors that hinder growth of the global Sleep Aids Market include side effects of sleeping pills which will hinder the global Sleep Aids Market. For instance, in May 2022, an article was published by Bennett, Coleman & Co. Ltd in Times of India, that recent stress causing anxiety and sleep disturbance can be treated for a few days with sleeping pills. Sleeping pills are harmful and cause drowsiness, headache, constipation or diarrhea, neurological abnormalities, muscle weakness, loss of libido and many more side effects.

Global Sleep Aids Market- Key Players

Major players operating in the global Sleep Aids Market include Sanofi, Merck & Co., Inc, Pfizer Inc., Koninklijke Philips N.V., GSK plc, Sommetrics, Inc., ResMed, Cadwell Industries, Inc., SleepMed, Inc., Sci Sparc, Natus Medical Incorporated, Therapix Biosciences Ltd, Compumedics Limited, AstraZeneca, Eisai Co., Ltd., Tris Pharma, Inc., Novartis AG, Fisher & Paykel Healthcare Limited, Rotech Healthcare Inc., Idorsia Pharmaceuticals Ltd., StimScience among others.