Global Sleep Aids Market, by Product Type (Medication, Mattresses and Pillows, Sleep Apnea Devices, Others), by Sleep Disorder (Insomnia, Sleep Apnea, Restless Legs Syndrome, Narcolepsy, Night Terrors, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) 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), as highlighted in a new report published by Coherent Market Insights.
The increasing adoption of inorganic strategies such as acquisitions by the key players in the market is expected to drive the market growth over the forecast period. For instance, in October 2021, ResMed, a biopharmaceutical company focused on the development, manufacture and distribution of sleep technology solutions for obstructive sleep apnea, hypertension & respiratory care completed the acquisitions of Ectosense, a company manufacturing cloud-connected home sleep test (HST) devices. Ectosense is a digital and easy-to-use solutions in the hands of both sleep lab technicians and sleep apnea patients.
Global Sleep Aids Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
However, the COVID-19 pandemic had a significant impact on the sleep Aids market, owing to the increasing sleep disorders like insomnia, disrupted sleep, and burnout. For instance, in March 2022, a review paper was published by British medical journal, according to which around 1in 4 of those with COVID-19 patients have difficulty in sleeping at night compare to those without the infections.
Thus, increasing sleep disorders in COVID-19 infection is expected to drive the market growth over the forecast period.
Global Sleep Aids Market: Key Developments
In July 2022, Sci Sparc, a clinical-stage pharmaceutical company focusing on the development of cannabinoid-based treatments, announced the expansion of its clinical operations site in the U.S. This clinical operations site include a site for its Phase IIb Trial with its proprietary SCI-110 for the treatment of Tourette Syndrome, a type of sleep disorder. Sci Sparc has also announced that it has started the process of preparing for an Investigational New Drug Application (IND) with the U.S. Food and Drug Administration for SCI-110, cannabinoid-based medication, Phase IIb clinical trial.
In February 2022, StimScience, a startup company using personalized neuroscience to improve sleep announced product launch of its first sleep product called Somnee, a wearable sleep aid that improves sleep quality.
Browse 35 Market Data Tables and 26 Figures spread through 156 Pages and in-depth TOC on “Global Sleep Aids Market”- Forecast to 2030, Global Sleep Aids Market, by Product Type (Medication, Mattresses and Pillows, Sleep Apnea Devices, Others), by Sleep Disorder (Insomnia, Sleep Apnea, Restless Legs Syndrome, Narcolepsy, Night Terrors, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/sleeping-aids-market-1059
Moreover, increasing prevalence of sleeping disorders like obstructive sleep apnea is expected to drive the market growth over the forecast period. For instance, in October 2021, a paper was published by National Center for Biotechnology Information, the prevalence of obstructive sleep apnea syndrome (OSAS) ranged from 0.1% to 13% and 50% of men and 25% of women in the middle-aged population are found to have obstructive sleep apnea in Russia.
Key Takeaways of the Global Sleep Aids Market:
- The global sleep aids market is expected to exhibit a CAGR of 7.3% during the forecast period due to the increasing adoption of strategies such as acquisitions by the key players for increasing the production for sleep disorder treatment and diagnosis. For instance, in February 2021, Cadwell Industries Inc., announced that it acquired Sleepmate line of Sleep Diagnostic Sensors from Ambu A/S, a medical device company for both in-lab and at-home testing. This acquisition will increase Cadwell Industries Inc., product portfolio and business at global market.
- Among sleep disorder, insomnia segment is estimated to hold a dominant position in the global sleep aids market over the forecast period, owing to the increased in prevalence of insomnia patients. For instance, in April 2020, a paper was published by American Journal of Managed Care, overall prevalence of insomnia in working people was 23.2% was significantly higher in women than men, globally.
- Among regions, North America is estimated to account for the largest market share in the global sleep aids market over the forecast period, owing to increase in product approval. For instance, in February 2020, Merck & Co., Inc., a pharmaceutical company, announced the Approval for BELSOMRA (suvorexant) C-IV Label to treat individual’s sleep-wake patterns and overall difficulty sleeping, insomnia.
- 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 Ltd among others.
