Adequate sleep is essential to maintain mental and physical health and wellbeing. Lack of quality sleep causes sleep disorder. Sleep disorder is caused by changes in sleeping pattern of a person due to physical disturbances, medical issues, psychiatric problems, and environmental issues. Sleep disorders adversely affect human health and, in turn, drive demand for sleep aids.
The global sleep aids market is estimated to account for US$ 80,814.7 Mn in terms of value and is expected to reach US$ 118,825.4 Mn by the end of 2027.
Global Sleep Aids Market: Drivers
Approval and launch of new products is expected to propel growth of the global sleep aids market over the forecast period. For instance, in March 2020, Somnus, a U.S.-based company, launched SOMNUS, an all-natural alternative sleep-aid that does not contain THC, alcohol, or melatonin.
Global Sleep Aids Market: Opportunities
R&D in sleep disorders is expected to offer lucrative growth opportunities for players in the global sleep aids market. For instance, in April 2020, researchers from University of Regina, Canada, reported investigating the relationship between public safety personnel occupation, sleep problems, and various mental disorder symptoms.
Global Sleep Aids Market: Restraints
Product recalls are expected to hinder growth of the market. For instance, in December 2019, Health Canada announced to recall a variety of U-Dream herbal sleep aids due to presence of a substance similar to zopiclone, which has side effects that include drowsiness, dizziness, memory loss, hallucinations and sleep driving.
The global sleep aids market was valued at US$ 80,814.7 Mn in 2019 and is forecast to reach a value of US$ 118,825.4 Mn by 2027 at a CAGR of 5.7% between 2020 and 2027. Major factor driving the growth of global sleep aids market during the forecast period include increasing prevalence of sleep disorders, and increasing product launches.
Insomnia held dominant position in the global sleep aids market in 2019, accounting for 30.1% share in terms of value, followed by sleep apnoea and restless legs syndrome, respectively. Rapid entry of new players and new devices for insomnia has propelled the market. FDA approved new device Cerêve Sleep System for insomnia in 2016 this device is used to reduce latency to stage 1 and stage 2 sleep by keeping the forehead cool
The Americas as witnessing high prevalence of sleep disorders. For instance, according to a study by ResMed Inc. presented at the annual SLEEP meeting hosted by the American Academy of Sleep Medicine (AASM) and the Sleep Research Society in June 2019, around 170 million people across North and South America have sleep apnea.
Major players in the market are focused on donating products during the Covid-19 pandemic. For instance, in May 2020, Sommetrics, Inc. and its partially owned affiliate, aerFree, LLC announced the donation of their aerFree product to leading academic centers to assist in the management of COVID-19 respiratory impairment.
Global Sleep Aids Market: Competitive Landscape
Major players operating in the global sleep aids market include, Sanofi S.A., Merck & Co., Inc., Pfizer, Inc., Koninklijke Philips N.V., GlaxoSmithKline Plc, Sommetrics, Inc., ResMed Inc., Cadwell Laboratories, Inc., Therapix Biosciences Ltd., SleepMed, Inc., Natus Medical Incorporated, DeVilbiss Healthcare LLC, and Compumedics Limited.
Global Sleep Aids Market: Key Developments
May 2020: Therapix Biosciences Ltd. closed a joint venture transaction for collaboration in the field of developing pharmaceuticals for a sleep-related indication
May 2020: ResMed Inc. launched ResMed MaskSelector, a digital tool for remote CPAP mask fittings