Global Sleep Aids Market - 2022-2029

Global Sleep Aids Market - 2022-2029

Market Overview

The global sleep aids market size was valued US$ YY million in 2021 and is estimated to reach US$ YY million by 2029, growing at a CAGR of 4.8% during the forecast period (2022-2029).

Sleep disorders are conditions that interrupt or weaken sleeping patterns, resulting in daytime sleepiness and other sleep aid symptoms. Inadequate sleep can cause problems in college, as well as with work presentations, weight, thinking, mental health, interpersonal relationships, and the progression of heart disease and diabetes. Sleep aids are pills and medical devices used to treat and diagnose various sleep disturbances and disorders, such as sleep apnea and insomnia. Products such as specialized mattresses and pillows which can induce sleep are also categorized as sleeping aids. Sleep aid medications are commonly referred to as hypnotics or sleeping pills. Hypnotics are a class of psychoactive drugs whose primary function is to induce sleep and treat insomnia (sleeplessness).

Market Dynamics

The increasing prevalence of insomnia and obstructive sleep apnea (OSA) disorders, the rising use of portable sleep apnea devices, improving healthcare facilities, the surge in demand for sleeping pills attributed to stressful modern lifestyles, and the increasing geriatric population are the key factors driving the growth of the market.

Increasing product launches by the key players to treat sleep disorders is expected to drive market growth.

In January 2022, the FDA approved daridorexant (Quviviq) to treat insomnia in adults. Daridorexant is an oral tablet that you take about 30 minutes before bed. The drug has very few common side effects, but it has several possible interactions. Moreover, on June 1, 2020, Eisai Inc. launched its in-house discovered orexin receptor antagonist DAYVIGO (lemborexant) CIV for the treatment of adults with insomnia, characterized by difficulties with sleep onset and sleep maintenance in the U.S. Additionally, companies are innovating in sleep technology. For instance, Nightingale's sleep acoustics wall plug appears to be a standard wall plug. The wall plug is made up of two units that are placed in opposite corners of the room. These units will ""wrap the bedroom in a blanket of sound"" tailored to the room's acoustics. All of this is controlled by an app. The wall plug can also be controlled by Amazon Alexa and linked to Nest for all smart home users. The app can even fetch weather and traffic information when the consumer wakes up. The app allows the consumer to customize the sound experience. Thus, from the above statements, the market is expected to drive in the forecast period.

Side effects associated with sleep aid drugs are expected to hamper the market growth.

Diphenhydramine causes drowsiness and can be used by adults and children aged 12 and up who have trouble occasionally sleeping (insomnia). The effects of diphenhydramine can last up to 6 hours. Many factors, such as body weight, other medical conditions, and medications, can influence a person's medication dose. Constipation, drowsiness, dry mouth, nose, throat, headache, nausea or vomiting, restlessness, upset stomach, and other side effects may be mild, moderate, or severe and may be temporary or permanent. Thus, from the above statements, the market is expected to be hampered in the forecast period.

COVID-19 Impact Analysis

The COVID-19 pandemic and lockdown have created widespread fear and anxiety. This phenomenon had short-term and long-term psychosocial and mental health consequences for children and adolescents. Many vulnerability factors, such as developmental age, educational status, pre-existing mental health conditions, being economically disadvantaged, or being quarantined due to infection or fear of infection, determine the quality and magnitude of the impact on minors. According to a Chinese study, the higher prevalence of mental symptoms among people with higher levels of education is likely due to this group's high self-awareness of their health. Moreover, Self-reported sleeping pill consumption increased by 20%. Women, but not men, increased their consumption of sleeping pills. Women, but not men, increased their consumption of sleeping pills. Women, but not men, increased their consumption of sleeping pills.

In contrast, decrease in demand for sleeping aids devices for sleep disorders. Furthermore, market players have reduced investment in raw materials and resources owing to the closure of manufacturing facilities to protect workers in all regions. Thus, from the above statements, the market got affected. However, the situation is expected to improve gradually in the forecast period.

Segment Analysis

Mattresses & Pillows segment is expected to hold the largest market share in sleep aids

The mattresses & pillows segment accounted for the largest market share in 2021. The segment benefits because mattresses and pillows are a cost-effective solution widely adopted among the global population. Additionally, technological advancements and developments by manufacturers are driving the mattresses and pillows segment. For instance, DeVilbiss Healthcare introduced the P903 Full Electric Expandable Width Low Height Long-Term Care (LTC) bed to its premium line of mattresses and bedding products. Thus, from the above statements, the market segment accounted for the largest market share in the forecast period.

Geographical Analysis

North America region holds the largest market share in the global sleep aids

North America region accounted for the largest market share in 2021. The increasing prevalence of sleeping disorders, rise in the use of cigarettes and alcohol consumption, product launches and collaborations by the market players, and increasing government investments in research to improve sleep are the factors to drive the market in the forecast period. For instance, according to the sleep foundation report 2022, in the United States, 35.2% of all adults sleep for less than seven hours per night. Hawaii has the highest percentage of adults who sleep seven or fewer hours per night, at 43%. Moreover, South Dakota has the lowest percentage, at 26%. Boulder, Colorado, has the lowest percentage of adults who sleep less than seven hours per night of any major city in the United States, at 24.2%. Camden, New Jersey and Detroit, Michigan, have the highest rates, with 49.8% of adults reporting inadequate sleep in those cities. Furthermore, black adults are nearly twice as likely as whites to report sleeping too little14 and 60% more likely to report sleeping too much. Therefore, there is a rise in the consumption of sleeping pills and sleep apnea devices in the region.

Additionally, on June 29, 2022, at the Canadian Institutes of Health Research, the Honourable Jean-Yves Duclos, Minister of Health, announced $3.8 million in funding to support sleep health and insomnia research. The Canadian Institutes of Health Research (CIHR), in collaboration with Eisai Limited and Mitacs, is funding this initiative. A Consortium of two interdisciplinary research teams will use this investment to identify biological and behavioral measures of sleep and sleep disorders and conduct clinical research on the prevention, detection, and management of insomnia and other sleep disorders. The Consortium will also address healthy sleep practices and insomnia in the context of health disparities and Indigenous Peoples' and other populations' health and wellness, including children, youth, and families. Thus, from the above statements, the North American region accounted for the largest market share in the forecast period.

Competitive Landscape

Major key players in the sleep aids market are Teva Pharmaceutical Industries Ltd., Merck & Co., Sanofi, DeVilbiss Healthcare LLC., Pfizer Inc., SleepMed Inc., Cadwell Laboratories Inc., Compumedics Limited, Natus Medical Incorporated and GlaxoSmithKline Plc.

In October 2021, AirAvant Medical officially launched the Bongo Rx, a new device for treating obstructive sleep apnea (OSA). The device is marketed as an alternative to CPAP therapy and has been clinically proven to treat mild to moderate OSA symptoms.

DeVilbiss Healthcare:

Overview:

DeVilbiss Healthcare is a privately-held world leader in designing, manufacturing, and marketing an entire line of durable medical equipment, including mobility products, beds, bariatric products, wheelchairs, sleep surfaces and pressure prevention products, respiratory equipment, self-assist products, power-operated wheelchairs, long-term care and rehabilitation products, patient room equipment, personal care products and electrotherapy devices. Respiratory therapy products aim to improve the lives of those suffering from respiratory problems such as Chronic Obstructive Pulmonary Disease (COPD), Asthma, Cystic Fibrosis and Obstructive Sleep Apnea (OSA). The company products are manufactured primarily in the United States and are distributed in more than 100 countries worldwide.

Product Portfolio:

IntelliPAP Standard: It is a CPAP (Continuous Positive Airway Pressure device). It is a motor that blows pressurized air down the nose and throat via a mask to act as a splint and keep the airways open, which is used to diagnose Obstructive Sleep Apnea (OSA).

The global sleep aids market report would provide an access to an approx. 45+market data table, 40+figures and 180pages.