Sleep Aids Market by Product (Mattress & Pillows, Sleep Laboratories, Medications, and Sleep Apnea Devices) and Sleep Disorder (Insomnia, Sleep Apnea, Restless Leg Syndrome, Narcolepsy, Sleep Walking, and Other Sleep Disorders) - Global Opportunity Analysis and Industry Forecast, 2017-2023
Portland, OR -- (SBWIRE) -- 05/07/2019 -- Global Sleep Aids Market was valued at $49,543 million in 2016, and is estimated to reach $79,851 million by 2022, registering a CAGR of 7.0% from 2017 to 2023. Sleep is a biological requirement that maintain metabolic homeostasis, influences memory and other cognitive function, and regulates immune function. Sleep aids are drugs and medical devices used to diagnose and treat various sleep disorders, such as sleep apnea and insomnia. Lack of quality sleep leads to sleep disorders, which are caused due to medical issues, physical disturbances, environmental problems, and psychiatric disorders. These sleep disorders are expected to adversely affect the human health and lead to number of chronic diseases, such as high blood pressure, diabetes, arthritis, and stroke. Thus, it is important to treat and diagnose these disorders at an early stage.
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Sleep aids in the form of drugs and medical devices are used for the diagnosis and treatment of sleep disorders, such as sleep apnea and sleep walking. These are expected to improve the quality of sleep for patients with sleep disorders. Sleep disorders could adversely affect the human health and cause chronic diseases, such as diabetes and cardiovascular diseases.
Change in lifestyle, stressful working condition, other issues that interfere with the sleep habits, rise in the disposable income among the customers, and growth in awareness about the adverse effects of sleep disorder on human health are expected to boost the growth of sleep aids market. The risk of sleep disorder increases with age and obesity thus, the rise in the geriatric and obese population could increase the prevalence of sleep disorder, which is expected to fuel the market growth. The rise in demand for sleep aids has also lead to an increase in the advancement of the technology, which will further open new avenues for the market growth. However, the adverse effects of sleep drugs on human health and patent expiration are expected to hamper the market growth.
The mattress & pillows segment was the highest revenue contributor in 2016, and is anticipated to continue this trend during the forecast period. Availability of a variety of products, awareness about the health benefits of quality sleep, and advancement in manufacturing techniques are some of the driving factors for the growth of this segment. Insomnia dominates the sleep aids market and is expected to remain the highest contributor toward the market growth, owing to the presence of a large population base suffering from insomnia.
In 2015, North America accounted for maximum contribution to the total revenue generated, owing to the high prevalence rate of sleep disorders, presence of high disposable income, and high adoption rate of technologically advanced products. However, Asia-Pacific is expected to witness the highest CAGR during the analysis period, attributable to rise in disposable income, increase in government initiatives to modernize healthcare infrastructure, and rise in healthcare expenditure.
Key Findings of the Sleep Aids Market:
- The sleep laboratories segment is projected to grow at the highest rate during the analysis period.
- The insomnia segment generated the highest revenue, and is expected to continue its dominance in future.
- North America dominated global sleep aids market, and is projected to grow at a CAGR of 6.6%.
- China is expected to grow at the highest CAGR of 10.8%in the Asia-Pacific.,
- The narcolepsy segment is anticipated to grow at the highest at a CAGR of 9.1%.
The key companies profiled in the report include
- Koninklijke Philips N.V.,
- Merck & Co.,
- DeVilbiss Healthcare LLC.,
- Pfizer Inc.,
- SleepMed Inc.,
- Cadwell Laboratories Inc.,
- Compumedics Limited,
- Natus Medical Incorporated, and
- GlaxoSmithKline plc.
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Table Of Content
Chapter: 1 INTRODUCTION
1.1. REPORT DESCRIPTION
1.2. KEY BENEFITS
1.3. KEY MARKET SEGMENTS
1.4. RESEARCH METHODOLOGY
1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools and models
Chapter: 2 EXECUTIVE SUMMARY
2.1. CXO PERSPECTIVE
Chapter: 3 MARKET OVERVIEW
3.1. MARKET DEFINITION AND SCOPE
3.2. KEY BENEFITS
3.2.1. Top investment pockets
3.2.2. Top winning strategies
3.3. PATENT ANALYSIS
3.3.1. Patent analysis by year
3.3.2. Patent analysis by region
3.3.3. Patent analysis by sleep disorder
3.4. GOVERNMENT REGULATIONS
3.4.1. U.S. FDA
3.4.2. Europe CE Mark
3.4.3. Ministry of Health, Labor, and Welfare (MHLW)
3.5. TOP PLAYERS POSITIONING, 2016
3.6. MARKET DYNAMICS
22.214.171.124. Modern lifestyle increases the risk of sleep disorders
126.96.36.199. Stressful Work Condition and Working in Shifts
188.8.131.52. Rise in geriatric and obese population
184.108.40.206. Adverse effects of sleep aid medication
220.127.116.11. Patent expiration
18.104.22.168. Technological Advancements Leading to Better Adoption
22.214.171.124. Untapped Markets in Developing Economies
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