Sleep aids are products that help induce or maintain sleep, including pharmaceutical and natural products. Common sleep aids include prescription medications such as benzodiazepines, non-benzodiazepine hypnotics, antidepressants, and over-the-counter products containing natural ingredients like melatonin, chamomile, valerian root, and lavender. These products are used to treat insomnia, sleep apnea, restless leg syndrome, and other sleep disorders.
The global sleep aids market is estimated to be valued at US$ 73350.49 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the major drivers for growth of the sleep aids market is the growing consumer preference for natural and herbal products over prescription medications. Many people are switching to herbal sleep aids due to potential side effects of prescription sleep drugs like dependence, next day drowsiness, digestive issues, and abnormal behavior during sleep. Herbal supplements are perceived as safer and more natural options. Ingredients like melatonin extracted from plants have shown effectiveness for improving sleep with minimal side effects. Additionally, herbs that promote relaxation like chamomile, lavender, and valerian are widely used in nighttime teas and supplements. The increasing demand for natural alternatives without serious health risks will support expansion of the natural sleep aids segment during the forecast period.
Segment Analysis
Sleep aids market is broadly segmented into four main segments which are – Insomnia treatment drugs, Mattresses and pillows, sleep laboratories and sleepwear. Among these, insomnia treatment drugs segment currently dominates with over 60% market share due to increasing number of people suffering from insomnia issues. Medications like Zolpidem, Eszopiclone and Ramelteon have become top selling insomnia drugs globally.
PEST Analysis
Political: Countries are focusing more on healthcare reforms to improve access to quality sleep aids and treatment. Regulations around prescription drugs are also getting stringent.
Economic: Rising stress levels, busy lifestyles and increased workload is boosting demand for sleep aids. Growing elderly population diagnose with sleep disorders will further drive market revenues.
Social: Changing work culture, excessive use of smartphones and social media before sleep is affecting sleep patterns of many individuals. Social awareness about impact of proper sleep on health is increasing.
Technological: Devices like smart beds, wearable bands and apps are being developed to track sleep patterns and provide personalized solution. Innovation in pharmacological formulation is producing long acting drugs.
Key Takeaways
The Global Sleep Aids Market Growth is expected to witness high growth over the forecast period. The global sleep aids market is estimated to be valued at US$ 73350.49 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030.
Regional analysis
North America currently dominates the global sleep aids market holding over 40% share. This can be attributed to growing elderly population, busy lifestyles, prevalence of lifestyle diseases and easy availability of drugs. However, Asia Pacific is emerging as the most lucrative market for sleep aids. Countries like India, China and Japan are witnessing rising spending on healthcare and surge in insomnia cases due to stress.
Key players
Key players operating in the sleep aids market are Domtar Corporation, Medline Industries Inc., Cardinal Health, Kimberly-Clark Corporation, Dynarex Corporation. Companies are focused on new product launches, collaborations and expanding distribution channels globally. They are increasingly targeting emerging Asian markets with promising growth opportunities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
