May 13, 2024
Healthcare

Growth Of Sleep Technology And Digital Health Solutions To Drive The Sleep Aids Market

Karan Mukherjeeby Karan Mukherjee

The Sleep Aids Market is estimated to be valued at Us$ 73350.49 Mn or 73350.49 Bn in 2023 and is expected to exhibit a CAGR Of 7.3% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The sleep aids market covers a broad range of products aimed at inducing and maintaining sleep through various means. This includes pharmacological and non-pharmacological aids. Popular pharmacological aids include sleeping pills, sedatives, anti-anxiety and anti-depressant medications. Non-pharmacological aids comprise sleep masks, sound machines, weighted blankets, and digital health solutions incorporating elements like CBTi and sleep tracking. These solutions provide drug-free options for addressing sleep disorders and enhancing sleep quality.

Market Dynamics:

Rising adoption of digital health and smart sleep technologies is a key driver augmenting growth of the sleep aids market. Growing penetration of wearable sleep trackers and continuous monitoring devices is enabling remote diagnosis and treatment of sleep disorders. Advanced smart beds and mattresses equipped with sensors also provide comprehensive data regarding sleep patterns. This is positively impacting the market. Additionally, increasing awareness about sleep-related issues, sedentary lifestyles, and mental health concerns like stress and anxiety are contributing to higher demand for sleep aids. Moreover, expanding middle-class population with greater access to healthcare is also estimated to boost market expansion over the forecast period.

Segment Analysis

The global sleep aids market is segmented into medications, devices and others. The medications segment currently dominates the market owing to the high consumption of sleeping pills and drugs. Factors such as growing prevalence of insomnia and other sleep disorders coupled with easy availability and affordability of over-the-counter medicinal products are expected to drive the growth of this segment over the forecast period.

PEST Analysis

Political: Regulations regarding the use and marketing of prescription and over-the-counter sleep aids have been increasing to ensure safety. This may hamper the market growth.

Economic: Rising disposable income and increasing healthcare expenditure are driving the demand for effective sleep aid products.

Social: Changing lifestyles, growing stress levels and increasing consumption of caffeine have led to rising incidence of insomnia, thereby favoring market growth.

Technological: Innovation in terms of development of new sleep tracking devices, intelligent beds and applications for sleep management will provide opportunities over the next few years.

Key Takeaways

The Global Sleep Aids Market Size  is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing awareness regarding sleep disorders and availability of novel therapeutics and devices.

The North America region currently dominates the market and is expected to continue its dominance due to high consumer awareness and availability of advanced treatment options. Asia Pacific is expected to be the fastest growing region owing to rising cases of insomnia in countries like China and India.

Key players operating in the sleep aids market are 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 among others.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it

Karan Mukherjee

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