Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
The global sleep aid supplements market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2021-2029. Lifestyle changes, workload, stressful and hectic life attributes to the growth of the sleep aid supplements market. An increase in demand for sleeping pills, rise in geriatric and obese population also fuels the market growth. Moreover, the rise in awareness about sleep disorders and technological advancements also play a major role in the growth of the market. Sleep disorders adversely affect human health and lead to various chronic disorders like diabetes, high blood pressure, stroke and others. Therefore, it is important to diagnose and treat these disorders at an early stage. In addition, rising innovations in sleep aid devices, developing drugs for inappropriate sleep, and rising utilization of compact sleep apnea devices is relied upon to add to the development of the global sleep aids market. According to the survey of National Health and Nutrition Examination (2005-2010), about 4% of U.S. adults aged 20 and overused prescription sleep aids every month.
During Covid-19, the market has seen a significant rise in the trend as there was a considerable spike in the prevalence of mental health problems during the lockdown. Sleep disorders are one of the major mental health problems leading to an increase in the sale of sleeping aid supplements.
On the basis of sleep disorders, the market is segmented into insomnia, sleep apnea, restless legs syndrome, narcolepsy, and sleepwalking. Out of which, insomnia holds the highest share in the market. The cases of insomnia is increasing in number due to depression, anxiety, work stress, excessive alcohol consumption, and smoking. Sleep apnea also holds a significant share in the market with the rise in the aging population, who are more vulnerable to sleep apnea disorder.
On the basis of product type, the market is segmented into mattresses and pillows, sleep laboratories, medications, and sleep apnea devices. Out of which, mattresses and pillows hold the highest revenue in the market as they are easily accessible and relatively cheaper than other products. Medication is also expanding its business with the increase in awareness about sleep disorders. However, with the advancement in technology, sleep apnea devices are also gaining popularity.
On the basis of medication type, the market is segmented into prescription-based drugs, OTC drugs, and herbal drugs. With the increase in awareness about sleep disorders and their adverse effect on human health, prescription-based drugs hold the highest revenue in the market. Herbal drugs are also gaining popularity due to its lesser side effects.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the increasing awareness about sleeping disorders, rise in the change in lifestyle, and rise in research for the development of various sleeping aids. For instance, Dr. Reddy’s Laboratory in 2019 launched generic Ramelteon tablets of 8mg strength to treat insomnia. CLICK TO DOWNLOAD SAMPLE REPORT
Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the quick adoption of the latest technology and focus on developing new techniques with the involvement of natural products and herbs for lesser or no side effects. Sandland Sleep, a US-based company, on 5th April launched a non-pharmaceutical line of sleep aid products, “Fall Sleep and Stay Asleep” harnessing the power of the cannabinoid CBN. A natural, hemp-derived ingredient, CBN is scientifically proven to build up the body's natural ability to sleep without a high or hangover.
Europe holds second place in the market due to rising cases of sleep apnea and increasing awareness about various treatment available for sleeping disorders.
The global sleep aid supplements market is further classified on the basis of region as follows:
Our in-depth analysis of the global sleep aid supplements market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising prevalence of sleeping disorder is the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.
Strict government laws and adverse side-effects of sleep aid medication are estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the increasing innovation in the sleeping aid technology.
The major players dominating the global sleep aid supplements market are Teva Pharmaceutical Industries Ltd., Takeda Pharmaceutical Company Limited, CareFusion Corporation, Tempur-Pedic Management Inc., Serta International, Compumedics Limited, Natus Medical Incorporated, GlaxoSmithKline plc. and among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by sleep disorders, by product, by medication type and region.
With respect to application, mattresses and pillows hold the largest market share owing to the easy availability and cost effectiveness.
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