Our in-depth analysis of the global sleep aid supplements market includes the following segments:
By Sleep Disorders
By Product Type
By Medication Type
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:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Rising prevalence of sleeping disorder is the key factors driving market growth.
Ans: The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.
Ans: Strict government laws and adverse side-effects of sleep aid medication are estimated to hamper market growth.
Ans: The market in Asia Pacific region will provide ample growth opportunities owing to the increasing innovation in the sleeping aid technology.
Ans: 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.
Ans: 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.
Ans: The market is segmented by sleep disorders, by product, by medication type and region.
Ans: With respect to application, mattresses and pillows hold the largest market share owing to the easy availability and cost effectiveness.