Sleep Aid Supplements Market Highlights 2020-2029
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.
Global Sleep Aid Supplements Market Regional Synopsis
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:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global sleep aid supplements market includes the following segments:
By Sleep Disorders
- Insomnia
- Sleep Apnea
- Restless Legs Syndrome
- Narcolepsy
- sleepwalking
By Product Type
- Mattresses and Pillows
- Sleep Laboratories
- Medication
- Sleep Apnea Devices
By Medication Type
- Prescription-based Drugs
- OTC Drugs
- Herbal Drugs
Growth Drivers
- Lifestyle changes, work load, stressful and hectic life.
- Rise in awareness about sleeping disorders and technological advancements.
- Rise in geriatric and obese population fuels the market growth.
Challenges
- Stringent rules and regulations by government on pharmaceutical companies.
- Patent Expiration.
- Adverse side-effects of sleep aid medication.
Top Featured Companies Dominating the Market
- Teva Pharmaceutical Industries Ltd.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Koninklijke Philips N.V.
- Merck & Co.
- Sanofi
- eVilbiss Healthcare LLC.
- Pfizer Inc.
- SleepMed Inc.
- Cadwell Laboratories Inc.
- Compumedics Limited
- Natus Medical Incorporated, and
- GlaxoSmithKline plc
