Research Nester released a report titled “Sleep Aid Supplements Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the global sleep aid supplements market in terms of market segmentation by sleep disorders, by product, by medication type and region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
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.
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.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. 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. 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. Europe holds second place in the market due to rising cases of sleep apnea and increasing awareness about various treatment available for sleeping disorders.
Increasing Adoption of Latest Technology for Development of Sleep Aid Supplements to Drive Market Growth.
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.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
The rising awareness about sleeping disorders and adverse effect caused by it to human health is increasing the demand for development of sleeping aid with lesser or no side effects, higher efficacy and easy availabity. Moreover, increasing per capita expenditure on healthcare is expected to fuel the market growth. However, stringent rules and regulations by government on pharmaceutical companies, patent expiration, and adverse side-effects of sleep aid medication are estimated to restrain market growth in the near future.
This report also provides the existing competitive scenario of some of the key players of the global sleep aid supplements market which includes company profiling of Teva Pharmaceutical Industries Ltd., Takeda Pharmaceutical Company Limited, CareFusion Corporation, Tempur-Pedic Management Inc., Serta International, Compumedics Limited, Natus Medical Incorporated, and GlaxoSmithKline plc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the sleep aid supplements market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.