The global sleep aid market is anticipated to grow significantly at a CAGR of 7.0% during the forecast period. The factors that are driving the growth of the market include the rising geriatric population and increasing incidences of sleep disorders. For instance, according to the Sleep Foundation, in the US, the number of people with more than 65 years was 15% in 2016 and expected to have 21% by 2040 of the US population. This trend continues to be experienced globally, as the United Nations estimation that the number of people with more than 60 years will be double by 2050, and Triple by 2100.  Aging is linked to a variety of health issues, including sleep problems. In reality, lack of sleep can contribute to a variety of issues, lowering the quality of life in adults over the age of 65.

Several common disturbances found in older adults such as walking up at night, daytime napping, and sleep issues occurs such as nighttime urination, pain, insomnia, sleep apnea, restless leg syndrome, and daytime drowsiness, among others. Among these, sleep apnea is a sleep breathing disorder in which the upper airway collapses during sleep. It has an impact on sleep quality and daily weariness, as well as being a risk factor for hypertension, heart disease, stroke, and sudden death while sleeping, it most commonly observed in elderly people. The factors that are restraining the growth of the market include shortage of skilled medical professionals, patent expiration of sleep disorder medications, and side effects associated with the sleep medications, among others.  Moreover, the increase in awareness about sleep disorders and technological advancements are expected to create new market opportunities to sleep aids manufacturers during the forecast period.

Impact of COVID-19 Pandemic on Global Sleep Aid Market

The global sleep aid market is hit by the outbreak of COVID-19 in December 2019. The pandemic has caused unprecedented changes in the healthcare systems. During lockdown across the globe, the habit of people changed for everything, in which mental health problems have been noticed. Sleep disorders were one of the major mental health problems, as solid sleep was neglecting due to the changed schedule. Sleep aids are medications and surgical instruments used to detect and cure sleep disorders. Increasing working hours, job burden, hectic working environment, among others, have been noticed as work from the home model was taking place during the pandemic. The various people lost their jobs has lead to anxiety and hypertension and lack of sleep. As the re-opening of the economy positively affect the sleep aid market. The market will witness “V” shape recovery in near future owing to the restart of activities in major economies.

Segmental Outlook 

The global sleep aid market can be segmented based on sleep disorders, and products. Based on the sleep disorder, the market is classified into insomnia, sleep apnea, narcolepsy, sleepwalking, and restless legs syndrome. Based on the products, the market is classified into sleep laboratories services, specialty mattresses and pillows, medications, and sleep apnea devices. Besides, the medications segment is classified into prescription drugs, OTC drugs, and herbal drugs. Apart from it, sleep apnea devices are segmented into diagnostics devices and therapeutic devices.

Global Sleep Aid Market Share by Sleep Disorder, 2020 (%)

Insomnia Segment holds a significant share in the Global Sleep Aid Market 

Among the sleep disorders for the global sleep aid market, the insomnia segment held the highest share in 2020 and is also anticipated to grow significantly during the forecast period. The incidence of insomnia in people increases due to work stress, depression, anxiety disorders, excessive smoking, and alcohol consumption. Insomnia is one of the most prevalent sleep disorders among older persons is continuous trouble falling or staying asleep. Insomnia can be caused by several interconnected reasons, but it can be improved with treatment. According to the Sleep Foundation, 10% to 30% of adults in the US live with insomnia, and 30% to 48% of elder people live with insomnia in the US.

Regional Outlooks

The global sleep aid market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, and Others), and the Rest of the World (the Middle East and Africa, and Latin America).  North America has been predicted to dominate the global sleep aid market. The growth is mainly attributed due to increased health care expenditure, a huge population with a sleep disorder, and higher awareness regarding sleep disorders. For instance, according to the National Health Expenditure Accounts (NHEA), In 2019, US healthcare spending increased by 4.6 % to $3.8 trillion, or $11,582 per person. Health spending accounted for 17.7 % of the nation's Gross Domestic Product. Apart from it, as per the American Sleep Association, around 60% of the US population experience insomnia, and more than 15% of the population in the US experience sleep apnea, which led to higher demand for treatment. 

Global Sleep Aid Market Growth, by Region 2021-2027

Asia-Pacific is projected to have considerable growth in the Global Sleep Aid Market

Asia-Pacific is anticipated to exhibit significant growth in the global sleep aid market. In the region,  countries such as China and India are the most promising economies in terms of growth. This is attributable to the increased prevalence of cases of insomnia. The market for sleep aids is being driven by a rise in the young population, increasing consumption of alcohol and tobacco, stressful working hours, and a lifestyle change. For instance, increasing working hours, heavy workloads and work pressures, and a stressful work atmosphere all contribute to increased stress levels and poor sleep quality. As a result, sales of over-the-counter (OTC) sleeping medicines, which support enhancing sleep quality, across the region.

Market Players Outlook

The key players of the global sleep aid market include Apex Medical Corp., Cadwell Industries Inc., General Electric Co., GlaxoSmithKline Plc, Koninklijke Philips N.V., Merck & Co., Pfizer Inc., Sanofi S.A., SleepMed Inc., Takeda Pharmaceutical Co. Ltd., and Teva Pharmaceutical Industries Ltd., among others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in May 2018, Koninklijke Philips N.V., a global leader in health technology, announced that it has acquired NightBalance, a digital health scale-up based in the Netherlands that has developed an innovative, user-friendly device to treat positional obstructive sleep apnea and snoring. 

The Report Covers

• Market value data analysis of 2020 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global sleep aid market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.