by The global Sleep Aids Market is estimated to be valued at Us$ 73350.49 Mn in 2023 and is expected to exhibit a CAGR Of 7.3% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The sleep aids market includes drugs and devices that help in improving sleep by inducing or preserving sleep throughout the night. Sleep aids consist of prescription drugs, over-the-counter drugs, and herbal products that induce sleep. Common sleep aids include antidepressants, gabapentinoids, antihistamines, prescription sleep medications, CBD oils, and natural supplements such as melatonin. Sleep aids address sleep disorders such as insomnia, sleep apnea, restless leg syndrome, and others. The rising cases of sleep disorders across the globe translate to increased patient pool opting for sleep aids for proper treatment and management of conditions.
Market key trends:
The sleep aids market is witnessing a rise in adoption of digital sleep aids devices owing to technological advancements. Wearable sleep tracking devices have gained prominence in recent years due to their ability to continuously monitor sleep patterns and provide accurate reports about sleep data and insights. Moreover, digital therapeutics and software applications for insomnia and sleep disorders have emerged as effective digital alternatives to pharmaceutical therapies. Rise in telemedicine and virtual care consulting for management of chronic sleep disorders during the pandemic has propelled the demand for such digital sleep solutions. Additionally, research into new drug delivery mechanisms and formulations such as sublingual and transdermal patches could enhance compliance and efficacy of prescription sleep aids.
Porter’s Analysis
Threat of new entrants: The Sleep Aids Market has moderate-high barriers for new entrants due to the presence of established key players operating globally, the need for huge R&D investments and long product approval timelines.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are large number of players offering variety of products for different indications. Buyers switching cost is low in this market.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate as there are large number of potential suppliers for Active Pharmaceutical Ingredients (APIs) and other raw materials used for manufacturing Sleep Aids.
Threat of new substitutes: The threat of substitutes is moderate as new research continues to yield new sleep disorders for which new treatments are approved.
Competitive rivalry: The competitive rivalry is high due to large number of established key players with global presence operating in the market.
Key Takeaways
The Global Sleep Aids Market Size is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period 2023 to 2030, due to increasing awareness regarding available treatment options for sleep disorders and growing geriatric population.
Regional analysis:
North America dominates the global Sleep Aids Market and is expected to continue its dominance over the forecast period due to increasing health care spending, availability of advanced treatment facilities and presence of leading manufacturers in the region. Asia Pacific is expected to exhibit fastest growth over the forecast period with countries like China and India emerging as fastest growing regional markets.
Key players operating in the Sleep Aids market are Sanofi, Merck & Co., Inc, Pfizer Inc., Koninklijke Philips N.V., GSK plc, Sommetrics, Inc., ResMed, Cadwell Industries, Inc., SleepMed, Inc., Sci Sparc, Natus Medical Incorporated, Therapix Biosciences Ltd, Compumedics Limited, AstraZeneca, Eisai Co., Ltd., Tris Pharma, Inc., Novartis AG, Fisher & Paykel Healthcare Limited, Rotech Healthcare Inc., Idorsia Pharmaceuticals Ltd., StimScience among others.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
