The global sleeping aids market generated $69.5 billion revenue in 2017 and is projected to showcase a CAGR of 6.5% during 2018–2023, due to the growing prevalence of insomnia and obstructive sleep apnea (OSA) disorders, rising use of portable sleep apnea devices, increasing government support for start-up companies, growing healthcare facilities, surge in demand for sleeping pills attributed to stressful modern lifestyle, and increasing geriatric population.
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Stressful modern lifestyle is a key driver to the sleeping aids market growth. Lifestyle changes such as, increased consumption of alcohol, caffeine, and tobacco that interrupts the sleeping patterns of an individual, lead to disrupted sleep. This disruption in sleep can cause various sleep disorders, which lead to high demand for sleeping pills. This also increases the risk of chronic diseases, such as diabetes, depression, heart diseases, and obesity. Obesity can lead to serious sleep disorders, such as insomnia and OSA. Furthermore, long working hours, working in different shifts, hectic work environment, and stressful conditions, along with excess workload also hampers the quality of sleep. All these factors lead to an increased adoption of over-the-counter sleeping pills that help an individual fall asleep.
Most of the players in the global sleeping aids market offer products across various product types, namely mattresses and pillows, sleep laboratories services, medication, sleep apnea devices, and others. Tempur Sealy International Inc. and Serta Simmons Bedding LLC are major players offering a wide range of brands for mattresses and pillows for various sleep disorders. SleepMed Inc. provides diagnostic and therapeutic solution for sleep disorders and offers equipment and services for sleep laboratories as well as sleep apnea devices.
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Players such as Sanofi, Merck & Co. Inc., Pfizer Inc., GlaxoSmithKline Plc, and Takeda Pharmaceutical Company Limited provide sleeping aids medication. Furthermore, Koninklijke Philips N.V., Cadwell Laboratories Inc., Natus Medical Incorporated, DeVilbiss Healthcare LLC, and Compumedics Limited are the leading companies in the sleeping aids industry that provide sleep apnea devices. In addition to sleep apnea devices, Koninklijke Philips N.V. also provides head bands and ear plugs. Similarly, DeVilbiss Healthcare LLC is another major player that offers masks and interfaces in addition to its sleep apnea device offering.
Source: P&S Intelligence