According to the report published by Allied Market Research, the global sleep aids market generated $59.8 billion in 2020, and is projected to reach $111.9 billion by 2030, witnessing a CAGR of 6.9% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Benefits of using sleep aid products, rise in disposable income, and surge in the geriatric & obese population drive the growth of the global sleep aids market. However, the side effects of sleep aid medication on human health and large number of patent expiration of medication restrain the market to some extent. On the other hand, the untapped market in developing economies presents new opportunities in the upcoming years.
Sleep aids in the form of drugs, medical devices, and services are used to diagnose, monitor, and treat sleep disorders such as sleep apnea and sleepwalking. These are expected to improve the quality of sleep for patients with sleep disorders. Sleep disorders can adversely affect human health and cause chronic diseases such as diabetes and cardiovascular diseases.
COVID-19 Impact Analysis (Pre & Post)
- The outbreak of the COVID-19 pandemic led to having a negative impact on the growth of the global sleep aids market, owing to decrease in demand for sleeping aids devices for sleep disorders.
- Moreover, market players have reduced investment in raw materials and resources, owing to the closure of manufacturing facilities to protect workers in all the regions, which in turn, affected the market growth.
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North America accounted for major share of the global sleep aid market share in 2020, and is expected to remain dominant throughout the forecast period. This is attributed to increase in incidences of Sleep disorders such as sleep apnea, surge in demand for sleep aid devices, availability of advanced healthcare facilities with trained medical professionals, rise in number of R&D activities along with large presence of key players, and surge in investment made by governments in the healthcare system. However, Asia-Pacific is expected to experience the highest growth rate during the forecast period. Moreover, Japan and China are expected to grow at high CAGR in Asia-Pacific sleep aid market majorly due to improvement in healthcare infrastructure, rise in number of hospitals equipped with advanced instruments, development of the R&D sector, rise in healthcare reforms, and technological advancements in the field of sleep aids.
Key Findings Of The Study
- On the basis of product, the mattress & pillows segment held majority share in the global sleep aids market in 2020.
- On the basis of sleep disorders, the insomnia segment held largest sleep aids market share in 2020, and is expected to remain dominant throughout the forecast period.
- Region wise, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 9.2% during the forecast period.
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