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.
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.
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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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The report offers detailed segmentation of the global sleep aids market based on product, sleep disorders, and region.
Based on product, the mattresses and Pillows segment held the highest market share in 2020, holding more than half of the total market share, and is expected to continue its leadership status during the forecast period. However, the sleep laboratories segment is estimated to register the highest CAGR of 8.1% from 2021 to 2030.
Based on sleep disorders, the insomnia segment held the largest market share in 2020, holding more than half of the total market share, and is expected to continue its leadership status during the forecast period. However, the restless legs syndrome segment is projected to register the highest CAGR of 7.8% from 2021 to 2030.
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Based on region, North America contributed the highest share in terms of revenue in 2020, holding more than half of the total market share, and is estimated to continue its dominant share by 2030. Moreover, Asia-Pacific is projected to manifest the fastest CAGR of 9.2% during the forecast period.
Leading players of the global sleep aids market analyzed in the research include Cadwell Industries, Inc., Compumedics Limited, Drive DeVilbiss Healthcare Inc., GlaxoSmithKline Plc, Merck& Co., Inc., Natus Medical Inc., Koninklijke Philips N.V., PFIZER, INC., Sanofi S.A., SleepMed Inc.
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