Global Sleeping Aids MarketReport, published by Variant Market Research, forecast that the global market is expected to reach $96 Billion by 2024 from $59 Billion in 2016, growing at a CAGR of 6.3% from 2016 to 2024. By geography, Asia Pacific and RoW are expected to grow at a CAGR of 7.9% and 6.7%, respectively, during the forecast period.
"Sleeping Aids Market (By Product Type: Mattresses and Pillows, Sleep Laboratories, Medication, Sleep Apnea Devices; By Sleep Disorder: Insomnia, Sleep Apnea, Restless Legs Syndrome, Narcolepsy, Sleep Walking; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024"
The factors driving the growth of the global sleeping aids marketare increasing disposable income, changing consumer lifestyle, rise in demand for sleeping pills, and increase in geriatric and obese population. Additionally, rising awareness about sleeping disorders, and advanced technologies would provide several market opportunities in future years. Though, various side effects of sleep aids medication and patent expiration may limit the growth of the market.
Product type, sleep disorder, and geography are the key segments considered in the global sleeping aids market. By product type, the market is categorized into mattresses and pillows, sleep laboratories, medication (prescription based drugs, herbal drugs, OTC drugs), sleep apnea devices and others. Among which, mattresses and pillows held the largest market share in 2016, followed by sleep laboratories. Further, by sleep disorder the market is categorized into insomnia, sleep apnea, restless legs syndrome, narcolepsy, sleep walking, and other sleep disorders. Among which, insomnia held the largest market share in 2016, followed by sleep apnea.
By geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America accounted for the largest market share in 2016. Moreover, in terms of growth, Asia-Pacific is expected to grow with fastest CAGR of 7.9% during the forecast period 2016 to 2024, driven by, rising geriatric population and, increase in demand for sleeping pills.
Major companies operating in this market comprises of Pfizer, Takeda Pharmaceutical Company Limited, CareFusion Corporation, GlaxoSmithKline Plc, Teva Pharmaceutical Industries Limited, Compumedics Limited, Merck And Co., Sanofi, Serta International, and Natus Medical Incorporated among others.