According to a new report published by Allied Market Research, titled, "Sleep Aids Market by Product and Sleep Disorders: Global Opportunity Analysis and Industry Forecast, 2021–2030," the global sleep aids market size was valued at $59,815.10 million in 2020, and is projected to reach $111,920.10 million by 2030, registering a CAGR of 6.9% from 2021 to 2030.
List of Key Players
- 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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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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On the basis of product, the global sleep aids market is classified into mattress & pillows, sleep laboratories, medications, and sleep apnea devices. Mattress & pillows segment was the major contributor to the global market in 2020, and is anticipated to remain dominant during the forecast period due to technological advancements in the sleep aid devices, increase in adoption of sleep aid devices, rise in incidence rate of sleep disorders like insomnia, and increase in number of advanced & effective product launches.
By sleep disorders, the global sleep aids market is classified into insomnia, sleep apnea, restless leg syndrome, narcolepsy, sleepwalking, and other sleep disorders. Insomnia segment was the major contributor to the global market in 2020, and is anticipated to remain dominant during the forecast period, due to the increase in healthcare awareness, rise in incidence of sleep apnea, decrease in physical exercise by the population and growth in geriatric population.
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.
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