The global sleep aid market is predicted to surge owing to the growing prevalence of sleep disorders such as insomnia, obstructive sleep apnea (OSA), and narcolepsy, among others. Furthermore, rising risk factors for sleeping disorders such as depression, smoking, alcohol use, increased screen time, longer working hours, and others, as well as an increase in sleep awareness programs, are driving sleep aid market expansion.
LAS VEGAS, Aug. 22, 2023 /PRNewswire/ -- DelveInsight's Sleep Aid Market Insights report provides the current and forecast market analysis, individual leading sleep aid companies' market shares, challenges, sleep aid market drivers, barriers, trends, and key market sleep aid companies in the market.
Key Takeaways from the Sleep Aid Market Report
- As per DelveInsight estimates, North America is anticipated to dominate the global sleep aid market during the forecast period.
- Notable sleep aid companies such as Pfizer Inc., Idorsia Pharmaceuticals Ltd., Eisai Co., Ltd., Jazz Pharmaceuticals, Harmony Biosciences, Otsuka Holdings Co., Ltd., Procter & Gamble, Arlak Biotech Pvt. Ltd., Lumiera Health Inc, VedaOils, Forest Essentials, Neurim Pharmaceuticals LTD, and several others, are currently operating in the sleep aid market.
- In February 2023, Arlak Biotech announced the launch of Superior Quality Arlak Melatonin Spray which offers convenient and efficient supplementation of the body's natural melatonin production for better sleep in India.
- In August 2021, Vivos Therapeutics received 510(k) market clearance from the US FDA for its mmRNA (modified mandibular Repositioning Nighttime Appliance) device to treat mild to moderate obstructive sleep apnea (OSA).
To read more about the latest highlights related to the sleep aid market, get a snapshot of the key highlights entailed in the Global Sleep Aid Market Report
Sleep Aid Overview
Sleep aids are substances or techniques designed to help individuals attain restful and rejuvenating sleep. These aids encompass a range of options, from over-the-counter supplements and prescription medications to relaxation techniques and lifestyle adjustments. Sleep aids work by influencing the body's natural sleep-wake cycle, helping to induce sleep or improve its quality. While they can be beneficial for those grappling with insomnia or irregular sleep patterns, it's crucial to approach their use judiciously, consulting healthcare professionals and being aware of potential side effects or dependencies. Incorporating a balanced sleep routine, a calming bedtime environment and healthy sleep hygiene practices alongside sleep aids can contribute to attaining sustainable and revitalizing sleep.
Sleep Aid Market Insights
North America held the largest share of the sleep aids market in 2021, with 40.12%. This can be attributed to the rising occurrence of mental illnesses and sleep disorders such as depression, anxiety, insomnia, and obstructive sleep apnea, to name a few. Furthermore, rising rates of risk factors impacting sleep quality, such as obesity, stress, and others, will have an impact on the rise of sleep aids in the North American region.
In addition, rising strategic actions like approvals, launches, acquisitions, mergers, and collaborations, among others, would enhance the country's overall sleep aid market. For example, Idorsia Ltd reported in January 2022 that QUVIVIQTM (daridorexant) has been approved by the US Food and Drug Administration (FDA) for the treatment of adult patients with insomnia characterized by difficulties with sleep onset and/or sleep maintenance.
To know more about why North America is leading the market growth in the sleep aid market, get a snapshot of the Sleep Aid Market Outlook
Sleep Aid Market Dynamics
The sleep aids market is experiencing increased product demand as a result of an increase in the number of risk factors for sleep disorders such as depression, obesity, and smoking, among others, which is becoming a major market driver for the sleep aids market. Another key factor influencing people's sleep quality is the growth in screen time and the number of working hours.
Similarly, the widespread use of portable electronic devices and the normalization of screen media devices in bedrooms is related to a significant incidence of poor sleep, which affects the majority of teenagers as well as toddlers, preschoolers, and school-age children. These causes, whether directly or indirectly, contribute to poor sleeping patterns, which eventually lead to the development of significant sleeping disorders, boosting the demand for sleep aids. Furthermore, product development activities such as new pharmaceutical approvals are likely to contribute to the expansion of the global sleep aids market.
However, the negative effects of sleep drugs and the underdiagnosis of sleep problems which leads to a lack of treatment may limit the growth of the sleep aid devices market.
Get a sneak peek at the sleep aid market dynamics @ Sleep Aid Market Dynamics Analysis
Report Metrics | Details |
Coverage | Global |
Study Period | 2020–2028 |
Sleep Aid Market CAGR | ~17% |
Sleep Aid Market Size by 2028 | USD 51.4 Billion |
Key Sleep Aid Companies | Pfizer Inc., Idorsia Pharmaceuticals Ltd., Eisai Co., Ltd., Jazz Pharmaceuticals, Harmony Biosciences, Otsuka Holdings Co., Ltd., Procter & Gamble, Arlak Biotech Pvt. Ltd., Lumiera Health Inc, VedaOils, Forest Essentials, Neurim Pharmaceuticals LTD, among others |
Sleep Aid Market Assessment
- Sleep Aid Market Segmentation
- Sleep Aid Market Segmentation By Product Type: Pharmaceuticals [Prescription, Over The Counter (OTC), Herbal And Dietary Supplements], Sleep Aid Devices
- Sleep Aid Market Segmentation By Application: Insomnia, Obstructive Sleep Apnea (OSA), Narcolepsy and Others
- Sleep Aid Market Segmentation By Geography: North America, Europe, Asia-Pacific, and Rest of World
- Porter's Five Forces Analysis, Product Profiles, Case Studies, KOL's Views, Analyst's View
Which MedTech key players in the sleep aid market are set to emerge as the trendsetter explore @ Sleep Aid Companies
Table of Contents
1 | Report Introduction |
2 | Executive summary |
3 | Regulatory and Patent Analysis |
4 | Key Factors Analysis |
5 | Porter's Five Forces Analysis |
6 | COVID-19 Impact Analysis on Sleep Aid Market |
7 | Sleep Aid Market Layout |
8 | Global Company Share Analysis – Key 3-5 Companies |
9 | Sleep Aid Market Company and Product Profiles |
10 | Project Approach |
11 | About DelveInsight |
Interested in knowing the sleep aid market by 2028? Click to get a snapshot of the Sleep Aid Market Trends
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About DelveInsight
DelveInsight is a leading Business Consultant, and Market Research firm focused exclusively on life sciences. It supports pharma companies by providing comprehensive end-to-end solutions to improve their performance.
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