NEW YORK, March 29, 2018 (GLOBE NEWSWIRE) -- The global sleeping aids market is expected to witness a CAGR of 6.8%, and is projected to reach USD 10.9 billion by 2024. The growth in the sleeping aids market is attributed to the rising incidences of sleep disorders across the globe. Moreover, growing awareness regarding the therapies for sleep disorders is also driving the growth in the sleeping aids market. The report segments Sleeping Aids market by Product (Medications, Sleep Apnea Devices, Sleep Laboratory Services, Others), Sleep Disorder (Insomnia, Sleep Apnea, Narcolepsy, Restless leg syndrome, Sleep Walking, Others), and Region (North America, Europe, Asia-Pacific, Rest of the World (RoW)). The report studies the global sleeping aids market over the forecast period (2018-2024).
The sleep aids are medications and devices which are used by people having trouble falling asleep. They include medications, sleep apnea devices, sleep laboratories, among others. A number of sleep disorders such as insomnia, restless legs,sleep apnea, narcolepsy among others can disrupt sleep quality. Disrupted sleep increases risk of obesity, diabetes, and cardiovascular diseases.
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Key findings from the report:
- The global sleeping aids market is expected to reach USD 10.9 billion by 2024
- Based on the Product , sleep apnea devices is projected to be the fastest growing segment during the forecast period
- On the basis of Sleep Disorder, the insomnia segment held the largest share of the global sleeping aids market in 2017 and is expected to retain its dominance during the forecast period
- North America held the major share of the sleeping aids market in 2017 and is projected to retain its dominance during 2018-2024
- The key players dealing in sleeping aids market are Merck & Co. Inc., Sanofi, Pfizer Inc., GlaxoSmithKline Plc, SleepMed Inc., Jazz Pharmaceuticals plc, Cadwell Industries, Inc., Natus Medical Incorporated, Drive Medical Ltd., Compumedics, among others
High Prevalence of Insomnia to Drive Global Sleeping Aids Market
Insomnia is the most common sleep disorder in the general population. Insomnia is a sleep disorder, in which people have difficulty in falling asleep or staying asleep throughout the night. Apart from cognitive therapy, sleeping pills and aids are also used frequently to treat insomnia. The incidence of insomnia is on the rise across the globe. An estimated 33% to % 50% of general population is affected by insomnia. Moreover, people over the age of 60 years are at a greater risk of insomnia. With a growing geriatric population across the globe, insomnia is projected to drive the global sleeping aids market in the forecast period.
Sleeping Aid Market - Regional insight
North America held the major share of the sleeping aids market in 2017 and is projected to retain its dominance during 2018-2024. The growth in the region is mainly driven by rising incidences of sleep disorders. The Asia-Pacific region is projected to grow at the highest CAGR during the forecast period due to growing old age population in the region.
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