Seoul, Oct. 19, 2022 (GLOBE NEWSWIRE) -- Global demand for sleeping aids is expected to increase at a CAGR of 5.4% from 2022 to 2030, says Fact.MR, a market research and competitive intelligence provider, with the market expected to reach US$ 120 billion by 2030.
Some of the main factors influencing demand for sleep aids include the rising prevalence of sleep-related illnesses, changing lifestyles, increasing obesity, and a growing ageing population, as well as technological improvements and the introduction of novel technologies. Another key factor driving the demand for sleep aids is the rising reliance on sleeping pills due to modern lifestyles. Stressful pace of living is believed to raise the prevalence of sleep-related diseases.
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- One-third of Americans regularly sleep less than the required amount, according to the Centers for Disease Control and Prevention (CDC) 2020 study.
- An estimated 50 to 70 million persons in the United States suffer from sleep disturbance, with insomnia emerging as the most prevalent type. Nearly 30% of adults suffer from short-term insomnia, whereas 10% of people have chronic insomnia.
Numerous chronic illnesses are on the rise, with delayed diagnosis as a result of the rapidly evolving individual lifestyles and escalating stressful work hours. Demand for sleeping devices will be impacted by the rising use of both preventative and curative medications as well as increased alcohol and tobacco consumption worldwide.
Key Takeaways from Market Study
- The global sleeping aids market currently accounts for a valuation of US$ 83.1 billion.
- The market is projected to reach US$ 120 billion by the end of 2030.
- China’s market for sleeping aids is expected to reach a valuation of US$ 28.6 billion by 2030.
- Global sales of sleep apnea devices are predicted to increase at a CAGR of 6% during the forecast period.
Competitive Landscape
To increase their chances of growth, the top companies in the sleep aids market are focusing on acquisitions, new developments, and product launches. Manufacturers of sleeping aids are increasing product R&D spending as a key part of their business plan to meet the need of a certain patient population. Players in the market are also concentrating on expanding their geographic reach of both new and existing devices.
- The U.S. FDA approved a new medication application, orexin receptor antagonist DAYVIGOTM (lemborexant), which Eisai Co., Ltd. discovered and developed, in December 2019. Adults with insomnia defined by problems falling asleep, staying asleep, or maintaining sleep may use DAYVIGO.
Sleeping Aids Industry: Key Players
- Abecca Healthcare
- Becton, Dickinson and Company
- Betterlifehealthcare Ltd.
- Cadwell Industries, Inc.
- Compumedics Ltd.
- GlaxoSmithKline, Inc.
- Hill-Rom Holdings, Inc.
- Koninklijke Philips NV
- Lifeline Corporation Pte Ltd
- Merck & Co., Inc.
- Natus Medical, Inc.
- Pfizer, Inc.
- Teva Pharmaceutical Industries Ltd.
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Winning Strategy
To get a competitive edge while increasing their revenue sales, these businesses are actively pursuing marketing and business growth methods such as alliances, purchases, launch of new products, and investments.
- A complete range of sleep aids was introduced by Sandland Sleep in April 2021. These products are supported by scientific research and are intended to assist users to get better sleep on their own.
- Philips created NightBalance, a cutting-edge prescription sleep position therapy device, in September 2019 to help people with positional OSA (obstructive sleep apnea). To prevent apneas, the device offers positional therapy, allowing patients to adjust their sleeping positions.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global sleeping aids market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2030.
The study divulges essential insights on the market on the basis of product (sleep apnea devices, medication, mattresses & pillows, sleep laboratory services) and sleep disorder (insomnia, sleep apnea, restless leg syndrome, narcolepsy, sleepwalking, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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Segmentation of Density Meter Industry Research
- By Product :
- Sleep Apnea Devices
- Medication
- Mattresses & Pillows
- Sleep Laboratory Services
- By Sleep Disorder :
- Insomnia
- Sleep Apnea
- Restless Leg Syndrome
- Narcolepsy
- Sleepwalking
- Others
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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About Fact.MR
Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories. We are committed to deliver insights that help businesses gain deeper understanding of their target markets. We understand that making sense of the vast labyrinth of data can be overwhelming for businesses. That’s why focus on offering insights that can actually make a difference to bottom-lines.
Specialties: Competition Tracking, Customized Research, Syndicated Research, Investment Research, Social Media Research, Business Intelligence, Industry Analysis, Thought Leadership.
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