Sleeping Aids Market Size to Hit $101.9 Billion by 2023: P&S Market Research

NEW YORK, May 28, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Market Research, Sleeping aids market is forecasted to attain revenue of $101.9 billion by 2023, growing prevalence of insomnia and obstructive sleep apnea (OSA) disorders, rising use of portable sleep apnea devices, increasing government support for start-up companies, growing healthcare facilities, surge in the demand for sleeping pills attributed to stressful modern lifestyle, and increasing geriatric population are the key factors driving the growth of the market.

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Based on offering, the sleeping aids market has been categorized into mattress and pillows, sleep laboratory services, medication, sleep apnea devices and others. Sleep apnea devices are predicted to be the fastest growing product category in this market, witnessing CAGR of 7.4% during the forecast period. This growth is characterized by technology advancements and increasing number of OSA cases, globally.

The medication category is further classified into prescription drugs, over-the-counter drugs and herbal remedies. Among these, prescription drugs held the largest share in the sleeping aids medication market, with 65.7% share in 2017. Based on the sleep disorder, the sleeping aids market has been categorized into insomnia, sleep apnea, restless legs syndrome, narcolepsy, sleep walking and others. Among these, insomnia held the largest share in this market, with 31.2% contribution in 2017, mainly due to rise in the prevalence of the number of insomnia cases over the years.

Globally, key players in the sleeping aids industry are developing new devices and products for the treatment of sleeping disorders. For instance, in March 2018, Drive DeVilbiss Healthcare introduced the next generation Trotter Mobility Chair. The product offers parents and caregivers a lightweight, foldable alternative to heavier wheelchair-style mobility bases.  The new generation Trotter features a padded seat and back upholstery at the same low price as the original version. New accessories include angle adjustable footplates, anti-tippers, contoured headwings, headrest extension, canopy, under-seat carrier and Poziform ankle positioners.

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In May 2017, Drive DeVilbiss Healthcare introduced, the P903 Full Electric Expandable Width Low Height Long-Term Care (LTC) bed, to its premium line of beds and bedding products. It is equipped with a wide selection of features, making it capable to support up to 600 lbs. weight and can help to reduce resident falls and staff injuries. The bed features various expansion options that would provide comfort to the people, according to their positioning needs and also has a variety of options including various headboard and footboard styles.

Some of the other players in sleeping aids industry are Sanofi, Merck KGaA, Koninklijke Philips N.V., Pfizer Inc., SleepMed Inc., Takeda Pharmaceutical Co. Ltd., Cadwell Laboratories Inc., Natus Medical Inc., and Compumedics Limited.

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Europe Sleeping Aids Market

The European sleeping aids market was valued at $14.8 billion in 2015 and is forecasted to grow at a CAGR of 6.2% during 2016-2022. Various sleep disorders are hampering the lives of people in the region, due to increasing tobacco and alcohol consumption, rising aging population, growing population base working in night shifts and changing lifestyle habits of the Europeans. Sleep disorders such as insomnia, sleep apnea, restless legs syndrome, narcolepsy, sleep walking and others greatly affect the population base in the European region.

Asia-Pacific Sleeping Aids Market

The Asia-Pacific sleeping aids market size was $9.3 billion in 2015 and is forecasted to grow at a CAGR of 6.6% during the period 2016-2022. Various type of sleeping disorders such as sleep apnea, insomnia, restless legs syndrome, narcolepsy and sleep walking require some or the other type of sleeping aids intervention. Sleeping aids for sleep apnea held the largest share in the Asia-Pacific market in 2015, since an increasing number of people in the region suffer from breathing problems while sleeping.

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