Insights on the Sleep Aids Global Market to 2025 – Technological Advancements Present Opportunities – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Global Sleep Aids Market: Consumer Behavior Analysis by Countries, Buying Pattern Analysis, Demographics, Trends Analysis, Survey Findings and Results, Leading Companies and Their Market Strategies” report has been added to ResearchAndMarkets.com’s offering.

The global sleep aids market was valued at USD 71.04 billion in 2018 and it is expected to grow with a CAGR of 7% over the forecast period of 2019-2025.

The rise in the incidences of sleeping disorders such as insomnia, sleep apnea, and restless leg syndrome is the major driver for the global sleep aids market. It is mainly due to underlying diseases, psychological disorders, or changes in environmental conditions. Moreover, the rise in the geriatric population is also contributing to the growing demand for sleep aids. The population aging over 65 years and above is majorly affected by sleeping disorders and is the main consumers of sleep aid products. In addition, factors such as the growing amount of mental stress due to hectic life, unhealthy habits such as smoking and drinking, and lack of physical exercise are further augmenting the growth of the global sleep aids market.

The survey conducted by the author found that majority of people across the world take advice from the physicians before using an OTC medication. Many individuals suffering from a sleep disorder, particularly the younger adults are aware of their condition and its affect on their mental and physical health. Such people often tend to visit doctors or physicians for professional advice and for the treatment of sleep disorder. Moreover, physicians are the professionals who are experts in the field of healthcare and they can suggest an appropriate treatment for sleeping disorders than anyone else. This, in turn, encourages people to consult physicians before buying and using any kind of sleep aids.

The United States, Germany, and the UK among Top Markets for Sleep Aids

According to the findings in the report, the countries in North America and Europe along with China are the top markets for sleep aids. (Read more…) Europe and North America together make more than 65% of the total sales of sleep aids in the world. The US is the leading country in terms of sales in the global sleep aids market followed by Germany and the UK. The rise in the incidences of sleeping disorders and the growing geriatric population are the major drivers for the sale of OTC drugs in western countries. Moreover, the higher population base and the availability of various products in the market are the major factors contributing to the growth of the Chinese sleep aids market. On the other hand, the sale of sleep aids in developing countries such as India is anticipated to grow rapidly. Factors including growing awareness regarding sleeping disorders and a number of government initiatives to improve public healthcare are majorly influencing the sale of sleep aids in developing countries.

North America Generated Highest Revenue from Sleep Aids

Based on the geographical regions, North America generated the highest revenue in the global sleep aids market. A large pool of population suffering from sleeping disorders such as insomnia and sleep apnea is the major driving factor for the North American sleep aids market. Fast-paced life due to the busy schedule and an unhealthy lifestyle leads to the growing incidences of sleep disorder. Moreover, the rise in the prevalence of chronic disorders such as obesity, diabetes, and cardiac disorders, which may cause sleep disorders, is also supporting the growth of the market in North America. Furthermore, the Asia Pacific region is projected to grow with the fastest rate owing to the growing awareness regarding sleep disorders and their treatment. The improving healthcare sector in the developing nations in the Asia Pacific is offering favorable business opportunities to the major players in the sleep aids market.

Market Dynamics

Drivers

• Growing prevalence of sleeping disorder
• Rise in the geriatric population
• Increase in mental stress due to hectic life

Restraints

• Side effects due to abuse

Opportunities

• Technological advancements in the sleep aids

Companies Mentioned

• Teva Pharmaceutical Industries Ltd.
• DeVilbiss Healthcare LLC
• SleepMed Inc.
• Pfizer Inc.
• Cadwell Laboratories Inc.
• GlaxoSmithKline Plc
• Sanofi SA.
• Merck & Co., Inc.
• SleepMed Incorporated
• Natus Medical Incorporated

For more information about this report visit https://www.researchandmarkets.com/r/op5fmk

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