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Sleep aids are products that are used to induce or promote sleep. They include drugs, devices, supplements, foods & beverages. Sleep aids help to relax the body and mind for better quality of sleep by reducing insomnia, snoring and other sleep problems.
The global Sleep Aids Market is estimated to be valued at US$ 73.9 Bn in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing prevalence of sleep disorders has been a major driver for the growth of the sleep aids market. Sleep disorders such as insomnia affect people across all age groups due to changing lifestyle and high stress levels. Insomnia is a common sleep disorder where people find it difficult to fall asleep, stay asleep or experience poor quality of sleep. This has led to rising demand for prescription sleep aids such as sleep medications and drugs. According to the Sleep Health Foundation, it is estimated that 10-30% of adults have experienced symptoms of insomnia in a given year. Thus, growing insomnia rates are expected to contribute significantly to the sleep aids market growth over the forecast period.
SWOT Analysis
Strength: Sleep aids provide relief for people suffering from insomnia and other sleep disorders. They help induce sleep and relax the body.
Weakness: Heavy reliance on sleep aids can lead to dependency issues over time. Some sleep aids have side effects like drowsiness, dizziness, nausea etc.
Opportunity: Rising awareness about importance of good sleep and growing prevalence of sleep disorders globally is driving demand for effective sleep aids. The market is also witnessing innovative products beyond pills and natural/herbal remedies.
Threats: Strict regulations associated with prescription sleep aids. Generic/alternative products eroding sales of major brands. Psychological factors behind sleep issues cannot be addressed by pharmaceutical products alone.
Key Takeaways
The global sleep aids market is expected to witness high growth over the forecast period from 2024 to 2031 driven by increasing stress levels, busy lifestyles and rising prevalence of sleep disorders. The global Sleep Aids Market is estimated to be valued at US$ 73.9 Bn in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024 to 2031.
The North America region currently dominates the market attributed to growing awareness about insomnia treatment in the region. However, Asian markets are expected to offer new growth avenues due to rising living standards and growing healthcare expenditure.
Key players operating in the sleep aids market are Sanofi and Merck & Co. Sanofi is one of the top players in the overall sleep disorder treatment market with products like Ambien and Belsomra. Merck & Co. is another major player marketing sleep disorder drugs like Mirtazapine. The market landscape also features other regional and local players offering herbal/natural remedies. With growing customer preference for herbal options, such products are witnessing increasing popularity. However, pharmaceutical giants dominate the organized sector with widespread production and marketing capabilities.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
