by The global sleep aids market is witnessing significant growth owing to the rising prevalence of various sleep disorders such as insomnia, sleep apnea, restless leg syndrome, and narcolepsy across the world. Sleep aids are medical devices or pharmaceutical products that help in improving sleep quality by inducing or maintaining sleep, or consolidating sleep episodes. Some common sleep aids include sleep medications, mattresses and pillows, sleep laboratories, sleepwear, sleep assistance devices, sleep apps, and natural supplements. The increasing usage of over-the-counter and prescription drugs coupled with rising awareness about various sleep aids is supporting market growth.
The global sleep aids market is estimated to be valued at US$ 73350.49 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing adoption of digital sleep aids is one of the key trends witnessed in the global sleep aids market. Digital sleep aids include apps and wearable devices that track sleep patterns and provide feedback to improve sleep. They help in diagnosis and treatment of sleep disorders and are gaining popularity owing to factors such as ease of use, affordability, and availability. Moreover, the COVID-19 pandemic has further accelerated the adoption of digital sleep aids as people have changed their sleep routines and many are facing difficulties in sleeping due to anxiety during this crisis. In addition, the growing elderly population is another major factor driving the demand for sleep aids as sleep disorders are highly prevalent among the elderly. According to the United Nations, the population aged 60 years and above is expected to reach 2.1 billion by 2050 from 900 million in 2015. The rising geriatric population will increase the demand for various sleep aids over the forecast period.
Porter’s Analysis
Threat of new entrants: Low as the sleep aids market is already saturated with presence of key established players with strong brand image and distribution channels. Significant investments are required to enter this market.
Bargaining power of buyers: Moderate as major buyers includes pharmaceutical distributors, retail pharmacies which purchase in bulk. Can negotiate on prices however brand loyalty and availability of substitute products provides some advantage to existing players.
Bargaining power of suppliers: Low as raw material for sleep aid production is easily available and suppliers have limited differentiating power. Costs are significantly lower for key brands.
Threat of new substitutes: Moderate as new natural products are emerging as alternative however prescription sleep aids have strong customer loyalty due to proven efficacy and familiarity. Changing preferences also provide opportunities.
Competitive rivalry: High among leading brands spending on new product innovations, marketing. Key players compete on price, quality, brand awareness to gain higher market share.
Key Takeaways
The Global Sleep Aids Market Growth is expected to witness high growth driven by increasing prevalence of sleep disorders, busy lifestyles leading to stress. The global sleep aids market is estimated to be valued at US$ 73350.49 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030.
North America dominates the sleep aids market currently primarily due to high healthcare expenditure, awareness levels and availability of sophisticated healthcare infrastructure for diagnosing sleep disorders. Asia Pacific is expected to be the fastest growing region in the forecast period supported by rapid economic growth, rising incomes, expanding medical tourism industry.
Key players operating in the sleep aids market are Domtar Corporation, Medline Industries Inc., Cardinal Health, Attends Healthcare Products Inc., Kimberly-Clark Corporation, Dynarex Corporation, Tanga.com, Sarasota Medical, SCA, First Quality Enterprises Inc., Prevail, Cypress Medical Products LLC, Shield Healthcare LLC, 3M, McKesson Corporation, Ontex. Domtar Corporation a leading manufacturer offers wide range of sleep aids including vaporizers, eye masks. Medline Industries is one of the largest manufacturer and distributor of disposable medical supplies including patches for sleep aids.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
