Sleep Aids Market Size
|Study Period||2018 - 2028|
|Base Year For Estimation||2022|
|Fastest Growing Market||Asia-Pacific|
|Largest Market||North America|
*Disclaimer: Major Players sorted in no particular order
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Sleep Aids Market Analysis
The sleep aids market is expected to grow at a CAGR of 7.1 % over the forecast period.
The COVID-19 pandemic impacted the studied market significantly. The initial phase of the pandemic resulted in unprecedented health concerns and adversely affected communities, industries, businesses, and lives around the world and is continuing to affect individuals' health aspects owing to the emergence of new variants of the SARS-CoV-2 virus. COVID-19 had a profound impact on people having sleep disorders, as sleep loss and feelings of daytime exhaustion were caused by stress and anxiety brought on by the pandemic. Longer shifts that require workers to change their sleep cycles presented another issue for certain frontline workers and medical personnel. In addition, social exclusion, remote education, and limitations on daily activities caused depression among patients, which increased their risk of sleep problems such as insomnia. As per the article published by the Sleep Foundation Organization in March 2022, COVID-19 has altered and interrupted sleep patterns in a variety of ways, according to medical professionals and sleep scientists over the last two years. The article further stated that studies have found that the prevalence of insomnia symptoms among adults, children, and adolescents had increased noticeably, and almost 40% of people report having trouble sleeping. This increase in sleep disorders is expected to have a positive impact on the sleep aids market throughout the pandemic phase.
Furthermore, factors such as the growing prevalence of insomnia and other disorders and the increasing adoption of wearable monitors and sensors are expected to increase the market's growth. According to an NCBI article published in December 2021, sleep disorders that last a month or longer are common among Japanese people, accounting for about 20% of the population. In Japan, the economic cost of sleep problems, such as insomnia, is estimated to be around JPY 3,500 billion (about USD 3 billion). Moreover, according to the NIH study titled published in August 2021, chronic insomnia is the most common sleep problem in Australia, affecting 12.2% of adults. The associated healthcare expenditures are USD 1.24 billion, with a lost productivity cost of USD 12.19 billion. Thus, the rising prevalence of insomnia, as well as spending on the treatment of insomnia across the countries, is predicted to fuel the market's growth over the forecast period.
Additionally, wearable technologies are advancing market growth by providing better technological support. For instance, In January 2023 LG Electronics announced a wireless earphone that helps users sleep comfortably using brain wave technology.
On the Other hand, the article published by the American Association of Sleep Technologists (AAST) in February 2022 stated that the advantages of wearable sleep technology include the ability to record data over a prolonged length of time and the ability to gather data about a person's sleep in their natural environment. As a result, end consumers are increasingly using wearable sleep technology or devices to measure components of sleep such as sleep/wake cycles.
Therefore, due to the abovementioned factors, the market is likely to grow in the future. However, the side effects associated with sleep medications are likely to hinder the market's growth.
Sleep Aids Market Trends
Insomnia Segment is Expected to Hold a Significant Market Share Over the Forecast Period
Insomnia is known as a common sleep disorder that can make it hard to fall asleep, hard to stay asleep or cause to wake up too early and have difficulty getting back to sleep. The increasing prevalence of insomnia among the target population, the implementation of strategic initiatives by the market players, and the growing focus on the research and development of sleeping aid systems for sleep disorders are some of the major factors that are expected to contribute to the segment's growth.
As per the NCBI article published in June 2021, a comparison of the prevalence of insomnia in 57,298 participants across 13 countries using the same methodology was shown. As per the study results, out of the 57,298 participants, 11.3% had a diagnosis of short-term insomnia disorder, with significant differences in prevalence between sites, ranging from 2.3% to 25.5%. Thus, such an increase in the patient population suffering from insomnia is expected to boost the demand for sleeping aids, in turn driving the segment’s growth.
Additionally, the growing focus on research and development activities for sleeping aid systems is increasing the adoption of devices among insomnia patients, thereby contributing to the segment’s growth. For instance, as per a July 2021 update, a research project led by National Cheng Kung University (NCKU) Professor Sheng-Fu Liang developed an intelligent neurofeedback training and sleep quality assessment system for chronic insomnia, especially for residual insomnia, the treatment of which is largely unmet in the management of patients with depression or anxiety. This ongoing project is under the Artificial Intelligence Biomedical Research Center (AIBMRC) and is supported by the Ministry of Science and Technology (MOST) Taiwan to develop innovative artificial intelligence (AI) biomedical technology for smart medicine and smart healthcare.
Moreover, some of the market players are undertaking strategic initiatives such as product launches and development that are projected to aid the segment’s growth. For instance, In February 2022, eXciteOSA was launched by Signifier Medical Technologies for snoring and sleep apnea treatment. It is approved for the treatment of primary snoring and mild obstructive sleep apnea (OSA) in adults 18 years or older by the Food and Drug Administration (FDA).
Thus, the aforementioned factors are likely to drive the growth of the segment during the forecast period.
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North America is Expected to Hold Major Market Share in the Market Over the Forecast Period
The North American region is expected to hold a notable share of the market during the projected period. The market is predicted to be driven by the rising prevalence of insomnia due to several underlying conditions such as depression and anxiety, technical advancements, and research-increasing product launches in the region. For instance, according to the Survey on COVID-19 and Mental Health (SCMH) in May 2021, 1 in 4 (25%) Canadians of age 18 and older screened positive for symptoms of depression, anxiety, or posttraumatic stress disorder (PTSD).
Furthermore, as per the data published by the National Sleep Foundation in May 2021, in the United States, 35% of all adults reported sleeping less than seven hours every night on average. Additionally, stress can cause adjustment insomnia, which hampers the functioning of the brain. The Sleep Statistics, updated by the Sleep Foundation in May 2022, stated that with a rate of 49.8% of adults in Camden (New Jersey) and Detroit (Michigan) reported short sleep, and the two cities have the highest rate of sleep disorders. Thus, such an increase in the patient population is expected to increase the adoption rate of sleep aids, thereby driving market growth in the region.
Moreover, drug approval is another factor augmenting the growth of the market. For instance, in July 2021, the Food and Drug Administration (FDA) approved fexinidazole as the first all-oral treatment for both stages of the Trypanosoma brucei gambiense form of sleeping sickness (Human African trypanosomiasis) in patients 6 years of age and older and weighing at least 20 kg. Thus, factors such as product launches and drug approvals are among the factors that contribute to the overall growth of the studied market in the region.
Additionally, some of the market players are undertaking strategic initiatives such as product launches and development factors projecting market growth. For instance, in October 2021, Interaxon, a consumer neurotechnology and meditation company, launched the second generation of its popular EEG meditation and sleep headband, Muse S. This updated plush brain-sensing headband uses real-time biofeedback.
Therefore, owing to the abovementioned factors, the market is expected to grow in the North American region over the analysis period
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Sleep Aids Industry Overview
Most of the players are based in developing countries due to technological advancements. But due to the ease of connectivity in modern times, these players have also penetrated developing countries and are trying to establish a market in these countries as well. The market is partially fragmented and consists of several major players. Some of the companies which are currently dominating the market are Cadwell, Compumedics Limited, DeVilbiss Healthcare LLC, Merck & Co., Inc., and Natus Medical Incorporated, among others.
Sleep Aids Market Leaders
DeVilbiss Healthcare LLC
Merck & Co., Inc
Natus Medical Incorporated
*Disclaimer: Major Players sorted in no particular order
Sleep Aids Market News
- In June 2022, Sleep Habit launched a product, Sleep Reset, a digital, personalized sleep clinic. Sleep Reset utilizes clinically proven methods to uncover and address the root cause of one's sleep issues through its iPhone and Android apps.
- In May 2022, StimScience launched a consumer support product, Somnee. Somnee is the first-ever electronic sleep aid headband to use personalized non-invasive brain stimulation to improve the wearer’s sleep quality.
Sleeping Aids Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Prevalence of Insomnia and Other Disorders
4.2.2 Increasing Adoption of Wearable Monitors and Sensors
4.3 Market Restraints
4.3.1 Side Effects Associated With Sleep Medications
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value – USD million)
5.1 By Product
5.1.1 Mattresses and Pillows
5.1.2 Sleep Laboratory Services
5.2 By Sleep Disorder
5.2.2 Sleep Apnea
5.3.1 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
5.3.4 Middle East and Africa
220.127.116.11 South Africa
18.104.22.168 Rest of Middle East and Africa
5.3.5 South America
22.214.171.124 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 BMC Medical Co., Ltd
6.1.3 Compumedics Limited
6.1.4 DeVilbiss Healthcare LLC
6.1.5 Eisai Inc
6.1.6 Fisher & Paykel Healthcare Limited
6.1.7 Koninklijke Philips N.V.
6.1.8 Lowenstein Medical Technology GmbH
6.1.9 Merck & Co., Inc
6.1.10 Natus Medical Incorporated
6.1.12 Takeda Pharmaceutical Company Limited
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Sleeping Aids Market Research FAQs
What is the current Sleep Aids Market size?
The Sleep Aids Market is projected to register a CAGR of 7.1% during the forecast period (2023-2028).
Who are the key players in Sleep Aids Market?
Cadwell, Compumedics Limited, DeVilbiss Healthcare LLC, Merck & Co., Inc and Natus Medical Incorporated are the major companies operating in the Sleep Aids Market.
Which is the fastest growing region in Sleep Aids Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Sleep Aids Market?
In 2023, the North America accounts for the largest market share in the Sleep Aids Market.
Sleep Aids Industry Report
Statistics for the 2023 Sleep Aids market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Sleep Aids analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.