Sleep Aids Market Fuel Revenue Growth Through 2025
According to the Research Report Insights (RRI), titled ‘Global Sleep AidsMarket’: Industry Analysis 2012-2016 and Opportunity Assessment 2017-2025. The global sleep aids market is expected to expand at a CAGR of 4.8% during the forecast period 2017-2025.
The global sleep aids market, forecasted to be worth US$ 31,315.4 Mn by 2025 end, and is expected to increase at a CAGR of 4.8% throughout forecast period. In terms of revenue,others product type segment-consisting of mattresses and pillows, chin straps and mouth pieces & nasal devicesis projected to remain dominant. By indication type, insomnia segment is expected to be most dominant segments and collectively gain more the 35% market share over the forecast period.Sleep apnea segment is expected to gain more traction than narcolepsy over the next decade owing to rising prevalence of obstructive sleep apnea.Among all distribution channel e commerce segment is the second most dominant segment for sleep aids market which is then followed by hospital pharmacies. Asia-Pacific is the second most lucrative region for the sleep aids market and projected to grow at fastest CAGR over the forecast period.
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On the basis of region, the market has been segmented into North America, Latin America, Europe, Asia Pacific, and Middle East and AfricaNorth America is the largest market, and is expected to increase at over 4.3% CAGR during the forecast period. Asia-Pacific is the fastest growing marketplace for sleep aids market and projected to grow with CAGR of 6.5% to reach US$ 6,622 Mn by 2025.
The primary factors driving the growth of sleep aids market are increasing prevalence of sleep disorders such assleep apnea, insomnia, narcolepsy, sleep deprivation and others. The healthcare facilities are focusing on the implementation of several educational programme to raise awareness among the general population regarding the ill effects caused due to untreated sleep disorders and this will upsurge the demand for sleep aids drugs and devices products in near future. Other factors influencing growth of global sleep aids market include growing awareness about the sleep related disorders, rise in online sales, and others.
However, lack of awareness in developing countries about the major issues related with sleep disorder is the major factor deterring the growth of sleep aids market.
Some key players in the global sleep aids market across the value chain areResMed Inc., Koninklijke Philips N.V., Merck & Co. Inc., Drive DeVilbiss Healthcare LLC, GlaxoSmithKline Plc., Fisher & Paykel Healthcare Limited, Sanofi SA, and Pfizer Inc.Leading manufacturer are focusing to expand their regional presence in the emerging geographies such as APAC and MEA by collaborating with the distributers.
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The global Sleep Aids Market is segmented as follows:
By Product Type
– Insomnia Treatment Drugs
• Doxepin Hydrochloride
– Narcolepsy Treatment Drugs
• Sodium Oxybate
– CPAP Devices
– BiPAP Devices
– APAP Devices
– Mattresses and Pillows
– Chin Straps
– Mouth Pieces and Nasal Devices
By Indication Type
• Sleep Deprivation
• Sleep Apnea
By Distribution Channel
• Hospital Pharmacies
• Retail Pharmacies
• e commerce
• Drug Stores
• North America
• Latin America
• Middle East & Africa