Sleep Aids Market to Cross US$ 31 Bn by 2025
According to the research report titled “Sleep Aids Market: Global Industry Analysis (2012-2016) and Forecast (2017-2025)” by Persistence Market Research, the global market is expected to reach a significant market valuation by the end of the assessment year. The comprehensive sleep aids market research report focuses on various developments, trends, opportunities, drivers, restraints and challenges influencing the growth of the global sleep aids market. These factors vary in magnitude in different regions for which a detailed analyses is covered in this research report. Along with this, a detailed competition assessment and forecasts for a period of eight years, from 2017-2025, are elaborated with respect to each segment and sub-segment of the global sleep aids market.
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Global Sleep Aids Market: Dynamics Impacting Market Expansion
The factors that have a positive impact on the growth of the global sleep aids market include promising reimbursement coverage and growing per capita healthcare expenditure, growing prevalence of insomnia, growing awareness programs regarding importance of ample sleep, growing demand for sleeping pills in modern lifestyle, rising use of portable sleep apnea devices, increasing government support for startup companies, growing population and increasing patient pool in various emerging economies and growing number of healthcare facilities. There are factors that have posed challenges to the growth of the global sleep aids market. Long waiting time for sleep services, failures in reporting primary care physicians, associated side effects of medications to aid sleep and lack of skilled professionals are major market restraints impacting the growth of the global sleep aids market.
Global Sleep Aids Market: Segmentation Analysis
The global sleep aids market has been segmented on the basis of product type, indication, distribution channel and by region.
- By product type, others segment is estimated to be the largest in terms of value share. Also, the devices segment is projected to grow at a higher rate in the coming years
- By indication, insomnia segment is the largest owing to high occurrence of insomnia. Moreover, sleep deprivation segment is expected to grow at a high rate during the forecast period
- In the distribution channel segment, e-commerce and drug stores segment are expected to significantly contribute to the growth of sleep aids market
- With respect to region, North America is the most attractive with a high market valuation. Also, the sleep aids market in Asia Pacific is poised to register a high value CAGR of 6.5% during the period of assessment
Global Sleep Aids Market: Forecast Analysis
The global sleep aids market is expected to grow at a moderate rate during the assessment period. In 2017 the sleep aids market reflected a value of more than US$ 21 Bn and is estimated to reach a valuation of around US$ 31 Bn by the end of the year of assessment.
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Global Sleep Aids Market: Competitive Assessment
The global sleep aids market research report includes intelligence on key market players that covers product portfolio analysis, key strategies, key financials, expansion plans, geographical spread, key developments and innovations. Few of the major players analyzed in this research include ResMed Inc., Koninklijke Philips N.V., Merck & Co. Inc., Drive DeVilbiss Healthcare LLC, GlaxoSmithKline Plc., Fisher & Paykel Healthcare Limited, Sanofi SA and Pfizer Inc.