The global sleeping aids market was valued at $58,272.5 million in 2014, and it is expected to grow with a CAGR of 6.2% during the period 2015 – 2020. The global sleeping aids market is increasing, due to growing geriatric population and increasing awareness about sleep disorders by various organizations. Older people are more prone to sleep disorders, such as obstructive sleep apnea and insomnia. In addition, the lifestyle changes are leading to sleep disorder, due to the increased usage of caffeine, tobacco and alcohol. This has generated the demand for sleeping aids products. The long working hours and hectic work environment, further hampers the quality of sleep, which is leading to increased consumption of OTC drugs thus, encouraging the growth of the global sleeping aids market.
Based on sleep disorders, the global sleep apnea market segment is expected to witness fastest growth during the forecast period. Among the sleeping aids products segment, the mattresses and pillows had the largest market size in the global sleeping aids market during 2014; however the sleep apnea devices segment is expected to witness fastest growth, with 6.9% CAGR during the period 2015 – 2020.
The various government and non-government organizations are taking initiatives to spread awareness about the importance of sound sleep and use of sleep aids products. The governments of various countries are taking initiatives to encourage the use of sleeping aids products, as these products help patients to reduce sleeping disorders. The increasing initiative to create awareness about the importance of adequate sleep and educating people about sleep disorders are also driving the growth of the global sleeping aids market.
However, the side effects of sleeping aids, such as headache, stomach ache, constipation and dry mouth, are hindering the growth of the global sleeping aids market. In addition, the patent loss of the major sleeping aids medications is also restraining the growth of the global sleeping aids market. The rural areas in the developing countries are providing ample opportunities for the growth of the global sleeping aids market. The increasing awareness about sleeping disorders and sleeping aids products (medications and sleep devices) in developing countries, such as China, India and Brazil, are laying significant opportunities for the growth of the global sleeping aids market. The Asia sleeping aids market is expected to witness fastest growth, with a CAGR of 6.5% during the period 2015 – 2020.
The key companies operating in the global sleeping aids market include Sanofi, Merck & Co., Pfizer Inc., Koninklijke Philips N.V, GlaxoSmithKline PLC, SleepMed Inc., Cadwell Laboratories Inc., DeVilbiss Healthcare LLC, Natus Medical Incorporated, Takeda Pharmaceutical Company Limited, Compumedics Limited, CareFusion Corporation, and Teva Pharmaceutical Industries Ltd.
News Courtesy: P&S Market Research