Global Sleeping Aids Market Insight, Size, Growth and Demand Forecast to 2022
The global sleeping aids market was valued at $61,798.0 million in 2015, and it is expected to grow at a CAGR of 6.3% during the period 2016 - 2022.
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 an increased consumption of OTC drugs, thus encouraging the growth of the global sleeping aids market.
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Among the various sleep disorders, the sleep apnea market segment is expected to witness the fastest growth in the global market during the forecast period. Among the various sleeping aids products, the mattress and pillows segment had the largest market size in the global market during 2015; however the sleep apnea devices segment is expected to witness fastest growth, at 6.9% CAGR during the period 2016 – 2022.
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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 market.
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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., Drive Medical Ltd., Natus Medical Incorporated, Takeda Pharmaceutical Company Limited, Compumedics Limited, CareFusion Corporation, and Teva Pharmaceutical Industries Ltd.
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Sep 19, 2016