Sleep Aids Market is Estimated to Witness High Growth Owing to Opportunity for Treating Sleep Disorders
Sleep aids, also known as sleep medication, are a class of drugs that induce and prolong sleep. They can help induce satisfactory sleep in patients suffering from insomnia or other sleep disorders. Some common sleep aids include prescription drugs such as zolpidem, eszopiclone, and ramelteon; as well as natural supplements such as melatonin, lavender, chamomile, and ashwagandha. The need for sleep aids is growing significantly as the incidences of sleep deprivation and sleep related disorders have been rising rapidly across the globe. Stress, unhealthy lifestyle changes, usage of electronic devices before bedtime are some major reasons contributing to increasing sleep disorders.
The global sleep aids market is estimated to be valued at US$ 73.9 Bn in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The increasing prevalence of sleep disorders such as insomnia presents a major opportunity for the growth of sleep aids market. As per epidemiological studies, nearly 30%-40% of adults across the world experience occasional or chronic insomnia symptoms, which are associated with significant health and economic burdens. Insomnia not only affects daytime functioning but also contributes to major health issues such as depression, obesity, and cardiovascular diseases. Growing awareness about ill effects of sleep deprivation and benefits of adequate sleep is encouraging more people to seek medical help for insomnia and other sleep disorders. This is anticipated to drive significant demand for sleep aids in the coming years for effective symptomatic treatment of sleep disorders.
Porter’s Analysis
Threat of new entrants: Moderate threat as the industry requires high investment and strict regulations.
Bargaining power of buyers: Moderate to high bargaining power as buyers have several product alternatives to choose from.
Bargaining power of suppliers: Low to moderate power as raw materials are easily available.
Threat of new substitutes: High threat as alternative therapies and products can replace sleep aids.
Competitive rivalry: High rivalry as major established players compete intensely in developed markets.
SWOT Analysis
Strengths: Wide range of product offerings and increasing awareness.
Weaknesses: Side-effects of pharmaceutical products and high R&D costs.
Opportunities: Untapped growth potential in developing nations and growing use of online channels.
Threats: Patent expirations and stringent regulatory approvals.
Key Takeaways
The global sleep aids market is expected to witness high growth. The global sleep aids market is estimated to be valued at US$ 73.9 Bn in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024 to 2031.
The North America region dominates the market currently due to high healthcare expenditures and growing awareness about sleep disorders. Europe follows North America in terms of value and is projected to grow at a steady pace. Asia Pacific suggests high growth potential over the forecast period mainly due to increasing healthcare infrastructure and growing disposable incomes.
Key players operating in the sleep aids market are Sanofi, Merck & Co., Pfizer Inc., Koninklijke Philips N.V., GlaxoSmithKline PLC.
Sanofi holds a leading position in the pharmaceutical sleep aids segment while Philips dominates the digital sleep aids market. The market landscape is likely to evolve further with patent expiries of major drugs and entry of local players in emerging nations.
