Sleep Aid - Market Insights, Competitive Landscape, and Market Forecast - 2027

The Sleep Aids Market By Product Type (Pharmaceuticals [Prescription, Over The Counter (OTC), Herbal And Dietary Supplements], Sleep Aid Devices), By Application (Insomnia, Obstructive Sleep Apnea (OSA), Narcolepsy And Others), and by geography is expected to grow at a steady CAGR forecast till 2027 owing to the rising prevalence of sleeping disorders and its associated risk factors such as depression, increased screen time, anxiety, high blood pressure, among others.

The Global Sleep Aids Market was valued at USD 34,966.27 million in 2021 and is likely to register a CAGR of 6.69% during the forecast period from 2022 to 2027 to reach USD 51,408.30 million by 2027. The demand for sleep aids is primarily being boosted due to the rising prevalence of sleep disorders such as insomnia, obstructive sleep apnea (OSA), narcolepsy, among others. Also, the rising risk factors for sleeping disorders such as depression, smoking, alcohol consumption, increased screen time, longer working hours, among others, and the increase in sleep awareness campaigns coupled with increasing product launches are creating a positive market growth.

Sleep Aids Market Dynamics:

The Sleep Aids market is witnessing a growth in product demand owing to the rising number of risk factors for sleep disorders such as depression, obesity, smoking among others, becoming a major market driver for the Sleep Aids market.

According to the World Health Organization 2021, worldwide around 280 million people, accounting for 3.8% of the global population, including 5.0% adults and 5.7% adults aged 60 years or above, had depression in 2019. The number of research studies have highlighted the close association between sleep disturbances and major depression. Individuals going through depression may find it difficult to fall and stay asleep during the night or experience periods of excessive daytime sleepiness.

The data published by the World Obesity Federation 2022 predicted that by 2030 about 1 billion people around the world, including 1 in 5 women and 1 in 7 men, will be living with obesity. Overweight and obese individuals are more likely to face trouble in sleeping and are at the verge of getting sleep disorders such as obstructive sleep apnea.

Another major factor affecting the sleep quality of people is rise in screen time and increased number of working hours. As per Organization for Economic Co-operation and Development (OECD) 2023, the average annual hours actually worked per worker was 2,128 in Mexico, 2,073.3 in Costa Rica, 1,964 in Colombia, 1,915 in Korea, 1,791 in the US, and 1,694.1 in Australia in 2021, which is higher than the OECD average of 1,687 hours. The longer working hours contribute to lack of sleep and poor quality of life.

Similarly, a high incidence of inadequate sleep is associated with the extensive use of portable electronic devices and the normalization of screen media devices in bedrooms, which affects the majority of teenagers as well as toddlers, preschoolers, and school-age children. These factors directly or indirectly contribute in poor sleeping habits eventually leading to development of major sleeping disorders, ultimately driving the sleep aids demand.

Thus, owing to the increased cases of such risk factors for sleep disorders mentioned above, the prevalence of insomnia, OSA, narcolepsy and others will increase, which will drive the sleep aids market growth during the study period from 2022-2027.

Moreover, product development activities such as approvals for new pharmaceuticals are further expected to aid in the growth of the global Sleep Aids market. In July 2020, XYWAV® by Jazz Pharmaceuticals was approved by the US FDA for the treatment for cataplexy and/or excessive daytime sleepiness that occur in narcolepsy.

However, the side effects associated with sleep medications, under diagnosis of sleep disorders leading to lack of treatment may restrict the sleep aids devices market growth.

Sleep Aids Market Segment Analysis:

Sleep Aids Market by Product Type (Pharmaceuticals [Prescription, Over The Counter (OTC), Herbal And Dietary Supplements], Sleep Aid Devices), Application (Insomnia, Obstructive Sleep Apnea (OSA), Narcolepsy And Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)
In the product type segment, the pharmaceuticals segment is expected to have a revenue share of 53.75% in the year 2021. This can be ascribed to the wide applicability of pharmaceuticals for a range of sleep medications are prescribed by doctors to the patients with sleeping disorders such as narcolepsy, insomnia, and others.

The sleep medications belonging to different classes of drug including benzodiazepines, orexin receptor antagonists, melatonin receptor agonists, antidepressants, and Z drugs, are prescribed for the treatment and management of sleep problems.

The major advantage of taking prescription based sleep medications is that these are authorized by the medical experts on the basis of patients overall condition. These drugs are highly regulated and are approved after proper evidence regarding safety and efficacy of the medications. The dosage of medications and its duration is described clearly by the doctors to the patients thereby preventing any kind of misuse or adverse effects. These medications help individuals to fall sleep and stay asleep with minimal or no side effects at all.

For example, QUVIVIQ by Idorsia Pharmaceuticals Ltd. is a prescription medicine for adults who are going through trouble in falling asleep or staying asleep (insomnia). Sonata by Pfizer Inc., is another sleep medicine prescribed by doctors to adults for the short-term treatment of the symptom of trouble falling asleep from insomnia.

Therefore, the various advantages offered by IVUS catheters along with key products for the treatment of sleep disorder management, are predicted to contribute to increase in the overall demand for this product type, thereby driving the growth of the overall sleep aids market during the forecast period.

North America is expected to dominate the overall Sleep Aids Market:

Among all the regions, North America is expected to hold the largest share of 40.12% in the sleep aids market in 2021. This can be ascribed to the increasing prevalence of mental illness and sleep disorders such as depression, anxiety, insomnia, obstructive sleep apnea, among others. In addition, the increasing figures of risk factors affecting sleep quality such as obesity, stress, and others will influence the growth of the sleep aids in the North America region.

For instance, as per the National Center for Health Statistics under Centers for Disease Control and Prevention (CDC) 2022, about 14.5% of adults in the country faced trouble in falling asleep and around 17.8% of adults had trouble staying asleep in 2020.

The Sleep Foundation, in a latest study concluded that 35.2% of adults reported sleeping on an average for less than seven hours per night. However, seven to nine hours sleep per night is ideal for most adults, lack of which might lead to many sleeping disorders, ultimately increasing the demand of various sleep aids such as sedative, hypnotics, hormonal sprays, and others. The afore-said source stated that obstructive sleep apnea (OSA), affects 2-9% of adults in the United States.

According to latest data by CDC, about 8.4% of US adults took sleep medication in the last 30 days either every day or most days to help them fall or stay asleep.

Further, the increasing strategic activities such as approvals, launches, acquisitions, mergers, partnerships, among others will increase the overall market in the country.

For instance, in January 2022, Idorsia Ltd announced the US Food and Drug Administration (FDA) approval for QUVIVIQ™ (daridorexant) which is indicated for the treatment of adult patients with insomnia, characterized by difficulties with sleep onset and/or sleep maintenance.

Thus, the increasing prevalence of sleep related issues such as reduced sleep hours, late sleep, among others, along with product launches will increase the demand for sleep aids in the North American region, during the forecast period from 2022-2027.

Sleep Aids Market Key Players:

Some of the key market players operating in the Sleep Aids market include Pfizer Inc., Idorsia Pharmaceuticals Ltd., Eisai Co., Ltd., Jazz Pharmaceuticals, Harmony Biosciences, Otsuka Holdings Co., Ltd., Procter & Gamble, Arlak Biotech Pvt. Ltd., Lumiera Health Inc, VedaOils, Forest Essentials, Neurim Pharmaceuticals LTD, and others.

Recent Developmental Activities in the Sleep Aids Market:

• In February 2023, Arlak Biotech announced the launch of Superior Quality Arlak Melatonin Spray that offers convenient and efficient supplementation of body's natural melatonin production for better sleep in India.
• In August 2021, Vivos Therapeutics received 510(k) market clearance from the US FDA for its mmRNA (modified mandibular Repositioning Nighttime Appliance) device to treat mild to moderate obstructive sleep apnea (OSA).
• In June 2020, Noctrix Health, Inc., a privately held medical device company announced that it has received Breakthrough Device Designation for its wearable NTX100 Neuromodulation therapy from the US Food and Drug Administration (FDA). The device is designed for the treatment of adults with primary moderate-severe restless legs syndrome (RLS) who are refractory to medications.

Key Takeaways from the Sleep Aids Market Report Study

• Market size analysis for current sleep aids market size (2021), and market forecast for 5 years (2022-2027)
• Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years
• Key companies dominating the Global sleep aids Market.
• Various opportunities available for the other competitor in the sleep aids market space.
• What are the top-performing segments in 2021? How these segments will perform in 2027.
• Which are the top-performing regions and countries in the current sleep aids market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for sleep aids market growth in the coming future?

Target Audience who can be benefited from this Sleep Aids Market Report Study

• Sleep aids products providers
• Research organizations and consulting companies
• Sleep aids-related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and Traders dealing in sleep aids
• Various end-users who want to know more about the sleep aids market and the latest technological developments in the sleep aids market.

Frequently Asked Questions for the Sleep Aids Market:

1. What are sleep aids?

Sleep aids include pharmaceuticals, sleep aid devices, mattresses and pillows, among others that are effective for the treatment of sleep disorders. They are meant for the treatment and management of a range of sleep disorders including insomnia, OSA, restless leg syndrome, narcolepsy, and many others.

2. What is the market for Global Sleep Aids?

The global sleep aids market was valued at USD 34,966.27 million in 2021 and is likely to register a CAGR of 6.69% during the forecast period from 2022 to 2027 to reach USD 51,408.30 million by 2027.

3. What are the drivers for Global Sleep Aids Market?

The demand for sleep aids is primarily being boosted due to the rising prevalence of sleep disorders such as insomnia, obstructive sleep apnea (OSA), narcolepsy, among others. Also, the rising risk factors for sleeping disorders such as depression, smoking, alcohol consumption, increased screen time, longer working hours, among others, and the increase in sleep awareness campaigns coupled with increasing product launches are expected to create a positive market growth during the forecast period 2022-2027.

4. Who are the key players operating in Global Sleep Aids Market?

Some of the key market players operating in the Sleep Aids market include Pfizer Inc., Idorsia Pharmaceuticals Ltd., Eisai Co., Ltd., Jazz Pharmaceuticals, Harmony Biosciences, Otsuka Holdings Co., Ltd., Procter & Gamble, Arlak Biotech Pvt. Ltd., Lumiera Health Inc, VedaOils, Forest Essentials, Neurim Pharmaceuticals LTD, and others.

5. Which region has the highest share in the Sleep Aids market?

North America is expected to dominate the overall sleep aids market during the forecast period from 2022-2027. This can be ascribed to the increasing prevalence of mental illness and sleep disorders such as depression, anxiety, insomnia, obstructive sleep apnea, among others. In addition, the increasing figures of risk factors affecting sleep quality such as obesity, stress, and others will influence the growth of the sleep aids in the North America region.