by Sleep aids are medicinal substances used for treating sleep disorders and inducing sleep. They include drugs, vitamins, minerals and natural supplements that help overcome issues like insomnia, sleep deprivation and circadian rhythm disturbances. The growing prevalence of lifestyle diseases and stress-induced sleep issues have boosted the need for effective sleep aids.
The global Sleep Aids Market is estimated to be valued at US$ 73350.49 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: The rising awareness about the importance of proper sleep and ill effects of sleep disorders has encouraged people to look for effective treatment options. This has significantly propelled the demand for sleep aids over the past few years. As per statistics, around 50-70 million Americans suffer from sleep disorders creating massive opportunities for players in the sleep aids market. Furthermore, innovations in products like non-addictive sleep medications and natural supplements have boosted consumer interest in sleep aids. Manufacturers are launching new products catering to unmet needs and emerging demand from targeted regions which is poised to define the future trajectory of this market over the coming decade.
SWOT Analysis
Strength: Sleep aids provide temporary relief for insomnia and enable one to fall asleep easily. They help improve the quality and duration of sleep.
Weakness: Adverse side effects associated with sleep medications such as drowsiness, dizziness, and headaches. Possibility of developing dependence on sleep aids on prolonged usage.
Opportunity: Rising awareness about health benefits of adequate sleep and increasing stress levels driving the demand for natural and herbal sleep aids. Growth in the geriatric population prone to sleep disorders presents an opportunity.
Threats: Availability of alternative treatments for sleep disorders like yoga, meditation and lifestyle changes act as substitutes. Stringent regulations associated with prescription drugs limit the growth.
Key Takeaways
The Global Sleep Aids Market Growth is estimated to be valued at US$ 73350.49 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030.
The global sleep aids market is expected to witness high growth. Sleep medications are commonly used in North America owing to hectic lifestyles and high stress levels. Changing demographics with rising geriatric population experiencing age-related sleep issues also contribute to market growth in the region. The Asia Pacific sleep aids market is projected to grow at the fastest rate during the forecast period. Factors such as increasing consciousness about sleep disorders, large geriatric population base experiencing insomnia, growing urbanization, and changing work culture in the region fuel the regional market growth. China, India, and Japan are emerging as lucrative markets in Asia Pacific.
Key players operating in the sleep aids market are Domtar Corporation, Medline Industries Inc., Cardinal Health, Attends Healthcare Products Inc., Kimberly-Clark Corporation, Dynarex Corporation, Tanga.com, Sarasota Medical, SCA, First Quality Enterprises Inc., Prevail, Cypress Medical Products LLC, Shield Healthcare LLC, 3M, McKesson Corporation, Ontex. Rising consumer preference for herbal and natural ingredients based products opens opportunities for these players to expand their herbal and Ayurvedic sleep aid product portfolio.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
