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The Sleep Aids Market is estimated for 2023 for the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Sleep aids help in improving sleep quality by reducing time taken to fall asleep, increasing total sleep time and reducingnocturnal awakenings. Sleep aids include drugs, devices, supplements and apps that help in relaxation and aid restful slumber.
Market Dynamics:
Rising awareness on sleep disorders and their ill-effects on health and lifestyle is driving the growth of global sleep aids market. According to the Centers for Disease Control and Prevention, about 70 million Americans suffer from sleep disorders. Untreated sleep disorders can increase the risk of chronic diseases like diabetes, obesity and cardiovascular issues. Additionally, increasing levels of stress and workload are resulting in lack of proper sleep which is further propelling the demand for effective sleep aids. Furthermore, growth in geriatric population who are more susceptible to sleep issues is also contributing to market growth during the forecast period. Changing lifestyles and increasing disposable income in developing countries are further expected to present lucrative opportunities.
Sleep Aids Market Drivers: Increased Working Hours and Work Stress are Leading to Poor Sleep Quality
The number of working hours have significantly increased in today’s fast-paced world. Many employees are constantly under high levels of stress due to demanding work schedules and deadlines. The constant work pressure leaves little time for employees to relax and unwind after work hours. This has led to poor sleep quality and insomnia among working individuals. According to a study, over 80% of employees experience difficulties in falling asleep due to stress and daily worries related to their jobs. Poor sleep is affecting work productivity and quality of life. As a result, the demand for sleep aids such as sleep medicines, supplements, sleep trackers etc. has increased to help people get better quality sleep and feel more rested. The growing issue of sleep deprivation due to modern lifestyles is a key driver fueling growth in the global sleep aids market.
Sleep Aids Market Restrain: Side Effects and Risk of Dependence Associated with Medication
While the consumption of sleep aids has increased considerably over the years, many prescription sleep medications also carry the risk of developing side effects and dependence with long term use. Common side effects of sleep drugs include drowsiness, dizziness, nausea, dry mouth etc. More severe side effects can include confusion, hallucinations, irregular heart rate and suicidal tendencies in some severe cases. Long term use may disrupt the body’s natural sleep-wake rhythms and make it difficult for patients to fall asleep without medication. This often leads to physical and psychological dependence on sleep drugs. There are also health risks associated with combining sleep medications with alcohol or other drugs. The potential side effects and risk of addiction associated with sleep drugs act as a major restraint hampering the growth of the global sleep aids market.
Sleep Aids Market Opportunity: Natural and Herbal Sleep Aids are Gaining Traction
With the growing health and wellness trend, natural and herbal sleep aids are gaining increasing acceptance worldwide as a safer alternative to prescription medications. Natural products containing ingredients like valerian root, chamomile, lavender oil, melatonin etc. are known to promote relaxation and induce sleep without negative side effects. The market for natural sleep aids is projected to witness robust growth in the coming years as more people prefer herbal options to treat mild insomnia. Product categories like herbal teas, supplements and essential oils are witnessing strong sales. Big companies have also expanded their portfolio of natural sleep products to capitalize on the opportunity. The natural products segment is emerging as a major revenue generator for sleep aids manufacturers looking to strengthen their positions in the thriving market.
Sleep Aids Market Trends: Widespread Adoption of Consumer-Centric Connected Technologies and Digital Solutions
Over the past few years, advanced connected technologies have penetrated the global sleep aids market. Sleep apps, wearable sleep trackers, sleep sensors, and smart beds trending technologies that generate detailed data about user’s sleeping patterns and provide personalized feedback and guidance to improve sleep. These digital and consumer-centric solutions are very popular among tech-savvy generations like millennials and Gen Z. According to studies, one in every two individuals today owns a fitness tracker or sleep monitoring device. Growing internet and smartphone penetration is also enabling on-demand services like online sleep counseling and therapy. The widespread adoption of such cutting-edge digital solutions for monitoring and managing sleep is a prominent trend shaping the future landscape of the global sleep aids industry.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
