Sleep Aids Market, By Product Type (Medications, Sleep Apnea Devices, Mattresses and Pillows, and Others), By Sleep Disorder (Insomnia, Sleep Apnea, Restless Legs Syndrome, Night Terrors, and Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Apr 2024

Code : CMI1059

Pages :187

Formats :

Excel and PDF

Industry : Medical Devices

Sleep Aids Market Size and Trends

The global sleep aids market is estimated to be valued at USD 77.68 Bn in 2024 and is expected to reach USD 129.58 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.6% from 2024 to 2031.

Sleep Aids Market Key Factors

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Factors such as hectic lifestyles, erratic work schedules, and increasing stress levels have greatly impacted people's sleep cycles. Many users have increasingly relied on sleep aids to help them sleep better at night. Advancements in medical technology have also helped introduce new products and solutions in the market. Sleep aids devices and apps that use calming noises or guided meditation are becoming increasingly popular for treating occasional insomnia. However, traditional medications like sleeping pills continue to dominate the market. Looking ahead, the widespread adoption of digital-first solutions and the entry of newer startups in this space are expected to further drive innovative growth in the global sleep aids market.

Increasing Prevalence of Sleeping Disorders

The increasing prevalence of sleeping disorders, such as insomnia and sleep apnea, is expected to propel the growth of the global sleep aids market during the forecast period. For instance, in May 2022, a review article was published by OneCare Media, LLC, a sleep health company, which suggested that around 10% to 30% and 30% to 48% of adults and older adults struggles with chronic insomnia every year, globally.

Sleep Aids Market Concentration By Players

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Rising Awareness about Sleep Disorders

Another important growth driver for sleep aids market has been increasing awareness about sleep disorders and available treatment options. While sleep problems were previously considered more of a lifestyle issue, they are now recognized as serious medical conditions that require clinical interventions. This has promoted greater acceptance of sleeping pills and other medications to induce normal sleep under doctor's supervision. Better education regarding sleep hygiene, benefits of sound slumber, and availability of prescribed relief has motivated individuals to seek timely help and treatment.