Sleep aids market is estimated to be valued at USD 77.68 Bn in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period (2024-2031). The rising prevalence of various sleep disorders, such as insomnia, sleep apnea, and circadian rhythm disorders, is a major factor driving the growth of the global sleep aids market. According to Indian Council of Medical Research (ICMR), approximately 30-40% of Indian adults suffer from insomnia. Furthermore, increasing health consciousness among consumers and rising awareness regarding the ill effects of inadequate sleep are also fueling the demand for effective sleep aids.
Market Dynamics:
The global sleep aids market is primarily driven by the rising prevalence of sleep disorders and busy lifestyle leading to inadequate sleep. Sleep deprivation can negatively impact work performance, overall health, and quality of life. According to research studies, proper sleep is essential for maintaining overall well-being, cognitive function, mood, and cardiovascular health. Prolonged lack of adequate sleep increases the risk of obesity, diabetes, depression, and hypertension. Therefore, growing awareness about health implications of sleep loss is forcing people to look for effective sleep aids. Additionally, the increasing consumption of alcohol and caffeine along with the excessive usage of electronic devices before bedtime have disrupted the natural sleep cycle, thereby propelling the demand
Increasing Prevalence of Sleep Disorders
One of the major drivers for the growth of the global sleep aids market is the rising prevalence of sleep disorders worldwide. As per the World Health Organization (WHO), around 50-70 million Americans are affected by chronic sleep disorders every year. Common sleep disorders like insomnia, sleep apnea, narcolepsy, etc. are on the rise due to sedentary lifestyles and work-related stress. Sleep aids provide effective treatment options for such medical conditions and help improve sleep quality. As more people are diagnosed with sleep issues, the demand for sleep medications and devices is expected to grow significantly over the coming years.
Growing Awareness about Benefits of Good Sleep
With increased internet penetration and easy access to health information online, people are now more aware of importance of good quality sleep. Regular short duration or disturbed sleep can negatively impact mental and physical well-being. It is linked to serious health problems like obesity, diabetes, and cardiovascular disease. In order to avoid such risks, consumers are increasingly looking for sleep aids and solutions. Many undertake diagnostic sleep tests to assess their sleep patterns. Rising health consciousness and proactive lifestyles are driving greater demand for products and therapies that promote restorative sleep. Various awareness campaigns by sleep associations are contributing too in creating informed consumers in the sleep aids market.
Side Effects Associated with Sleep Medications
Although sleep medications provide temporary relief for sleep disorders, they are also associated with potential side effects when consumed regularly over long term. Common side effects include drowsiness, dizziness, headache, and nausea. There are even risks of dependency and withdrawal symptoms with some prescription medications if not taken as recommended by the doctor. This limits the usability of sleep drugs and makes consumers cautious in choosing them. Natural and herbal alternatives that are perceived as safer are gaining more favor. Side effects pose a major impediment to the growth of global sleep aids market.
High Cost of Advanced Sleep Therapy Devices
Advanced sleep devices like Continuous positive airway pressure (CPAP) machines and dental appliances used to treat serious sleep disorders like sleep apnea are quite expensive. The high cost of therapy often deters people from undergoing long term treatment. Even in countries with universal healthcare, the availability of costly devices through insurance coverage can be limited. The steep prices of new technologies like neurostimulation devices and sensors also restrict their mass usage currently. Affordability is a big roadblock in the full realization of market opportunities for high-end medical sleep devices.
Rising Demand for Natural and Herbal Sleep Aids
With growing health awareness, consumers are preferring natural and herbal solutions over conventional medications for various ailments including sleep disorders. Plant-based sleep aids are perceived as safer with minimal side effects. Moreover, herbs cater to the need for holistic well-being approaches. Major key market players such as Natus Medical Incorporated are launching natural product portfolios containing chamomile, valerian root, passionflower, etc. to take advantage of this large opportunity. Online distribution is facilitating accessibility.
Scope for Digital Sleep Solutions
Advancements in mobile health and wearable technologies are opening up new growth prospects. Companies are developing smart sleep apps, trackers, sensors, and artificial intelligence (AI) powered tools that help diagnose disorders, monitor progress, and offer personalized therapies and coaching. The digital sleep solutions market is still at a nascent stage, having huge untapped market potential. Sleep tracking garments and bedsheets are future innovation areas. Integration of virtual reality and other digital therapeutics could make sleep solutions more engaging and effective. Collaborations of medical device makers and digital health startups will propel this promising opportunity area.
*Link: https://www.coherentmarketinsights.com/market-insight/sleeping-aids-market-1059
Key Development
- On February 13, 2024, ResMed, a medical device company, announced that it had launched its AirCurve 11 series. The AirCurve 11 series is combined with digital tech to help treat sleep apnea. The AirCurve 11 is a bi-level positive airway pressure (PAP) that provides higher pressure during inhalation and lower pressure during exhalation. The company said the design lets the device align more closely with natural breathing patterns.
- In November 2023, The DeRUCCI Group, a public company and sleep technology brand, launched the DeRUCCI T11 Pro Smart Mattress, an artificial intelligence of things (AIoT) intelligent sleep solution
- In November 2023, Vivos Therapeutics, Inc., a medical device company, announced that the U.S. Food and Drug Administration (FDA) approved removable Complete Airway Repositioning and/or Expansion (CARE) oral appliances for the treatment of severe obstructive sleep apnea
- In January 2022, Eisai Co., Ltd., a pharmaceutical company, announced that the U.S. Food and Drug Administration, approved Dayvigo (lemborexant) for the treatment of insomnia
Key Players: Pfizer Inc., GSK plc, Sommetrics, Inc., Cadwell Industries, Inc., SleepMed, Inc., Natus Medical Incorporated, Therapix Biosciences Ltd, Compumedics Limited, Eisai Co., Ltd., Tris Pharma, Inc., Novartis AG, Idorsia Pharmaceuticals Ltd., ResMed, and AstraZeneca
