Sleep aids are pills and medical devices that are used in the diagnosis and treatment of sleep disorders. Sleep aids consist of various products such as medications, sleep laboratories, sleep apnea devices, and mattresses & pillows. Medications generally include drugs, which help induce sleep by restraining activities in the central nervous system.
The global sleep aids market is estimated to account for US$ 80,814.7 Mn in terms of value and is expected to reach US$ 118,825.4 Mn by the end of 2027.
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Global Sleep Aids Market: Drivers
Increasing prevalence of sleep disorders is expected to propel growth of the global sleep aids market over the forecast period. For instance, according to the study, ‘Worldwide and Regional Prevalence Rates of Co-Occurrence of Insomnia and Insomnia Symptoms With Obstructive Sleep Apnea: A Systematic Review and Meta-Analysis’ published in February 2019, the overall prevalence rates of insomnia, any insomnia complaints, difficulty falling asleep, difficulty maintaining sleep, and early morning awakening found in obstructive sleep apnea patients were 38%, 36%, 18%, 42%, and 21%, respectively.
Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.     
Insomnia held dominant position in the global sleep aids market in 2019, accounting for 30.1% share in terms of value, followed by sleep apnoea and restless legs syndrome, respectively.
Global Sleep Aids Market: Restraints
Side effects associated with sleep aid medications are expected to hinder growth of the market.  The most common side effects associated with sleep aids medication are constipation, dizziness, headache, heartburn, dry mouth, and stomach pain. These side effects are associated with OTC as well as prescription-based sleep aids.
Moreover, patent expiration of major sleep disorder drugs is also expected to limit growth of the market.  Patent expiration is one of the major concerns for pharmaceutical companies, as loss of patents of various major drugs result in heavy decline in sales revenue.
Global Sleep Aids Market: Opportunities
Increasing prevalence of lifestyle disorders is expected to offer lucrative growth opportunities for players in the global sleep aids market. For instance, according to the study, “Global and regional diabetes prevalence estimates for 2019 and projections for 2030 and 2045: Results from the International Diabetes Federation Diabetes Atlas, 9th edition”, published in the journal Diabetes Research and Clinical Practice, in September 2019, 463 million people are expected to suffer from diabetes in 2019 worldwide and the number is expected to reach 578 million by 2030 and 700 million by 2045.
Moreover, increasing funding in sleep aids is also expected to aid in growth of the market. For instance, in June 2019, CVS Health, a US-based pharmacy benefit manager, announced to fund Sleepio app, an insomnia app, developed by Big Health.
The global sleep aids market was valued at US$ 80,814.7 Mn in 2019 and is forecast to reach a value of US$ 118,825.4 Mn by 2027 at a CAGR of 5.7% between 2020 and 2027.
Market Trends/Key Takeaways
The marker is witnessing increasing adoption of sleep apps. For instance, in May 2020, Kaiser Permanente Corporate Office Headquarters announced it has added Calm, an app for mindfulness meditation and sleep, to its digital self-care portfolio.
The market is also witnessing development and launch of products that comply with regulatory guidelines. For instance, in May 2020, Sommetrics, Inc., a provider of products for the treatment of airway obstruction during sleep and in acute care settings, announced that its quality management system has been certified to the rigorous ISO 13485:2016 standard.
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Global Sleep Aids Market: Competitive Landscape
Major players operating in the global sleep aids market include, Sanofi S.A., Merck & Co., Inc., Pfizer, Inc., Koninklijke Philips N.V., GlaxoSmithKline Plc, Sommetrics, Inc., ResMed Inc.,  Cadwell Laboratories, Inc., Therapix Biosciences Ltd., SleepMed, Inc., Natus Medical Incorporated, DeVilbiss Healthcare LLC, and Compumedics Limited.
Global Sleep Aids Market: Key Developments
Major players in the market are focused on launching new products to expand their product portfolio. For instance, in January 2020, ResMed Inc. launched AirFit F30i, its first tube-up full face CPAP mask.
Major players in the market are also focused on R&D of new products to expand their product portfolio.  For instance, in November 2019, Therapix Biosciences Ltd. announced topline results from its Phase IIa clinical study that demonstrated positive endpoints for THX-110, a combination of dronabinol (? -9-tetrahydracannabinol and CannAmide (palmitoylethanolamide), for treatment of obstructive sleep apnea.
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