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The sleep aids market consists of various products such as mattresses and pillows, sleep laboratories, medicines and drugs that help promote better sleep in individuals suffering from sleep disorders or lack of sleep due to busy lifestyles. Sleep aids aim to treat various conditions like insomnia, sleep deprivation, circadian rhythm disorders and others. These products not only induce sleep but also ensure quality rest that leaves one feeling rejuvenated and energized. The global sleep aids market plays a crucial role in improving people’s quality of life as quality sleep is essential for overall well-being. The sleep aids industry has seen tremendous growth over the years due to constantly increasing work pressure, irregular sleep patterns and lifestyle changes.
The global Sleep Aids Market is estimated to be valued at US$ 73.9 Bn in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends: One of the major trends in the sleep aids market is the growing demand for natural and herbal sleep aids due to increasing preference for organic and plant-based products amid rising health awareness. Consumers are switching from prescription medicines to herbal supplements as natural products are perceived to be safer with lesser side effects. Companies are innovating and launching herbal sleep formulas containing ingredients like valerian root, chamomile, lavender, passionflower etc. that have calming and sedative properties. Moreover, the adoption of technology in sleep aids is another key trend with the emergence of wearable sleep trackers and apps that monitor biological signs like heart rate, breathing patterns etc. to analyze sleep quality. This data is helping users identify issues and seek appropriate solutions.
Porter’s Analysis
Threat of new entrants: The sleep aids market has moderate threat of new entrants given the high costs associated with R&D for new drug development and clinical trials.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of substitute products like sleeping pills, herbal supplements etc.
Bargaining power of suppliers: The bargaining power of suppliers is low since there are numerous suppliers for raw materials used in manufacturing sleep aids.
Threat of new substitutes: The threat of new substitutes is high due to the continued development of new alternative therapies and products in the market.
Competitive rivalry: The competition in the sleep aids market is high among the top players.
Key Takeaways
The global sleep aids market is expected to witness high growth over the forecast period of 2024 to 2031. The global Sleep Aids Market is estimated to be valued at US$ 73.9 Bn in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024 to 2031.
Regional analysis shows that North America currently dominates the sleep aids market accounting for over 30% of the global market share in 2024. Factors such as increasing awareness about sleep disorders, growing geriatric population, and rising levels of stress and anxiety are fueling market growth in the region.
Europe is anticipated to be the fastest growing market for sleep aids during the forecast period. This can be attributed to the rising prevalence of insomnia and other sleep disorders in countries like Germany, UK, and France. According to the National Sleep Foundation, approximately 30-48% of adults in Europe have difficulty sleeping at night.
Key players operating in the sleep aids market are Sanofi, Merck & Co. Sanofi is one of the leading players in sleep aids market, offering several prescription medications to treat insomnia like Ambien, Ambien CR, Intermezzo, and Belsomra. Merck & Co also has a significant presence with drugs like Singulair and Zyrtec which are commonly used as sleep aids.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
