Sleep Aids Market 2023-2030: Current Landscape and Future Projections
The global sleep aids market has witnessed significant growth in recent years and is projected to continue its upward trajectory, despite the challenges posed by the COVID-19 pandemic. The market size for sleep aids was valued at USD 73.2 billion in 2021 and is expected to grow at a CAGR of 5.7 percent during the forecast period. Sleep aids, in the form of medicines and medical devices, are used to monitor, diagnose, and treat sleep disturbances and disorders. Sleep disorders can lead to irregular breathing and abnormal sleeping behavior, causing a negative impact on the quality, timing, and amount of sleep. Common signs and symptoms of sleep disorders include excessive daytime sleepiness, irregular breathing, and increased movement during sleep, which can have detrimental effects on overall health.
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The rising prevalence of sleep disorders, driven by factors such as aging populations, obesity, and lifestyle changes, has contributed to the growing adoption of sleep aid products. Sleep disorders have been associated with serious health conditions such as cardiovascular diseases, obesity, and diabetes, further highlighting the importance of effective sleep aid solutions. Key players in the sleep aids market are focusing on strategies such as acquisitions, product development, and product launches to enhance their market presence. For instance, Eisai Co., Ltd. recently announced the FDA approval of DAYVIGO (lemborexant), an orexin receptor antagonist designed to treat insomnia in adults with difficulties falling asleep or staying asleep. Additionally, GSK and 23andMe are collaborating on a genetic insights-based approach to develop novel medicines, signaling further advancements in the field.
However, the market also faces challenges due to the side effects associated with sleep aid medications. Headaches, prolonged drowsiness, memory and performance problems, and allergic reactions have been reported as potential side effects of certain sleep aids. Moreover, the impending expiration of patents for some sleep aid medications is a concern for manufacturers.
The COVID-19 pandemic had a negative impact on the sleep aids market. Reduced trade, disrupted incomes, and closure of manufacturing facilities led to a decrease in sleep aid demand and supply. However, as the pandemic subsides and economic activities resume, the market is expected to regain momentum.
North America currently dominates the sleep aids market, with the United States being a major contributor due to a high prevalence of sleep disorders caused by factors like alcohol and cigarette consumption. The Asia Pacific region is also anticipated to experience steady growth, driven by increasing per capita income and rising awareness of sleep disorders' effects.
Despite the challenges and uncertainties posed by the COVID-19 pandemic, the global sleep aids market is poised to witness sustained growth. Government funding, product approvals, and advances in technology are expected to play a significant role in driving market expansion.
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