The global sleep aids market generated $59.8 billion in 2020, and is projected to reach $111.9 billion by 2030, witnessing a CAGR of 6.9%.

PORTLAND, OREGON, UNITED STATES, August 16, 2022 /EINPresswire.com/ -- According to the report published by Allied Market Research, the global sleep aids market generated $59.8 billion in 2020, and is projected to reach $111.9 billion by 2030, witnessing a CAGR of 6.9% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.

Benefits of using sleep aid products, rise in disposable income, and surge in the geriatric & obese population drive the growth of the global sleep aids market. However, the side effects of sleep aid medication on human health and large number of patent expiration of medication restrain the market to some extent. On the other hand, the untapped market in developing economies presents new opportunities in the upcoming years.

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Sleep aids in the form of drugs, medical devices, and services are used to diagnose, monitor, and treat sleep disorders such as sleep apnea and sleepwalking. These are expected to improve the quality of sleep for patients with sleep disorders. Sleep disorders can adversely affect human health and cause chronic diseases such as diabetes and cardiovascular diseases.

The major factors that drive the growth of sleep aids market are modern lifestyle, stressful working conditions, other issues that interfere with sleep habits, rise in the disposable income among the customers, and growth in awareness about the adverse effects of sleep disorder on human health. Moreover, the risk of sleep disorder, the rise in the geriatric & obese population, and increase in prevalence of sleep disorder contribute toward the growth of the market. However, adverse effects of sleep drugs on human health and patent expiration are expected to restrain the market growth during the forecast period. Conversely, the advancement of sleep aids product will help to increase the adoption rate and the untapped market in developing economies offers the lucrative growth for the market.

COVID-19 Impact Analysis (Pre & Post)

The outbreak of the COVID-19 pandemic led to having a negative impact on the growth of the global sleep aids market, owing to decrease in demand for sleeping aids devices for sleep disorders.

Moreover, market players have reduced investment in raw materials and resources, owing to the closure of manufacturing facilities to protect workers in all the regions, which in turn, affected the market growth.

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Coronavirus (COVID-19) was discovered in late December in Hubei province of Wuhan city in China. The disease is caused by a virus, namely, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which is transmitted among humans. Amidst the initial outbreak of COVID-19, the outlook for the sleep aids industry has changed significantly. The COVID-19 pandemic led to lockdowns worldwide, which resulted in the reduced trade of a number of products, including sleeping aids. This impacted the market by the decreasing the demand of the sleeping aids.

Moreover, the disturbances in monthly income of individuals, closure of manufacturing facilities to protect workers in all the regions had reduced the number of production of sleeping aids solutions. The constraints in the handling capacity of goods, at ports, and widespread financial distress also disturbed the supply of the products. It was due to the reason that people feared about the infection during a period of distancing and lockdown. Various regions reported the reduction in the hospital visits. Overall, the impact of COVID-19 on the sleep aids market was recorded to be fairly negative. This was attributed to decrease in demand of sleeping aids devices for the sleep disorders. Moreover, market players have reduced investment in raw materials and resources, owing to closure of manufacturing facilities to protect workers in all the regions.

North America accounted for major share of the global sleep aid market share in 2020, and is expected to remain dominant throughout the forecast period. This is attributed to increase in incidences of Sleep disorders such as sleep apnea, surge in demand for sleep aid devices, availability of advanced healthcare facilities with trained medical professionals, rise in number of R&D activities along with large presence of key players, and surge in investment made by governments in the healthcare system. However, Asia-Pacific is expected to experience the highest growth rate during the forecast period. Moreover, Japan and China are expected to grow at high CAGR in Asia-Pacific sleep aid market majorly due to improvement in healthcare infrastructure, rise in number of hospitals equipped with advanced instruments, development of the R&D sector, rise in healthcare reforms, and technological advancements in the field of sleep aids.

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Key Findings Of The Study

On the basis of product, the mattress & pillows segment held majority share in the global sleep aids market in 2020.
On the basis of sleep disorders, the insomnia segment held largest sleep aids market share in 2020, and is expected to remain dominant throughout the forecast period.
Region wise, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 9.2% during the forecast period.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with vario research data tables and confirms utmost accuracy in our market forecasting. Each and ever us companies and this helps us in digging out market data that helps us generate accurate y data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned.

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