The sleep aids market in the Global is expected to experience steady growth in the coming years, fueled by rising awareness about sleep disorders and advancements in sleep aid technologies. According to recent market research, the global market for sleep aids was valued at USD 73.2 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 5.7 percent during the forecast period.
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Sleep disorders have become a prevalent concern in modern society, affecting the quality of sleep and overall well-being of individuals. Symptoms such as irregular breathing, excessive daytime sleepiness, and abnormal sleeping behavior indicate the presence of sleep disturbances. These disorders can significantly negatively impact an individual's health, leading to cardiovascular diseases, obesity, and diabetes.
The Global, like many other countries, has witnessed a rise in the incidence of sleep disorders, driven by factors such as changing lifestyles, an aging population, and increased obesity rates. As a result, the demand for sleep aid products, including medicines and medical devices, has grown significantly. The market is expected to benefit from the increasing adoption of sleep aids in developing economies, presenting lucrative growth opportunities.
Key market players are actively engaged in strategic initiatives such as acquisitions, product development, and product launches to enhance their growth prospects. For instance, Eisai Co., Ltd. recently announced the approval of DAYVIGO™ (lemborexant) by the U.S. Food and Drug Administration for treating insomnia in adults. Similarly, GSK and 23andMe have collaborated on a genetic insights-based approach to developing novel medicines. These developments underscore the commitment of market players to address the needs of patients with sleep disorders.
The COVID-19 pandemic has harmed the sleep aids market worldwide, including in the Global. Reduced trade and disrupted supply chains have decreased sleep aid demand and production. The closure of manufacturing facilities to protect workers and financial distress among individuals has further hampered product supply. However, as the world recovers from the pandemic, the market is expected to regain momentum.
Despite the growth prospects, the sleep aids market also faces specific challenges. Introducing new technologies has raised concerns about the complexity of sleep disorder treatment, while the side effects associated with sleep aid medications pose risks to human health. Additionally, the imminent expiration of patents for sleep aid medications and the dominance of major market players have limited the market potential for smaller manufacturers.
In terms of market segments, mattresses, and pillows are anticipated to dominate the sleep aid market in the Global due to technological advancements in sleep aid devices and an increase in the adoption of these products. Insomnia is expected to be the leading category, driven by increased healthcare awareness, a rise in sleep apnea incidence, sedentary lifestyles, and a growing aging population. Furthermore, the Asia Pacific region, including Japan and China, is expected to witness substantial growth in the sleep aids market due to healthcare reforms, advances in research and development, and increasing awareness of sleep disorders.
Prominent players operating in the United Kingdom's sleep aids market include Cadwell Industries, Inc., Compumedics Limited, Drive DeVilbiss Healthcare Inc., GlaxoSmithKline Plc, Merck Co., Inc., Natus Medical Inc., Koninklijke Philips N.V., PFIZER, INC., Sanofi S.A., and SleepMed Inc. These companies are actively investing in research and development and expanding their product portfolios to cater to the specific needs of patients.
With a growing focus on improving sleep quality and addressing sleep disorders, the United Kingdom's sleep aids market
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