The global sleeping aids market generated a revenue of $78.7 billion in 2019 and is predicted to progress at a CAGR of 7.1% from 2020 to 2030.
As per the market research firm, P&S Intelligence, the market would attain a value of $162.5 billion by 2030. The major factors driving the progress of the market are the increasing number of healthcare facilities, growing usage of portable sleep apnea devices, and the rising adoption of sensors and wearable monitors.
Besides the aforementioned factors, the increasing prevalence of obstructive sleep apnea (OSA) and insomnia and the soaring geriatric population around the world are also propelling the expansion of the sleeping aids market. As per the findings of the American Sleep Apnea Association, over 50 million Americans are diagnosed with 80 different sleep disorders every year. Moreover, the organization found that 20—30 million people in the U.S. suffer from various intermittent sleep problems every year.
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These lifestyle changes disturb the sleeping patterns of people, which increases the risk of sleep disorders. This is, in turn, causes a sharp surge in the requirement for sleeping pills. Additionally, the increasing prevalence of sleep disturbances augments the risk of various chronic diseases such as diabetes, heart diseases, obesity, and depression. Obesity is one of the biggest causes of sleep problems such as OSA and insomnia all over the world.
The study also found that as much as 50—60% of people suffer from insomnia across the world every year. Globally, the North American sleeping aids market is predicted to be very lucrative in the upcoming years, primarily because of the growing prevalence of sleep disorders, rapid technological advancements and innovations, and the increasing number of initiatives being taken by several government and non-government organizations for raising public awareness about sleep hygiene and sleep problems across the globe.
Thus, it can be said without any hesitation that the market would register substantial growth all over the world in the future years, mainly because of the rising prevalence of sleep disorders such as insomnia and OSA and the burgeoning requirement for devices, that can help people improve their quality of sleep, across the world.
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