PUNE, India, May 15, 2020 /PRNewswire/ -- A recent report by Infinium Global Research "Sleep Aids Market (By Product – Mattress & Pillows, Sleep Laboratories, Medications and Sleep Apnea Devices; By Sleep Disorder – Insomnia, Sleep Apnea, Restless Leg Syndrome, Narcolepsy, Sleep Walking and Other Sleep Disorders): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025." The reported study estimated the sleep aids market to reach up to USD 114.15 billion in 2025, with a compound annual growth rate of 7.0% over the forecast period (2019-2025). The report provides a comprehensive research study based on survey conducted to analyze the buying patterns, consumer behavior and factors affecting buying decisions. The report also provides insights into the marketing strategies and steps taken by the companies to retain their market position in the local and/or global market. The study also provides insights into the factors affecting the buyer decisions, consumer preferences, and the demographic factors promoting the growth of the products of sleep aids market.
Mattress & Pillows are Preferred More than Other Types of Sleep Aids
The report includes a detailed study on the consumer preference towards various products in the market. According to the survey results, majority of the people in the world preferred mattress and pillows as compared to other types of sleep aids. The major factor driving the preference of mattress and pillows is the better availability and ease of use. The mattress and pillows specially developed for treating sleeping disorders are easily available in many departmental or specialty stores. Unlike other products, there is no particular way to use mattress and pillows, they are used just as any other mattress and pillow. Moreover, a large variety of mattress and pillows available in the market make them more preferable than other types of sleep aids.
Key Players in the Global Sleep Aids Market are Focusing on New Product Launch and Mergers and Acquisitions
The global sleep aids market is highly competitive and consolidated in nature. The market is attributed to the presence of large multinational players as well as a few smaller and local players. Companies including Sanofi, GSK, and Pfizer hold a large share in the global sleep aids market. These companies own some of the prominent brands in the global sleep aid market including Ambien CR, QuilliChew ER, and Sominex. These brands have higher brand value and loyal consumers, which supports the consolidation of the market. The major players in the market are focusing on strategies such as introducing new products and undertaking mergers and acquisitions. For instance, in July 2019, Dr. Reddy's Laboratories launched generic Ramelteon tablets in the U.S market. The tablets are of 8 mg strength and are used for the treatment of insomnia. While in May 2018, Philips acquired a digital healthcare pharmaceutical company, named NightBalance. The acquisition is expected to expand Philips' sleep aids product portfolio.
Sleep Aids Market to Grow on the Backdrop of Growing Incidences of Sleep Disorders
The increase in the prevalence of sleep disorders around the world is the major driving force for the growth of the global market. Sleep disorders are majorly caused due to pre-existing health issues, psychological disorders, physical disturbances, and environmental changes. About 70% of adults globally experience at least one sleep disorder. Insomnia affects between 30-45% of the adult population in the world. While obstructive sleep apnea has a prevalence estimated of 17% among men and 9% among women in the United States. As of 2019, nearly 30% of the population in the world experience snoring. The growing prevalence of these sleep disorders is boosting the demand for sleep aids.
Moreover, the other factors including rising in the amount of mental stress due to hectic life, unhealthy habits such as smoking and drinking and lack of physical exercise is expected to augment the demand for sleep aids across the world. Furthermore, innovations in sleep aid are expected to augment the growth of the market in the future. Technological advances and innovations have to lead to the development of new products in the market such as CPAP (continuous positive aviation route pressure).
Insomnia Medication to Augment the Sales of Sleep Aids
The insomnia segment among the sleep disorder generated highest revenue in the global sleep aid market in 2019. The domination of the segment attributed to the higher prevalence of insomnia among the population across the world. Around 38% of the global population suffered from insomnia in 2018. Factors such as stress of work, depression, anxiety disorders and excessive smoking and alcohol intake may lead to insomnia. Moreover, the increasing awareness regarding insomnia is driving the segment in the global Sleep aid market.
North America Generated Highest Revenue in the Global Sleep Aids Industry
In terms of geography, the North America region generated the highest revenue in the global sleep aids market in 2018. The domination of the North America region in the global market attributes to better healthcare infrastructure and higher awareness regarding sleep disorder. Moreover, a large population in North America experiences some type of sleep disorder. About 60% of the US population experience insomnia and more than 15% of the population in the US experience sleep apnea. The higher prevalence of such sleep disorders leads to a higher demand for their treatment. This, in turn, drives the sleep aids market in North America. Furthermore, the presence of major market players such as Merck, and Pfizer in the region is expected to boost the demand for sleep aids in North America.
This Report Offers Detailed Insights of The Market Including-
1. Comprehensive analysis of the factors promoting the growth in the Sleep aid market
2. Survey results for
a. Consumer preferences
b. Buying patterns
c. Spending habits
d. Purchase decision making
e. Preferred distribution channels
f. Choice of alternatives in case of unavailability of the product
g. Consumer feedback
h. Social listening
3. Competitive landscape in the leading country markets in the world
4. Worldwide competitive landscape and market trends in the Sleep aid market
5. Analysis of the worldwide market using analytical tools such as porter five forces, market drivers and opportunity analysis, product position matrix
Research Methodology and Data Collection Methods for the Report
Infinium Global Research published reports are based on extensive primary and secondary research methods. The research begins with extensive exploration through secondary sources followed by primary research. With these research methods we are able to estimate the market size of the Sleep aid market, to identify the factors that promote the growth in this market as well as the factors that hamper the growth in the market.
The secondary research primarily involves extensive exploring through the secondary sources of information available in both public domain and paid sources. At Infinium Global Research, each research study is based on over 500 hours of secondary research accompanied by primary research. The information obtained through the secondary sources is validated through the crosscheck on various data sources. While the primary research involves extensive interviews and analysis of the opinions provided by the primary respondents. The primary research starts with identifying and approaching the primary respondents. The primary respondents generally include key opinion leaders associated with Infinium Global Research, internal and external subject matter experts, and professionals and participants from LinkedIn, Hoovers, Factiva and bloggers.