Sleep Aids Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 85.84 Billion |
| Market Size (2029) | USD 119.66 Billion |
| CAGR (2024 - 2029) | 6.90 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Sleep Aids Market Analysis
The Sleep Aids Market size is estimated at USD 85.84 billion in 2024, and is expected to reach USD 119.66 billion by 2029, growing at a CAGR of 6.90% during the forecast period (2024-2029).
Factors such as the growing prevalence of insomnia and other disorders and the increasing adoption of sleeping aids are expected to boost the market's growth. For instance, a study published in March 2023 in the Journal of Clinical and Diagnostic Research for doctors revealed that insomnia was notably prevalent among women in urban Bengaluru, Karnataka. Factors like unemployment, being single, low socioeconomic status (SES), chronic illnesses, a history of stressful life events, financial dependence, and reliance on social assistance are significantly linked to this trend. Thus, considering such scenarios, the adoption of sleeping aids is likely to rise, leading to market growth over the forecast period.
Additionally, wearable technologies are advancing market growth by providing better technological support. For instance, in January 2023, LG Electronics announced a wireless earphone that helps users sleep comfortably using brain wave technology.
On the other hand, the article published by the American Association of Sleep Technologists (AAST) in February 2022 stated that the advantages of wearable sleep technology included the ability to record data over a prolonged length of time and the ability to gather data about a person's sleep in their natural environment. As a result, end consumers are increasingly using wearable sleep technology or devices to measure components of sleep, such as sleep/wake cycles.
Therefore, due to the abovementioned factors, the market is likely to grow in the future. However, the side effects associated with sleep medications are likely to hinder the market's growth.
Sleep Aids Market Trends
Insomnia Segment is Expected to Hold a Significant Market Share Over the Forecast Period
Insomnia is known as a common sleep disorder that can make it hard to fall asleep, hard to stay asleep, or cause a person to wake up too early and have difficulty getting back to sleep. The increasing prevalence of insomnia among the target population, the implementation of strategic initiatives by the market players, and the growing focus on the research and development of sleeping aid systems for sleep disorders are some of the major factors that are expected to contribute to the segment's growth.
For instance, according to an article published in February 2023 in the Frontiers in Psychiatry journal, researchers found that there were a considerable number of insomnia cases among Macau residents during the COVID-19 pandemic. Thus, such an increase in the patient population suffering from insomnia is expected to boost the demand for sleeping aids, driving the segment's growth.
Additionally, the growing focus on research and development activities for sleeping aid systems is increasing the adoption of devices among insomnia patients, thereby contributing to the segment's growth. For instance, in June 2023, London-based start-up Lindus Health initiated trials targeting insomnia, tinnitus, and short-sightedness. Moreover, some of the market players are undertaking strategic initiatives such as product launches and development that are projected to aid the segment's growth. For instance, in February 2022, Signifier Medical Technologies launched eXciteOSA for snoring and sleep apnea treatment. The Food and Drug Administration (FDA) has approved it for the treatment of primary snoring and mild obstructive sleep apnea (OSA) in adults 18 years or older.
Thus, the aforementioned factors, such as an increase in insomnia cases and a rise in the adoption of sleeping aids for treating insomnia, are likely to drive the growth of the segment during the forecast period.
North America is Expected to Hold Major Market Share in the Market Over the Forecast Period
North America is expected to hold a notable market share during the projected period. The market is predicted to be driven by the rising prevalence of insomnia due to several underlying conditions, such as depression and anxiety, technical advancements, and research-increasing product launches in the region.
Furthermore, the Sleep Statistics, updated by the Sleep Foundation in May 2022, stated that 49.8% of adults in Camden (New Jersey) and Detroit (Michigan) reported short sleep, and the two cities reported to have had the highest rate of sleep disorders. Thus, such an increase in the patient population is expected to increase the adoption rate of sleep aids, thereby driving market growth in the region.
Moreover, regulatory approval and the launch of advanced sleeping aids are other factors augmenting the growth of the market. For instance, in June 2022, Sleep Habit launched a product, Sleep Reset, a digital, personalized sleep clinic. Sleep Reset utilizes clinically proven methods to uncover and address the root cause of one's sleep issues through its iPhone and Android apps. Similarly, in May 2022, StimScience launched a consumer support product, Somnee. Somnee is the first-ever electronic sleep aid headband to use personalized, non-invasive brain stimulation to improve the wearer's sleep quality. Thus, factors such as product launches and drug approvals are among the factors that contribute to the overall growth of the market in the region.
Therefore, owing to the abovementioned factors, such as an increase in the launch of sleeping aids products in the region along with the rise in the prevalence of various sleep-related diseases, the market is expected to grow in North America during the forecast period.
Sleep Aids Industry Overview
Most of the players are based in developing countries due to technological advancements. However, due to the ease of connectivity in modern times, these players have also penetrated developing countries and are trying to establish a market in these countries. The market is partially fragmented and consists of several major players. Some of the companies that are currently dominating the market are Cadwell, Compumedics Limited, DeVilbiss Healthcare LLC, Merck & Co. Inc., and Natus Medical Incorporated.
Sleep Aids Market Leaders
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Cadwell
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Compumedics Limited
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DeVilbiss Healthcare LLC
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Merck & Co., Inc
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Natus Medical Incorporated
*Disclaimer: Major Players sorted in no particular order
Sleep Aids Market News
- June 2024: Wakefit introduced an AI-powered mattress and tracker to enhance sleep quality. Wakefit's Regul8 and Track8 leverage AI technology to enhance sleep quality.
- May 2024: Jazz Pharmaceuticals PLC unveiled its plans for SLEEP 2024, the 38th annual meeting of the Associated Professional Sleep Societies, which took place in Houston, Texas, from June 1 to 5, 2024. The company will showcase 13 abstracts, five of them late-breaking, highlighting fresh insights from its diverse sleep medicine portfolio.
Sleep Aids Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumption and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Prevalence of Insomnia and Other Disorders
4.2.2 Increasing Adoption of Wearable Monitors and Sensors
4.3 Market Restraints
4.3.1 Side Effects Associated With Sleep Medications
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
5.1 By Product
5.1.1 Mattresses and Pillows
5.1.2 Sleep Laboratory Services
5.1.3 Medication
5.1.4 Other Products
5.2 By Sleep Disorder
5.2.1 Insomnia
5.2.2 Sleep Apnea
5.2.3 Other Sleep Disorders
5.3 By Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 BMC Medical Co. Ltd
6.1.2 Cadwell
6.1.3 Compumedics Limited
6.1.4 DeVilbiss Healthcare LLC
6.1.5 Eisai Inc
6.1.6 Fisher & Paykel Healthcare Limited
6.1.7 Koninklijke Philips NV
6.1.8 Lowenstein Medical Technology GmbH
6.1.9 Merck & Co. Inc
6.1.10 Natus Medical Incorporated
6.1.11 SleepMed
6.1.12 Takeda Pharmaceutical Company Limited
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Sleep Aids Industry Segmentation
As per the scope, a sleep aid is a treatment that uses devices or supplemental or herbal compounds to help induce the onset of sleep and to ensure that a patient stays asleep. Sleep aids are most popular among people who have chronic sleep disturbances, particularly insomnia.
The sleep aids market is segmented by product, sleep disorder, and geography. By product, the market is segmented into mattresses and pillows, sleep laboratory services, medication, and other products. By sleep disorder, the market is segmented into insomnia, sleep apnea, and other sleep disorders. By geography, the market is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (USD) for the above segments.
| By Product | |
| Mattresses and Pillows | |
| Sleep Laboratory Services | |
| Medication | |
| Other Products |
| By Sleep Disorder | |
| Insomnia | |
| Sleep Apnea | |
| Other Sleep Disorders |
| By Geography | ||||||||
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Sleep Aids Market Research FAQs
How big is the Sleep Aids Market?
The Sleep Aids Market size is expected to reach USD 85.84 billion in 2024 and grow at a CAGR of 6.90% to reach USD 119.66 billion by 2029.
What is the current Sleep Aids Market size?
In 2024, the Sleep Aids Market size is expected to reach USD 85.84 billion.
Who are the key players in Sleep Aids Market?
Cadwell, Compumedics Limited, DeVilbiss Healthcare LLC, Merck & Co., Inc and Natus Medical Incorporated are the major companies operating in the Sleep Aids Market.
Which is the fastest growing region in Sleep Aids Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Sleep Aids Market?
In 2024, the North America accounts for the largest market share in Sleep Aids Market.
What years does this Sleep Aids Market cover, and what was the market size in 2023?
In 2023, the Sleep Aids Market size was estimated at USD 79.92 billion. The report covers the Sleep Aids Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Sleep Aids Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Sleep Aids Industry Report
Statistics for the 2024 Sleep Aids market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Sleep Aids analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
