Revenue Explosion Predicted in Global Sleeping Aids Market Between 2019 and 2030

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.

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According to the organization, insomnia is the most prevalent sleep disorder, with nearly 30% of the adults living in the U.S. reporting short-term issues and around 10% reporting chronic insomnia. As the medical treatments prescribed for OSA and insomnia involve sleeping aids, the rising incidence of these disorders is fueling the growth of the market. Besides this, the various lifestyle changes in people such as the high consumption of caffeine, tobacco, and alcohol is also propelling the market advancement.

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Furthermore, the increasing working hours, high workload and work pressure, and hectic work environment massively push up the stress levels and affect the quality of sleep. This subsequently boosts the sales of over-the-counter (OTC) sleeping pills, which help improve the quality of sleep, throughout the globe. When offering is taken into consideration, the sleeping aids market is classified into mattresses and pillows, sleep laboratory services, sleep apnea devices, and medication.

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.

This study covers

• Major factors driving the market and their impact during the short, medium, and long terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the market segments and understand their comparative future potential
• Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
• Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
• Major players operating in the market and their service offerings
• Recent strategic developments by the major players in the market

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