Sleeping Aids Market – Analysis and Forecast To 024 | SleepMed Inc., Tempur Sealy International Inc., Pfizer Inc.

Disruption in sleep caused due to factors such as environmental problems, psychiatric disorders, medical issues, and others, is known as the sleep disorder. Sleeping aids are the devices or medication used to induce sleep. It is used in the treatment of various sleeping disorders such as insomnia, sleepwalking, and sleep apnea.

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Mounting disposable income, an upsurge in awareness about the adverse effect of sleep disorder, expanding the geriatric population, stressful work condition, and escalating healthcare facilities are also facilitating the growth of the sleeping aids market.

Lengthy wait time for sleep care services, patent expiration of sleep disorder medications, scarcity of skilled professionals, and side effects associated with sleeping aids medications are the major challenges for the growth of sleeping aids market.

Globally, the manufacturing companies trying to enter the sleeping aids market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier to the entry of new players. This offers an edge to the established players in the industry competition.

Asia-Pacific is observed to witness the fastest growth in the market, due to expanding the geriatric population. In addition, the mounting occurrence of sleep disorder, mounting alertness about sleeping aids products, and changing lifestyle are also creating a positive impact on the sleeping aids market growth in the region.

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Key players in the sleeping aids market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In May 2018, Royal Philips acquired NightBalance, to expand its product portfolio in respiratory and sleep care and its position in the home care market. Sanofi, SleepMed Inc., Tempur Sealy International Inc., Pfizer Inc., Merck & Co. Inc., GlaxoSmithKline plc, Cadwell Laboratories Inc., Takeda Pharmaceutical Company Limited, Koninklijke Philips N.V., Compumedics Limited, Natus Medical Incorporated, Serta Simmons Bedding LLC, and Drive DeVilbiss Healthcare are the key players offering sleeping aids.

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