Asia-Pacific Sleeping Aids Market Trends, Share, Growth Drivers, Segment Analysis and Forecast by 2023
The Asia-Pacific sleeping aids market size was $9.3 billion in 2015 and is forecasted to grow at a CAGR of 6.6% during the period 2016-2022. Various type of sleeping disorders such as sleep apnea, insomnia, restless legs syndrome, narcolepsy and sleep walking require some or the other type of sleeping aids intervention. Sleeping aids for sleep apnea held the largest share in the Asia-Pacific market in 2015, since an increasing number of people in the region suffer from breathing problems while sleeping.
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The demand for sleeping aids has been rising in the region due to high consumption of sleeping pills owing to changing lifestyle, growing awareness about sleep disorders and other related problems, long working hours, and growing aging population. Some of the sleeping aids products available in the market include mattress & pillow, sleep laboratories, medication, sleep apnea devices and others. Amongst these, mattress & pillows held the highest share in the regional market, standing at 41% in 2015, since they have a direct impact on the sleeping condition of a person.
Due to rising aging population in the region, more number of people have been dealing with sleep related problems, thus leading to increase in the sale of sleeping aids products. According to the United Nations (UN) publication, World Population Aging 2013, around 468.5 million people were aged 60 years and above in Asia-Pacific, out of which, about 57.5 million people were above 80 years of age.
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Due to increasing sleeping disorders, the players in the sleeping aids market in the region are investing more in research and development activities and development of new drugs. For instance, in October 2016, Eisai Co., Ltd. announced the initiation of a Phase II clinical study of its internally-discovered oral dual orexin receptor antagonist lemborexant in patients with Irregular Sleep-Wake Rhythm Disorder (ISWRD) and mild to moderate Alzheimer's disease (AD) dementia. Lemborexant is being jointly developed by Eisai and Purdue Pharma L.P. There is no known treatment approved for an irregular sleep-wake pattern in patients, therefor it is a condition with high unmet medical need, further leading to the growth of the sleeping aids market in the region.
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Side-effects associated with sleeping aid medications such as drug dependence and withdrawal symptoms are the some of the factors negatively impacting the demand of the sleeping aids products, thereby hindering the development of the market. Patent expiration of treatment pills for sleep disorders is another key factor that impedes the growth of the market.
Some of the other key players operating in the Asia-Pacific sleeping aids industry include Sanofi S.A., Koninklijke Philips N.V., GlaxoSmithKline PLC, Merck & Co. Inc., Teva Pharmaceutical Industries Ltd., Takeda Pharmaceutical Company Limited, Compumedics Limited, Becton, Dickinson and Company, Eisai Co., Ltd. and Drive Medical Ltd.
Source: P&S Intelligence
