Sleeping Aids Market to Cross the $100 Billion mark by 2023
Sleeping aids refer to medicinal drugs and medical devices that help a person to fall asleep. The various offering in sleeping aids market include medication, sleep laboratory services, mattresses and pillows, sleep apnea devices, and others. The global sleeping aids market is projected to grow at a decent pace for the next few years to cross the $100,0 billion mark by 2023. Growing prevalence of insomnia and obstructive sleep apnea (OSA) disorders, rising use of portable sleep apnea devices, increasing government support for start-up companies, growing healthcare facilities, surge in the demand for sleeping pills attributed to stressful modern lifestyle, and increasing geriatric population are the key factors driving the growth of the market.
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Shifting consumer preference toward herbal OTC drugs is a major trend in the sleeping aids market. Side effects associated with OTC sleep medications such as daytime drowsiness, dry mouth, headache and change in appetite have led to the shift in the preference of consumers towards herbal OTC drugs. Majority of consumers use herbal medicines in combination with both prescription and non-prescription drugs. The patients specify that the use of herbal medicine demonstrates their independence in managing their health problems, thereby improving their general well-being.
According to World Health Organization (WHO) bulletin, 80% of the African populations use some form of traditional herbal medicine, and the worldwide annual market for these products approached $60 billion in 2005. A National Poll on Healthy Aging (NPHA) was conducted by the University of Michigan, in 2017, which stated that the people aged 65-80 years used 4% of the herbal sleeping aids on regular basis, while another 8% said that they used these aids occasionally.
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Growing healthcare facilities is driving the global sleeping aids market. There has been an increase in the funding in healthcare sector to control sleep-related disorders such as insomnia, sleep apnea, and others. According to the Indian Medical Association, the government aims to increase the spending in healthcare up to 3.0% by 2022. Also, the demand for healthcare facilities in India is poised to reach to $280 billion in 2020, from $100 billion in 2016. Other than that, manufacturers are also investing for the enhancement of healthcare facilities to control sleep-related disorders. For instance, in March 2018, Royal Philips announced the opening of Southeast Asia’s first Sleep and Respiratory Education Center at its regional headquarters, the Philips APAC Center in Singapore. In the new facility, Philips would work with international sleep and respiratory physicians and partners such as Singapore Health Services (SingHealth), to train healthcare professionals from across the region to better diagnose and treat sleep disorders. Thus, government as well as private/public firms are encouraging the facilitation in healthcare for the treatment of sleep-related disorders.
Source: P&S Intelligence
