(Newswire.net — July 20, 2017) New York City, New York — Increasing prevalence of sleep disorders has led to psychiatric issues, medical problems, and physical disturbances. Moreover, various healthcare institutions are increasingly taking initiatives to spread awareness regarding sleep disorder issues.
Factors Propelling Growth of the Global Market
Increasing prevalence of sleep disorders is mainly attributed to modern and stressful lifestyle, which is likely to impact growth of the global market for sleep aids positively. Busy professional lifestyle has further resulted in irregular sleeping patterns. Growing need to work at night due to professional purposes will further impact the market growth of sleep aids globally during the predicted period. Due to such factors, sleep aids are likely to gain significant traction globally by the end of 2020.
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Growing prevalence of diabetes, increasing prevalence of chronic diseases including cancer, obesity, CVDs, long-term depression, and diabetes has revved up demand for sleep aids globally. Moreover, weak conditions of health, relatively low productivity, stressful relationships, and growing risks of accidents have significantly contributed towards growth of the global sleep aids market through 2020. Surge in adoption of sleep aid kits is witnessed to be a major trend among customers, and is likely to continue throughout 2020. Such factors are likely to contribute towards growth of the global market for sleep aids during the predicted period.
Pillows to Remain a Dominant Segment
Sleep apnea among various sleep disorders is likely to register a relatively fast growth in the global sleep aid market throughout 2020. Pillows among various product types will remain a dominant segment in the global sleep aids market during the predicted period. Prescription medication among other types of medications will represent a relatively large segment in the global market for sleep aids through 2020. Continuous positive airway pressure among other therapies will witness significant demand for the treatment of sleep apnea in the global sleep aids market. Increasing adoption of passive-off body sensors, and wearable monitors will impact growth of the global market for sleep aids positively.
North America to Represent a Leading Market
U.S. among other countries of North America is likely to remain dominant in the global sleep aids market during the predicted period. This is mainly attributed to an increasing awareness related to consequences related to sleep disorders among customers in this region. The market for sleep aids in North America is likely to represent US$ 44.5 billion by 2020. The North America sleep aids market will register a CAGR growth of 5.7% during the projected period. Stressed and busy lifestyle has led to an increasing demand for sleep aids in Asia. The market in this region is likely to underscore significant growth opportunities. Such factors will impact growth of the global market of sleep aids during the predicted period.
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Market Players
Major market players are increasingly focusing on benefiting with a competitive edge over other players. Leading market players operating in the global sleep aids market include Merck & Co., Sanofi, Koninklijke Philips N.V. (Philips), Pfizer, Takeda Pharmaceutical Company Limited, GlaxoSmithKline Plc, Teva Pharmaceutical Industries Ltd., and Care Fusion Corporation. Other key players operating in the global sleep aids market include SleepMed, Inc, Cadwell, Natus Medical manufactures, Compumedics Limited., and DeVilbiss Healthcare LLC.
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