Sleep Aid Supplements Market Size & Share | With Impressive CAGR To 2029

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Sleep Aid Supplements Market

The global sleep aid supplement market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2021-2029.

NEW YORK, NEW YORK, UNITED STATES, October 18, 2022 / / -- Research Nester released a report titled ' : Global Demand Analysis & Opportunity Outlook 2029' which delivers a detailed overview of the global sleep aid supplements market in terms of market segmentation by sleep disorders, by product, by medication type and region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

The global sleep aid supplement market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2021-2029. Lifestyle changes, workloads, stress and hectic life attributes to the growth of the sleep aid supplements market. An increase in demand for sleeping pills and a rise in the geriatric and obese population also fueled market growth. Moreover, the rise in awareness about sleep disorders and technological advancements also play a major role in the growth of the market. Sleep disorders adversely affect human health and lead to various chronic disorders like diabetes, high blood pressure, stroke and others. Therefore, it is important to diagnose and treat these disorders at an early stage. In addition, rising innovations in sleep aid devices, developing drugs for inappropriate sleep, and rising utilization of compact sleep apnea devices are relied upon to add to the development of the global sleep aid market.

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As per the survey of the National Health and Nutrition Examination (2005-2010), about 4% of U.S. adults aged 20 and over used prescription sleep aids every month.

Based on sleep disorders, the market is segmented into insomnia, sleep apnea, restless leg syndrome, narcolepsy, and sleepwalking. Out of which, insomnia holds the highest share in the market. Cases of insomnia are increasing in number due to depression, anxiety, work stress, excessive alcohol consumption, and smoking. Sleep apnea also holds a significant share of the market with the rise in the aging population, who are more vulnerable to sleep apnea disorder.

On the basis of product type, the market is segmented into mattresses and pillows, sleep laboratories, medications, and sleep apnea devices. Out of which, mattresses and pillows hold the highest revenue in the market as they are easily accessible and relatively cheaper than other products. Medication is also expanding its business with the increase in awareness about sleep disorders. However, with the advancement in technology, sleep apnea devices are also gaining popularity.

On the basis of medication type, the market is segmented into prescription-based drugs, OTC drugs, and herbal drugs. With the increase in awareness about sleep disorders and their adverse effects on human health, prescription-based drugs hold the highest revenue in the market. Herbal drugs are also gaining popularity due to their lesser side effects.

On the basis of the region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the increasing awareness about sleeping disorders, rise in the change in lifestyle, and rise in research for the development of various sleeping aids. Furthermore, in 2021, the market in North America was evaluated to occupy the largest share in terms of revenue, owing to the quick adoption of the latest technology and focus on developing new techniques with the involvement of natural products and herbs for lesser or no side effects. Europe holds second place in the market due to rising cases of sleep apnea and increasing awareness about various treatments available for sleeping disorders.

Increasing Adoption of Latest Technology for Development of Sleep Aid Supplements to Drive Market Growth.

Sandland Sleep, a US-based company, on 5th April launched a non-pharmaceutical line of sleep aid products, 'Fall Sleep and Stay Asleep' harnessing the power of the cannabinoid CBN. A natural, hemp-derived ingredient, CBN is scientifically proven to build up the body's natural ability to sleep without a high or hangover.

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The rising awareness about sleeping disorders and adverse effects caused by it to human health is increasing the demand for development of sleeping aid with lesser or no side effects, higher efficacy and easy availability. Moreover, increasing per capita expenditure on healthcare is expected to fuel the market growth. However, stringent rules and regulations by the government on pharmaceutical companies, patent expiration, and adverse side-effects of sleep aid medication are estimated to restrain market growth in the near future.

This report also provides an existing competitive scenario for some of the key players in the global sleep aid supplements market, which includes company profiling of Teva Pharmaceutical Industries Ltd., Takeda Pharmaceutical Company Limited, CareFusion Corporation, Tempur-Pedic Management Inc., Serta International, Compumedics Limited, Natus Medical Incorporated, and Glaxo Smith Plc. The profiling enfolds key information about the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts a detailed overview of the sleep aid supplements market that will help industry consultants, equipment manufacturers, existing players search for expansion opportunities, new player search possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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