Predictive Digital Transformation To Drive The Sleep Aids Ma...| MENAFN.COM

Saturday, 03 December 2022 06:06 GMT

Predictive Digital Transformation To Drive The Sleep Aids Market At A CAGR Of 4.5% X Herald


(MENAFN- Ameliorate Digital Consultancy)

The sleep aids market is slated to grow on a gracious note (US$ 40.1 Bn) between 2020 and 2025. Wearable technology is bound to come up as one of the prospective solutions for ascertaining assistive healthcare services for everyone. The common applications are inclusive of managing several health conditions through wearable devices, preventive care to ICU and elderly patients, and offering quality remote care to various patients at remote areas or care homes, and likewise. This would be the conduct of Sleep Aids Market in the forecast period.

The global sleep aids market is worth US$ 25.8 Bn at present, and The market for sleep aids is expected to reach US$ 40.1 Bn by 2031, while expanding at a CAGR of 4.5%.

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Increasing prevalence of sleep-related disorders, changing lifestyles, obesity, and increasing aging population, together with technology advancements with the launch of innovative devices are some of the factors driving demand for sleep aids.

Increasing demand for sleeping pills due to modern lifestyles is one of the major factor driving demand for sleep aids. Stressful pace of life is found to be the main characteristic of modern lifestyle, thus increasing the incidence of sleep-related disorders. According to the Centers for Disease Control and Prevention (CDC) 2020 report, one-third of the U.S. population gets less than the recommended amount of sleep on a regular basis.

Market Competition

New product launches and acquisitions have emerged as a key growth strategy adopted by some of the leading manufacturers of sleep aids. By focusing on these strategies, key stakeholders are expanding their geographic footprints and strengthening their existing product portfolios.

  • 04-Feb-2020, Merck & Co/MSD claimed FDA approval for a new use of its insomnia drug Belsomra, treating sleep disruption in people with mild-to-moderate Alzheimer's disease.
  • In January 2019, GSK announced that it completed the acquisition of Tesaro for approximately US$ 5.1 Bn.
  • In 2018, Philips acquired NightBalance, a digital health company in the Netherlands, which has developed an innovative, easy-to-use device to treat positional obstructive sleep apnea and positional snoring.
  • In August 2017, Sanofi S.A. announced the acquisition of Protein Sciences, a vaccines biotechnology company based in Meriden, Connecticut, in the United States.

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Key Takeaways from Market Study

  • By product, mattresses and pillows, chin straps, mouth pieces, and nasal devices will hold a market share of 72.5% in 2021, expanding at a CAGR of around 4.3% over the forecast period.
  • By indication, insomnia is expected to hold well over 35% market share in 2021, and is expected to continue growing at a moderate rate over the forecast period.
  • By distribution channel, the e-Commerce and others segments together holds more than 50% market share, and are expected to continue a similar trend through the forecast period.
  • By region, North America held the highest share in the global market in 2020, with the market expanding at a CAGR of nearly 4%.

The research study is based on product (drugs {insomnia treatment drugs [doxepin hydrochloride, eszopiclone, ramelteon, triazolam, zaleplon, quazepam, and others], narcolepsy treatment drugs [modafinil, sodium oxybate, armodafinil, and others]}, devices {CPAP devices, BIPAP devices, and APAP devices}, others {mattresses & pillows, chin straps, nasal devices and mouthpieces}), by indication (insomnia, sleep deprivation, narcolepsy, sleep apnea, and others), and distribution channel (hospital pharmacies, retail pharmacies, e-Commerce, drug stores, and others), across five key regions of the world.

Competitive Landscape

The global market for generic sleep aids has been identified as a fairly fragmented space due to the presence of a high number of market participants.

Some of the key market players included in the report are ResMed Inc., Koninklijke Philips N.V., Merck & Co. Inc., Drive DeVilbiss Healthcare LLC, GlaxoSmithKline Plc., Fisher & Paykel Healthcare Limited, Sanofi SA, Pfizer Inc., Eisai Co., Ltd.

These are identified as key manufacturers of generic sleep aids. They are engaged in market expansion activities and the research & development of new sleep aids .

Region Coverage (Regional Production, Demand & Forecast by Countries etc.):
North America (U.S., Canada, Mexico)
Europe (Germany, U.K., France, Italy, Russia, Spain etc.)
Asia-Pacific (China, India, Japan, Southeast Asia etc.)
South America (Brazil, Argentina etc.)
Middle East & Africa (Saudi Araia, South Africa etc.)

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Key Questions Answered in This Report.

  • What will the Market growth rate in Future?
  • What are the key factors driving the global Market?
  • Who are the key manufacturers in Market space?
  • What are the opportunities and threats faced by the vendors in the global industry?
  • What are sales, revenue, and price analysis by regions of industry?

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