New York, July 31, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Persistence Market Research "Global Market Study on Sleep Aids: Sleep Apnea to Witness Highest Growth by 2020", the global sleep aids market was valued at US$ 58.1 Bn in 2014 and is expected to expand at a CAGR of 5.7% to account for US$80.8 Bn by 2020.
Sleep aids are drugs and medical devices that help a person to fall asleep. Lack of quality sleep leads to a medical condition known as a sleep disorder. Sleep disorder occurs due to changes in sleeping pattern of a person which can be caused by physical disturbances, medical issues, psychiatric problems, and environmental issues.
Globally, the sleep aids market is witnessing significant growth due to rising incidence of sleep disorders due to growing geriatric population, increasing demand for sleeping pills due to stressful modern lifestyle and rising initiatives by various health organizations to increase awareness about sleep disorders. However, factors such as side effects associated with sleep aids medications and patent expiration of major sleep drugs are key restraints for the growth of the global sleep aids market. The global sleep aids market was valued at US$ 58.1 Bn in 2014 and expected to account for US$ 80.8 Bn by 2020 at a CAGR of 5.7%.
North America has the largest market for the global Sleep Aids market. This is due to technological advancements in the region. The North American sleep aids market was valued at US$ 31.9 Bn in 2014 and is expected to account for US$ 44.5 Bn by 2020 at a CAGR of 5.7%. In terms of sleep disorders, sleep apnea is the fastest growing segment. In terms of product, mattresses and pillows are the largest segments in the sleep aids market. In terms of medication, prescription medications are the largest segment in the market.
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Some of the latest trends in the global sleep aids market are increasing usage of home sleep test for diagnosis of sleep apnea, continuous positive airway pressure (CPAP) therapy to treat sleep apnea, and growing adoption of wearable monitors and passive-off body sensors.
Sanofi, Merck & Co., Pfizer, Koninklijke Philips N.V. (Philips), GlaxoSmithKline Plc, Takeda Pharmaceutical Company Limited, Care Fusion Corporation, Teva Pharmaceutical Industries Ltd. are some of the leading players in the global market for Sleep Aids market. Some of the other major players in Sleep Aids market are; Cadwell, SleepMed, Inc, Natus Medical manufactures, DeVilbiss Healthcare LLC, and Compumedics Limited.
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The global sleep aids market is segmented as follows:
By Sleep Disorder
- Sleep Apnea
- Restless Legs Syndrome
- Sleep Walking
- Mattresses and pillows
- Sleep laboratories
- Sleep apnea devices
- Prescription-based drugs
- OTC drugs
- Herbal drugs
- North America
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Source:Persistence Market Research