Sleep aids are products like medications, devices, supplements and applications that promote better sleep by treating insomnia and other sleep disorders. Sleep aids help induce or maintain sleep, or improve the quality of sleep. Commonly used sleep aids are prescription sleep medications such as Ambien, prescription sleep devices like CPAP machines which provide continuous positive airway pressure therapy during sleep, over-the-counter sleep aids such as melatonin and valerian supplements. The increasing cases of insomnia and lack of sleep due to rising stress levels and unhealthy lifestyles have boosted the demand for sleep aids.

The global sleep aids market is estimated to be valued at US$ 73.9 Bn in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

One of the key drivers propelling the global sleep aids market growth is the rising prevalence of insomnia and other sleep disorders. According to the American Sleep Foundation, approximately 30% of adults worldwide suffer from insomnia at least several nights a week. The use of technological devices such as smartphones and laptops late at night interferes with the body's natural sleep-wake cycle and causes sleep deprivation. The American Academy of Sleep Medicine reports that many individuals self-treat their sleep issues without prescription, creating demand for over-the-counter sleep aids such as supplements and natural sleep remedies. Various awareness initiatives undertaken by sleep clinics and non-profit organizations regarding the importance of quality sleep further complement the sleep aids industry growth. However, stringent regulations for prescription sleep aids and significant risks associated with long-term usage of medications may restrain the market to a certain extent over the forecast period.

SWOT Analysis
Strength: The sleep aids market has seen consistent growth due to rising prevalence of sleep disorders. Insomnia, sleep apnea, and other sleep issues are affecting a large population globally. This consistent demand has proven to be a key strength for market players. Furthermore, technological advancements have allowed players to develop more effective pills, devices, and other products for treating sleep issues.
Weakness: Dependence on prescription drugs for sleep aids can lead to addiction and other issues with prolonged use. Many over-the-counter products also cause drowsiness and hangover effects. This can discourage customers from long term use. Additionally, lack of medical insurance coverage and high treatment costs are barriers for many customers.
Opportunity: Emerging markets like Asia Pacific and Latin America are expected to offer high growth opportunities. Rising awareness about sleep health and growing disposable incomes will drive gains. The market also stands to benefit from an aging global population prone to sleep disorders. The use of digital therapeutics and apps provide an opportunity to engage customers and offer non-drug alternatives.
Threats: Intense competition among existing players may lead to pricing pressures. Generic alternatives also threaten brand leaders when patents expire. Additionally, social stigmas associated with sleep disorders may discourage some people from seeking formal treatment.

Key Takeaways

The global sleep aids market is expected to witness high growth over the forecast period of 2024 to 2031. The market size for 2024 is projected to reach US$ 73.9 billion. Rising prevalence of sleep disorders and increasing health problems associated with lack of sleep are key drivers of demand. The global sleep aids market is estimated to be valued at US$ 73.9 Bn in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024 to 2031.

Regional analysis - Asia Pacific region is poised to be the fastest growing regional market for sleep aids. Countries like China, India, and Japan have large populations affected by sleep issues. Growing awareness, increasing disposable incomes, and developing healthcare infrastructure will aid growth in the region. North America currently dominates the global market due to high adoption of prescription and OTC sleep aids.

Key players - Key players operating in the sleep aids market are Sanofi, Merck & Co. Sanofi is a prominent player offering popular insomnia drug Ambien. Merck offers sleep disorder drug Belsomra. These companies invest heavily in R&D to develop innovative solutions addressing unmet needs of customers.