The global sleep aid market is anticipated to grow significantly at a CAGR of 7.0% during the forecast period (2024-2031). The major players across the globe are adopting different business strategies including expanding their technological advancements, geographic presence, R&D activities, new product approvals, mergers & acquisitions, partnerships, and collaborations to increase market share. Among these, technological advancements, drug development for the treatment of sleep-related issues, and instruments, and device launches, among others are the factors that are propelling the growth of the global sleep aid market.
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For instance, in February 2021, Cadwell Industries, Inc. has announced the acquisition of Ambu A/S SleepMate’s range of Sleep Diagnostic Sensors. For more than 30 years, SleepMate products have provided high-quality and reliable sleep diagnostic sensor solutions. Cadwell is excited to work with clients who rely on SleepMate sensors for their detection sensitivity, durability, and patient comfort. Cadwell’s dedication to helping doctors and technicians throughout the globe with market-leading customer service, product innovation focused on solving user requirements and enhancing patient care benefited SleepMate consumers.
In April 2020, Cadwell Industries, Inc. is proud to reintroduce the ApneaTrak home sleep apnea testing (HSAT) equipment, which is available in three configurations to satisfy a variety of clinical demands for diagnosing sleep apnea and evaluating treatment efficacy. ApneaTrak provides a customized experience with non-proprietary inputs, allowing care providers and their patients to utilize the accessories they desire. ApneaTrak is a valuable instrument for detecting and treating sleep apnea.
In February 2020, Merck & Co., which is known as MSD outside of the US and Canada, announced that the US Food and Drug Administration (FDA) has approved an update to the prescribing information for BELSOMRA (suvorexant) C-IV to include findings on its use for the treatment of insomnia in patients with mild to moderate Alzheimer’s disease. BELSOMRA is used to treat insomnia that is characterized by sleep onset and/or sleeps maintenance issues. However, the collaborations, partnerships, drug launches for sleep disorder treatment, instruments, and devices launch by the major players are the factors that are driving the growth of the global sleep aid market.
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Market Coverage
- Segment Covered-
o By Sleep Disorder
o By Products
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- Apex Medical Corp., Cadwell Industries Inc., General Ekectric Co., GlaxoSmithKline Plc, Koninklijke Philips N.V., Merck & Co., Pfizer Inc., Sanofi S.A., SleepMed Inc., Takeda Pharmaceutical Co. Ltd., and Teva Pharmaceutical Industries Ltd., among others
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Sleep Aid Market Report Segment
By Sleep Disorder
- Insomnia
- Sleep Apnea
- Narcolepsy
- Sleep Walking
- Restless Legs Syndrome
By Products
- Sleep Laboratories
- Specialty Mattresses and Pillows
- Medications
o Prescription Drugs
o OTC Drugs
o Herbal Drugs
- Sleep Apnea Devices
o Diagnostics Devices
o Therapeutic Devices
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