In recent years, the sleep industry has witnessed a remarkable surge, giving rise to what is now known as the sleep economy. As people become increasingly aware of the importance of a good night’s sleep, the demand for sleep aids and related products has skyrocketed. This burgeoning market offers a wide range of solutions to help individuals achieve better sleep, from innovative technologies to traditional remedies. Let’s delve into the overview, drivers, restraints, and some statistics from government organizations that shed light on this thriving industry.
The sleep economy encompasses various sectors, including sleep aids, sleep technology, sleep clinics, and sleep-related services. Sleep aids, such as over-the-counter medications, herbal supplements, and sleep-inducing devices, have become increasingly popular among individuals struggling with sleep disorders or seeking to improve their sleep quality. Additionally, the advent of sleep technology, such as smart mattresses, sleep trackers, and wearable devices, has revolutionized the way people monitor and optimize their sleep patterns.
The global sleep economy or sleep aids market size was USD 512.80 Billion in 2022 and is expected to register a revenue CAGR of 6.3% during the forecast period, according to latest analysis by Emergen Research. Several factors contribute to the rapid growth of the sleep economy. Firstly, the increasing prevalence of sleep disorders, such as insomnia, sleep apnea, and restless leg syndrome, has propelled the demand for sleep aids. According to the Centers for Disease Control and Prevention (CDC), approximately 50-70 million adults in the United States suffer from sleep disorders, highlighting the vast market potential for sleep-related products and services.
Moreover, the growing awareness of the detrimental effects of sleep deprivation on overall health and well-being has prompted individuals to seek effective solutions. Sleep aids offer a convenient and accessible means to address sleep-related issues, providing relief from insomnia symptoms and promoting restful sleep. As a result, the sleep economy has witnessed a surge in demand, with consumers actively seeking products that can enhance their sleep quality.
However, despite the promising growth prospects, the sleep economy faces certain restraints. One significant challenge is the lack of regulation and standardization in the sleep aids market. With numerous products flooding the market, consumers often find it challenging to navigate through the vast array of options and identify reliable and effective sleep aids. This lack of regulation not only poses potential health risks but also hampers the growth of the industry.
To address these concerns, government organizations have taken steps to monitor and regulate the sleep economy. For instance, the Food and Drug Administration (FDA) in the United States has implemented guidelines for the safety and efficacy of sleep aids, ensuring that manufacturers adhere to stringent quality standards. Additionally, the National Institutes of Health (NIH) has been actively funding research to better understand sleep disorders and develop innovative solutions.
Emergen Research’s latest market research report, titled Global Sleep Economy or Sleep Aids Market, provides estimated market size and shares, latest industry trends, global market growth rates, key drivers and opportunities, constraints, product segmentation, and major market players. Cost structure, market size, competitive landscape, product portfolio and specifications, and company profiles.
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The Global Sleep Economy or Sleep Aids Market report assesses the historical and current data along with a thorough analysis of the market dynamics. The report also sheds light on the significant market growth driving and restraining factors that are anticipated to influence the market growth through the forecast period. The report explores the effects of the pandemic on the market and its key segments and regions. It also offers a forecast estimation of the market growth in a post-COVID-19 scenario.
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Provide chapter-wise guidance on request 2022 Updated Regional Analysis with Graphical Representation of Trends, Size, & Share, Includes Updated List of figures and tables.
Updated Report Includes Major Market Players with their Sales Volume, Business Strategy and Revenue Analysis by using Emergen Research methodology.
Competitive Terrain:
The global Sleep Economy or Sleep Aids industry is highly consolidated owing to the presence of renowned companies operating across several international and local segments of the market. These players dominate the industry in terms of their strong geographical reach and a large number of production facilities. The companies are intensely competitive against one another and excel in their individual technological capabilities, as well as product development, innovation, and product pricing strategies.
Key Players Operating in the Global Sleep Economy or Sleep Aids Market are:
GlaxoSmithKline Plc., Merck KGaA, Amazon.com, Inc., Idorsia Pharmaceuticals Ltd., Koninklijke Philips N.V., SlimScience, BAYER AG, THE SLEEP COMPANY, Eisai Co., Ltd, and ResMed
The Research covers the following objectives:
To study and analyze the Global Sleep Economy or Sleep Aids Market by key regions/countries, product type and application, history data from forecast to 2030.
To understand the structure of Sleep Economy or Sleep Aids Market by identifying its various sub-segments.
Focuses on the key global Sleep Economy or Sleep Aids Market manufacturers, to define, describe and analyze the sales volume, value, market share, market competition landscape, Porter’s five forces analysis, SWOT analysis and development plans in the next few years.
To analyze the Sleep Economy or Sleep Aids Market with respect to individual growth trends, future prospects, and their contribution to the total market.
Browse Detailed Sleep Economy or Sleep Aids Market Research Analysis report @ https://www.emergenresearch.com/industry-report/sleep-economy-or-sleep-aids-market
Segments Covered in this report are:
- Product Type Outlook (Revenue, USD Billion; 2019-2032)
- Sleep Products
- Mattresses and Bedding
- Pillows and Cushions
- Sleepwear and Pajamas
- Blankets and Comforters
- Sleep Accessories
- Sleep Medications and Supplements
- Prescription-based Drugs
- Benzodiazepines
- Non-benzodiazepines (e.g., Zolpidem, Eszopiclone)
- Orexin Receptor Antagonists (e.g., Suvorexant)
- OTC Drugs
- Herbal Drugs
- Prescription-based Drugs
- Sleep Technology
- Sleep Trackers and Wearables
- Sleep Sound Machines
- Light Therapy Devices
- Sleep Apnea Devices
- Positive Airway Pressure (PAP) Devices
- Facial Interfaces
- Oral Appliances
- Adaptive Servo-Ventilators (ASVs)
- Others
- Sleep Services
- Sleep Clinics and Diagnostic Centers
- Sleep Coaching and Therapy
- Sleep Retreats and Wellness Programs
- Sleep Consultations & Telemedicine
- Sleep Products
- Sleep Disorder Outlook (Revenue, USD Billion; 2019-2032)
- Insomnia
- Sleep Apnea
- Restless Legs Syndrome
- Narcolepsy
- Parasomnia
- Others
- Distribution Channel Outlook (Revenue, USD Billion; 2019-2032)
- Retail Pharmacies
- Online Platforms
- Supermarkets and Hypermarkets
- Convenience Stores
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Regional Outlook:
- North America (the U.S., Canada, Mexico)
- Europe (the U.K., Germany, France, Italy)
- Asia Pacific (India, China, Japan, Korea)
- Latin America (Brazil, Argentina, Ecuador, Chile)
- Middle East & Africa (Egypt, Turkey, Saudi Arabia, Iran)
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