Sleep Aid Market Succeeds With Healthcare Industry Growth With 7.0% CAGR Through 2026

 

Sleep Aid Market

The sleep aid market was valued at $ 49,543 in 2016 and is valued at $ 79,851 million by 2023, recording a CAGR of 7.0% from 2017 to 2023. North America is the most significant contributor to the sleep aid market; However, Asia-Pacific recorded the highest rate in 2016.

Sleep aids in drugs and medical devices are used to diagnose and treat sleep disorders such as sleep apnea and sleepwalking. These are intended to improve the sleep quality of patients with sleep disorders. Sleep disorders can affect human health and cause chronic diseases like diabetes and cardiovascular disease.

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Lifestyle change, stressful work conditions, other issues affecting sleeping habits, a surge in disposable income among customers, and a growing awareness of the adverse effects of sleep disorders on human health are expected to fuel in the sleep aid market. In addition, the risk of insomnia increases with age and obesity, so the rise in the geriatric and obese population could increase the prevalence of insomnia, which should fuel market . The increased demand for sleep aids has also led to growing technological advances that will open further new avenues for market . However, the adverse effects of sleeping pills and patent expiration are expected to inhibit the market growth.

The mattresses & pillows segment was the area with the highest sales in 2016, and this trend is expected to continue in the forecast period. The availability of a wide variety of products, awareness of the health benefits of quality sleep, and advances in manufacturing techniques are some of the driving factors behind the growth of this segment. Insomnia dominates the sleep aids market and is expected to be the major contributor to market growth as a large population suffers from insomnia.

😷 – :

1) The impact of COVID-19 on the Sleep Aid market is unpredictable and is expected to remain in effect through the fourth quarter of 2021.
2) The COVID-19 outbreak forced governments worldwide to put in place strict lockdowns and bans on the import and export of non-essential items for most of 2020. This led to a sudden drop in the availability of critical raw materials.
3) In addition, nationwide lockdowns forced production facilities to wholly or partially cease operations.
4) The adverse effects of the COVID-19 pandemic have resulted in delays in activities and initiatives to develop reliable and innovative drone analysis systems around the world.

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The key companies featured in the report include

-Royal Philips NV
-Merck & Co.
-Sanofi
-DeVilbiss Healthcare LLC.
-Pfizer Inc.
-SleepMed Inc.
– Cadwell Laboratories Inc.
-Compumedics Limited
Children’s Medical Incorporated, and
-GlaxoSmithKline plc

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