The sleep aids market comprises various products that help promote sleep and treat sleep disorders. Sleep aids include medications, sleep devices, and sleep supplements. Increasing prevalence of sleep disorders like insomnia has boosted adoption of sleep aids. Insomnia affects approximately 30% of adults worldwide at some point in their lives and affects their quality of life. Sleep aids help provide relief from symptoms of insomnia and other disorders.
The global sleep aids market is estimated to be valued at US$ 73350.49 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing geriatric population susceptible to sleep disorders presents a major market opportunity for sleep aids. Aging is associated with deteriorating sleep quality. Over 55% of adults aged above 65 suffer from chronic insomnia due to age-related medical conditions. As life expectancy rises globally, the geriatric demographic is expanding rapidly. By 2050, one in six people in the world will be over age 65. This burgeoning senior population prone to sleep issues will fuel demand for sleep aids in the coming years. As people aged 60 years and above are the prominent consumers of sleep aids, growth in their population serves as a key opportunity area.
Porter's Analysis
Threat of new entrants: The Sleep Aids Market has moderate threat of new entrants due to high capital requirements and well-established players dominating the market. However, supportive government regulations can help new players enter the market.
Bargaining power of buyers: Buyers have moderate to high bargaining power due to availability of substitutes. Buyers can negotiate on price and switch between suppliers depending on price and quality of sleep aids products.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power as there are many suppliers in the market providing sleep aids raw materials and components.
Threat of new substitutes: Threat of substitutes is moderate as other alternatives like yoga, meditation can be used instead of sleep aids.
Competitive rivalry: The market has high competitive rivalry due to presence of many global and regional players offering similar products. Players compete on price, quality, innovation to gain market share.
SWOT Analysis
Strength: Wide availability of innovative and effective products for sleep disorders. Growing awareness about importance of good sleep.
Weakness: High cost of prescribed sleep aids limits demand. Potential side-effects and risk of addiction with use of certain medicines over long-term.
Opportunity: Rising stress levels and changing lifestyles driving need for better sleep aids. Growing geriatric population prone to sleep issues expands market scope.
Threats: Easy availability of substitutes impacts sales. Stringent regulations delay market entry for new players.
Key Takeaways
The Global Sleep Aids Market Growth is estimated to be valued at US$ 73350.49 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030.
The global Sleep Aids Market is expected to witness high growth. North America dominates the market currently due to high healthcare spending and awareness about sleep disorders. However, Asia Pacific is fastest growing region due growing economy, large population size and increasing awareness about benefits of good sleep.
Key players operating in the Sleep Aids market are Domtar Corporation, Medline Industries Inc., Cardinal Health, Attends Healthcare Products Inc., Kimberly-Clark Corporation, Dynarex Corporation, Tanga.com, Sarasota Medical, SCA, First Quality Enterprises Inc., Prevail, Cypress Medical Products LLC, Shield Healthcare LLC, 3M, McKesson Corporation, Ontex. Players compete on innovative product development, quality, and expanding availability through e-commerce platforms.
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