Sleep Aids Market Size (2024 - 2029)

The Sleep Aids Market is projected to experience significant growth over the forecast period, driven by an increasing prevalence of insomnia and the rising adoption of sleep aids. The market's expansion is further supported by advancements in wearable technologies that offer enhanced technological support for sleep monitoring. Despite these growth drivers, potential side effects associated with sleep medications may pose challenges to the market's expansion.

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Market Size of Sleep Aids Industry

Sleep Aids Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 85.84 Billion
Market Size (2029) USD 119.66 Billion
CAGR (2024 - 2029) 6.90 %
Fastest Growing Market Asia-Pacific
Largest Market North America

Major Players

Sleep Aids Market Major Players

*Disclaimer: Major Players sorted in no particular order

Sleep Aids Market Analysis

The Sleep Aids Market size is estimated at USD 85.84 billion in 2024, and is expected to reach USD 119.66 billion by 2029, growing at a CAGR of 6.90% during the forecast period (2024-2029).

Factors such as the growing prevalence of insomnia and other disorders and the increasing adoption of sleeping aids are expected to boost the market's growth. For instance, a study published in March 2023 in the Journal of Clinical and Diagnostic Research for doctors revealed that insomnia was notably prevalent among women in urban Bengaluru, Karnataka. Factors like unemployment, being single, low socioeconomic status (SES), chronic illnesses, a history of stressful life events, financial dependence, and reliance on social assistance are significantly linked to this trend. Thus, considering such scenarios, the adoption of sleeping aids is likely to rise, leading to market growth over the forecast period.

Additionally, wearable technologies are advancing market growth by providing better technological support. For instance, in January 2023, LG Electronics announced a wireless earphone that helps users sleep comfortably using brain wave technology.

On the other hand, the article published by the American Association of Sleep Technologists (AAST) in February 2022 stated that the advantages of wearable sleep technology included the ability to record data over a prolonged length of time and the ability to gather data about a person's sleep in their natural environment. As a result, end consumers are increasingly using wearable sleep technology or devices to measure components of sleep, such as sleep/wake cycles.

Therefore, due to the abovementioned factors, the market is likely to grow in the future. However, the side effects associated with sleep medications are likely to hinder the market's growth.

Sleep Aids Industry Segmentation

As per the scope, a sleep aid is a treatment that uses devices or supplemental or herbal compounds to help induce the onset of sleep and to ensure that a patient stays asleep. Sleep aids are most popular among people who have chronic sleep disturbances, particularly insomnia.

The sleep aids market is segmented by product, sleep disorder, and geography. By product, the market is segmented into mattresses and pillows, sleep laboratory services, medication, and other products. By sleep disorder, the market is segmented into insomnia, sleep apnea, and other sleep disorders. By geography, the market is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (USD) for the above segments.

By Product
Mattresses and Pillows
Sleep Laboratory Services
Medication
Other Products
By Sleep Disorder
Insomnia
Sleep Apnea
Other Sleep Disorders
By Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East and Africa
GCC
South Africa
Rest of Middle East and Africa
South America
Brazil
Argentina
Rest of South America
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Sleep Aids Market Size Summary

The Sleep Aids Market is poised for significant growth over the forecast period, driven by the increasing prevalence of insomnia and related sleep disorders. The market is experiencing a surge in the adoption of sleep aids, including wearable technologies that offer advanced technological support. These innovations, such as LG Electronics' brain wave technology-enabled earphones, are enhancing the consumer experience by providing better sleep quality and data collection capabilities. The growing focus on research and development, along with strategic initiatives by market players, is further propelling the market forward. However, the potential side effects associated with sleep medications may pose challenges to market expansion.

North America is expected to maintain a substantial market share, fueled by the rising incidence of insomnia linked to conditions like depression and anxiety, as well as technological advancements and regulatory approvals for new products. The region's market growth is supported by the launch of innovative sleep aids, such as Sleep Habit’s digital sleep clinic and StimScience’s electronic sleep aid headband. The market is characterized by a mix of established players and emerging companies, with key players like Cadwell, Compumedics Limited, and Merck & Co., Inc. leading the charge. As these companies expand their reach into developing countries, the market is becoming increasingly fragmented yet competitive, with a focus on enhancing sleep quality through technological advancements.

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Sleep Aids Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Growing Prevalence of Insomnia and Other Disorders

      2. 1.2.2 Increasing Adoption of Wearable Monitors and Sensors

    3. 1.3 Market Restraints

      1. 1.3.1 Side Effects Associated With Sleep Medications

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size by Value - USD)

    1. 2.1 By Product

      1. 2.1.1 Mattresses and Pillows

      2. 2.1.2 Sleep Laboratory Services

      3. 2.1.3 Medication

      4. 2.1.4 Other Products

    2. 2.2 By Sleep Disorder

      1. 2.2.1 Insomnia

      2. 2.2.2 Sleep Apnea

      3. 2.2.3 Other Sleep Disorders

    3. 2.3 By Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

        3. 2.3.1.3 Mexico

      2. 2.3.2 Europe

        1. 2.3.2.1 Germany

        2. 2.3.2.2 United Kingdom

        3. 2.3.2.3 France

        4. 2.3.2.4 Italy

        5. 2.3.2.5 Spain

        6. 2.3.2.6 Rest of Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 Japan

        3. 2.3.3.3 India

        4. 2.3.3.4 Australia

        5. 2.3.3.5 South Korea

        6. 2.3.3.6 Rest of Asia-Pacific

      4. 2.3.4 Middle East and Africa

        1. 2.3.4.1 GCC

        2. 2.3.4.2 South Africa

        3. 2.3.4.3 Rest of Middle East and Africa

      5. 2.3.5 South America

        1. 2.3.5.1 Brazil

        2. 2.3.5.2 Argentina

        3. 2.3.5.3 Rest of South America

Sleep Aids Market Size FAQs

The Sleep Aids Market size is expected to reach USD 85.84 billion in 2024 and grow at a CAGR of 6.90% to reach USD 119.66 billion by 2029.

In 2024, the Sleep Aids Market size is expected to reach USD 85.84 billion.

Sleep Aids Market Report Snapshots

Sleep Aids Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)