According to a recent market study published by Growth Market Reports, titled, “Sleep Aid Supplements Market by Drug type, Product type, Sleep disorders, Medication type, Manufacturing Industry, Distribution channel and Regions: Size, Share, Trends and Opportunity Analysis, 2018-2028”, the market was valued at US$ 13,054.7 Million in 2020 and is expected to grow at a moderate growth rate of 8.5% by the year 2028.

Increasing screen-time of electronic gadgets such as smartphones and laptops is affecting sleep, which is a common concern in today’s time. Sleep is a biological requirement that influences memory, metabolic homeostasis, and other cognitive functions, and it enhances immunity. Sleep aids are medical devices and drugs that are used to treat various sleep disorders.

Sleep disorders affects health and lead to various serious disorders such as high blood pressure and diabetes; therefore, it is important to treat these disorders at an early stage. Some examples of sleep disorders are insomnia, sleep apnea, restless legs syndrome, narcolepsy, and sleepwalking. It is necessary to improve sleep quality, which has a significant impact on physical and mental health. It is pivotal to safeguard people's health by maintaining the quality of sleep.

The Sleep Aid Supplements market is expected to witness a decline in year-on-year growth for 2020 as compared to for previous year 2019. Interruption in the supply chain of valves across the globe due to the spread of COVID-19, has a moderate negative impact on the product sales. Thus, the import and export of valves has witnessed slight decrease in sales in 2020. The partial closing of manufacturing units and retail centers in first and second quadrants of 2020 had a significant impact on the sales of the valves. Moreover, inadequate raw material supply and lack of available workforce for production of valves in the first and second quadrant of 2020 had hampered the market growth in 2020.

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As per Growth Market Reports industry analyst Divyanka Sankhe, “The Sleep Aid Supplements market is anticipated to witness significant growth during forecast period 2020-2028. Rising awareness about sleep disorders such as insomnia and technological advancements in sleep aid devices play a major role in fueling the market. Increasing investments for innovations in sleep aid devices, rising number of drugs for sleep disorders, and growth in the utilization of compact sleep apnea devices fuel the sale of sleeping aid supplements. The key players are engaged in advertising their valves through social media platforms including Instagram, Facebook, and Twitter.”

Major market players in almost every industry rely on the development of innovative products. Companies are focusing on investing in technologically advanced products and their development. Increasing expenditure on technological advancements in sleep aid devices is increasing the development of products. Advancements in technology of electronic gadgets is boosting the market. This led to increase in screen time, which is causing sleep disorders. Hence, demand for sleep aid supplements is expected to increase in the coming years.

Increasing government regulatory policies and campaigns to make people aware about the importance of sleep is anticipated to increase the demand for sleep aid supplements during the forecast period. Governmental bodies and several environmental organizations are developing various programs which address mental wellbeing linked to proper sleep cycle. Governments are focusing on the healthcare industry, due to increasing population and growing lifestyle diseases. FDA regulations by the US and other regulations from various countries affects the commercialization of any drug or device. Strict clinical trials & approvals are needed to launch any drug or device, which affects the market negatively.

The Coronavirus disease 2019 (COVID-19) pandemic has highlighted economic disparities in the global demand in the crises of global interdependence and governance challenges. Epidemics are isolated concerns for businesses and prospects for emerging patterns and vulnerabilities. According to the current pandemic situation, strict measures are required for monitoring the situation, which in turn, affect businesses causing unanticipated short and long-term effects.

Consequently, epidemics and pandemics are problems for individual market and an enhancement of existing dynamics and limitations. In the long-term, COVID-19 can serve as another opportunity for manufacturers to reconsider their commitment to the supply chain in regions prone to outbreaks and to reconfigure themselves regionally. In current scenario, COVID-19 is hampering the production process of several manufacturing industries and businesses. Moreover, trade barriers are further reducing the demand-supply of various products and services.

Key Takeaways from the Study

  • The players including Koninklijke Philips N.V, Merck & Co., Inc., Safoni, DeVilbiss Healthcare LLC, Pfizer Inc., Nestlé, Johnson & Johnson, SMP Nutra, Biotics Research Corporation, GlaxoSmithKline plc hold a major market share of Sleep Aid Supplements Market in year 2020.
  • Higher prevalence of sleep disorders leads to higher demand for related treatment. The U.S. currently holds major revenue share in North America market, and is expected to continue growing through 2028. Furthermore, higher awareness about sleep aid products and presence of major market players such as Merck and Pfizer in the country are expected to boost demand for sleep aids in the U.S.
  • The market in Europe is expected to expand at a rapid pace during the forecast period, owing to the various sleep disorders that are interfering with people's lives in the country as a result of rising cigarette and alcohol consumption, increasing ageing population, growing population base working night shifts, and changing European living preferences.
  • The Asia Pacific holds for a considerable share due to advanced healthcare infrastructure, increased prevalence of insomnia, increase in younger population base, and change in lifestyles are major factors attributed to the growth of the market in the country.

Report Scope

Report Metric

Details

Market Value in 2020

US$ 71,341.2 Million

Market Growth Rate (from 2020 to 2028)

8.5%

Historical Data

2018, & 2019

Base Year

2020

Forecast Period

2021 - 2028

Units Considered

Value (US$ Million) and Volume (Thousand Units)

Market Segments

By Type, By Application, By End use and By Regions

Key Companies Profiled

Koninklijke Philips N.V, Merck & Co., Inc., Safoni, DeVilbiss Healthcare LLC, Pfizer Inc., Nestlé, Johnson & Johnson, SMP Nutra, Biotics Research Corporation, and GlaxoSmithKline plc among others.

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements.

Target Audience

  • Supply-side: Manufacturers, raw material suppliers, and distributors
  • Demand Side: Pharmaceuticals, Healthcare, Hospital, People suffering from insomnia and Others.
  • Regulatory Side: Concerned government authorities, and other regulatory bodies.