Sleep Aid Supplements Market Outlook
The global sleep aid supplements market size was valued at USD 71,341.2 Million in 2020 and is projected to reach USD 1,31,514.1 Million by 2028, expanding at a CAGR of 8.5% during the forecast period, 2021-2028.
Changes in sleep patterns triggered by lifestyle changes, rising affluence of consumers, improved access to healthcare services, and rise in demand for quality healthcare are all driving growth of global sleep aid supplements market.
The production of sleeping aid supplements increased during the coronavirus pandemic, as people were/are facing difficulties in getting quality sleep. Sleep disorders among people are fueling the market during the pandemic. COVID-19 hampered the supply side, as the government approved full operation working for healthcare manufacturing plants.
Sleep Aid Supplements Market Dynamics
Mental Health Deterioration
Increase in stress creates a huge impact on the mental health of children, young people, and elder ones. mental health disorders have increased, due to improper sleeping cycle, which has led to other critical health issues such as heart related disease, diabetes mellitus, and Diabetes Insipidus, since the outbreak of COVID-19.
Emotions such as fear, anxiety, frustration, and depression have given rise to inadequate sleeping cycle and ultimately deteriorated health. This, in turn, is projected to drive the demand for sleep aid supplements.
Research & Development and Innovation
The sleep aid supplements market is highly competitive due to presence of big and small players. New players are penetrating the market. Big players are constantly developing products, doing mergers & acquisitions and building strategy to stay ahead in the market.
For example, Ramelteon Tablets were introduced by Dr. Reddy’s laboratories in the US to help cure improper sleeping in 2019. The development of new sleeping aids are fueling the market. In 2014, the FDA approved sleep-related device, Relaxis, which helps in treating restless leg. Moreover, people are preferring herbal drugs, as it is considered to be less harmful.
Side-effect of Sleep Aid Supplement
Nowadays, people are taking sleeping pills on a daily basis after consulting a doctor; however, it can be harmful for to the consumer in the long run and can cause a burning feel in hands or legs, headache, diarrhea, drowsiness, weakness, schizophrenia, and other disease.
People are misusing insomnia treatment drugs due to their easy available in the market and lack of requirement for proper documentation, which is causing other problems such as substance abuse.
Rising Investment in Drug/Device Development
Multi-national companies and small players are showing interest in this market and have introduced technologically developed equipment for treating sleep apnea. These small steps can create new opportunity in the near future.
Increase in disposable income is allowing people to invest in smartwatches and health bands to track their everyday activities and sleep-awake cycle. By making people aware about the upcoming technology and it is benefits are likely to create opportunities in the future.
Scope of Sleep Aid Supplements Market Report
The report includes an assessment of the market, size, share, trends, segments, and country markets. Overview and dynamics have been included in the report.
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Attributes
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Details
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Report Title
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Sleep Aid Supplements Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Drug Type (Powder, Liquid, Capsules, Tablets), Product Type (Mattresses and Pillows, Sleep Laboratories, Medication Sleep, Apnea Devices, Others), Sleep Disorders (Insomnia, Sleep Apnea, Restless Legs Syndrome, Narcolepsy, Sleepwalking, Others), Medication Type (Prescription-based Drugs, OTC Drugs, Herbal Drugs), Manufacturing Industry (Pharmaceutical & Healthcare Companies, Nutraceutical, Food and Beverage), Distribution Channel (Pharmacies, Specialty store, Online retailers, Others) and Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered
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Koninklijke Philips N.V, Merck & Co., Inc., Safoni, DeVilbiss Healthcare LLC, Pfizer Inc., Nestlé, Johnson & Johnson, SMP Nutra, Biotics Research Corporation and GlaxoSmithKline plc
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Sleep Aid Supplements Market Segment Insights
Drug Type Segment Analysis
On the basis of drug type, market is classified as liquid, tablets, capsules, and powder. The liquid segment is expected to grow at a significant pace during the forecast period, as different varieties of liquids are easily available in the market such as diphenhydramine.
These liquids help treat patients suffering from insomnia (unable to maintain their sleep-awake cycle). People usually prefer to consume supplements in liquid, capsule, or tablet form.
Product Types Segment Analysis
Based on product types, the market is categorized into mattresses and pillows, apnea devices, medication sleep, and sleep laboratories. The mattresses and pillows segment is expected to grow at a significant pace during the forecast period, as these are easily available at a los cost.
According to a recently released research report, by changing uncomfortable bed one can get an additional forty two minutes sleep. Ideal mattress and pillow type vary from person to person.
Sleep Disorders Segment Analysis
In terms of sleep disorders, the sleep aid supplements market is divided into insomnia, sleep apnea, restless legs syndrome, narcolepsy, and sleepwalking. The insomnia segment is expected to hold a major share of the market during the forecast period, owing to hectic work load and night shifts. People are facing difficulties in maintaining their sleep-awake cycle, which is giving rise to insomnia.
Medication Type Segment Analysis
In terms of medication type, the market is divided into Prescription-based Drugs, OTC Drugs and Herbal Drugs. The growing preference for traditional medicines by consumers, recent technological advancements in the healthcare sector, and the increasing demand for natural medicines are expected to drive the Herbal drug segment over the predicted years.
Manufacturing Industry Segment Analysis
On the basis of manufacturing industry, the market is fragmented as Pharmaceutical, Nutraceutical, Food and Beverage. The demand for Nutraceuticals products is increasing rapidly. The primary reason for the increase in demand for nutraceuticals is the increasing awareness regarding the health benefits with the consumption of nutraceuticals and Nutraceuticals supplements.
Distribution Channel Segment Analysis
In terms of distribution channel, the sleep aid supplements market is divided into Pharmacies, Specialty store, Online retailers and Others. Pharmacies are the most popular means of purchase of Sleeping Aid Supplements and the online retailers segment is gaining popularity and is expected to have the highest growth.
Sleep Aid Supplements Market Regional Analysis
North America held a significant market share in 2020. Growing urbanization led to high stress levels, which affected the sleep cycle of people. Increasing disposable income and high consumption of alcohol and caffeine are boosting the Sleep Supplements Market opportunities in the US.
Rising healthcare costs, availability of counterfeit products, and increasing prevalence of obesity and other health disorders that led to the consumption of herbal drugs are expected to propel the market in North America in the coming years.
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.
The market in Asia Pacific is expected to hold a considerable share of the global market during the forecast period, owing to rising urbanization, rapidly rising sleep disorders, increasing disposable income, and high awareness of health. In India and China, awareness created among people by the governments for having a healthy lifestyle by consuming herbal medications are expected to rise the demand in Asia Pacific region.
Latin America is projected to account for a substantial share of the market during the forecast period, due to increasing obesity and rising screen time, which is affecting the quality of sleep of people in the region. Demand for prescribed and OTC drugs is anticipated to grow post-pandemic.
Brazil, Mexico, and the rest of Latin America together hold a significant share of the market in this region. Growth and technology advancements done in the nutraceutical industry is anticipated to boost the market in this region.
The Middle East & Africa held a significant share of the global sleep aid supplements market. Rapidly expanding manufacturing industry in the Middle East & Africa is attributed to herbal sources available in the region.
Rising prevalence of various diseases such as insomnia is expected to fuel the demand for sleep aid supplements in the region. The market in South Africa held a substantial share of the market, due to large proportion of geriatric population, and the market in the country is expected to grow during the forecast period.
Key Benefits for Industry Participants & Stakeholders
- In-depth Analysis of the Global Sleep Aid Supplements Market
- Historical, Current and Projected Market Size in terms of Value.
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on Global Sleep Aid Supplements Market Performance
Segments
Drug Type
- Powder
- Liquid
- Capsules
- Tablets
Product Type
- Mattresses and Pillows
- Sleep Laboratories
- Medication Sleep
- Apnea Devices
- Others
Sleep Disorders
- Insomnia
- Sleep Apnea
- Restless Legs Syndrome
- Narcolepsy
- Sleepwalking
- Others
Medication Type
- Prescription-based Drugs
- OTC Drugs
- Herbal Drugs
Manufacturing Industry
- Pharmaceutical & Healthcare Companies
- Nutraceutical
- Food and Beverage
Distribution Channel
- Pharmacies
- Specialty store
- Online retailers
- Others
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Players
- Koninklijke Philips N.V
- Merck & Co., Inc.
- Safoni
- DeVilbiss Healthcare LLC
- Pfizer Inc.
- Nestlé
- Johnson & Johnson
- SMP Nutra
- Biotics Research Corporation
- GlaxoSmithKline plc
Competitive Landscape
Top players in the market include Koninklijke Philips N.V, Merck & Co., Inc., Safoni, DeVilbiss Healthcare LLC, Pfizer Inc., Nestlé, Johnson & Johnson, SMP Nutra, Biotics Research Corporation, GlaxoSmithKline plc.
These companies are considered as key manufacturers of Sleep Aid Supplements based on their revenue, research development (R&D) activities, product offerings, regional presence, and supply chain management system. The players are adopting key strategies such as acquisition, collaborations, and geographical expansion where potential opportunity for the Sleep Aid Supplements market.
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