In recent years, the sleep industry has witnessed a remarkable surge, giving rise to what is now known as the sleep economy. As people become increasingly aware of the importance of a good night's sleep, the demand for sleep aids and related products has skyrocketed. This burgeoning market offers a wide range of solutions to help individuals achieve better sleep, from innovative technologies to traditional remedies. Let's delve into the overview, drivers, restraints, and some statistics from government organizations that shed light on this thriving industry.
The sleep economy encompasses various sectors, including sleep aids, sleep technology, sleep clinics, and sleep-related services. Sleep aids, such as over-the-counter medications, herbal supplements, and sleep-inducing devices, have become increasingly popular among individuals struggling with sleep disorders or seeking to improve their sleep quality. Additionally, the advent of sleep technology, such as smart mattresses, sleep trackers, and wearable devices, has revolutionized the way people monitor and optimize their sleep patterns.
The global sleep economy or sleep aids market size was USD 512.80 Billion in 2022 and is expected to register a revenue CAGR of 6.3% during the forecast period, according to latest analysis by Emergen Research. Several factors contribute to the rapid growth of the sleep economy. Firstly, the increasing prevalence of sleep disorders, such as insomnia, sleep apnea, and restless leg syndrome, has propelled the demand for sleep aids. According to the Centers for Disease Control and Prevention (CDC), approximately 50-70 million adults in the United States suffer from sleep disorders, highlighting the vast market potential for sleep-related products and services.
Moreover, the growing awareness of the detrimental effects of sleep deprivation on overall health and well-being has prompted individuals to seek effective solutions. Sleep aids offer a convenient and accessible means to address sleep-related issues, providing relief from insomnia symptoms and promoting restful sleep. As a result, the sleep economy has witnessed a surge in demand, with consumers actively seeking products that can enhance their sleep quality.
However, despite the promising growth prospects, the sleep economy faces certain restraints. One significant challenge is the lack of regulation and standardization in the sleep aids market. With numerous products flooding the market, consumers often find it challenging to navigate through the vast array of options and identify reliable and effective sleep aids. This lack of regulation not only poses potential health risks but also hampers the growth of the industry.
To address these concerns, government organizations have taken steps to monitor and regulate the sleep economy. For instance, the Food and Drug Administration (FDA) in the United States has implemented guidelines for the safety and efficacy of sleep aids, ensuring that manufacturers adhere to stringent quality standards. Additionally, the National Institutes of Health (NIH) has been actively funding research to better understand sleep disorders and develop innovative solutions.
Some of the key factors driving the growth of the global Sleep Economy or Sleep Aids market include expanding R&D efforts to develop novel Sleep Economy or Sleep Aids products for a variety of applications and rising demand for mercury control technology for industrial air purification. The most recent data on the COVID-19 pandemic market condition is provided in the research. The investigation indicates that COVID-19 plays a vital role in the market's dynamically altered environment. The study carefully investigates how the pandemic has altered market dynamics and trends while also precisely analysing how the crisis has impacted the market as a whole.
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Effect of COVID-19 on the global market for Sleep Economy or Sleep Aids
The COVID-19 pandemic had a significant negative influence on the market for Sleep Economy or Sleep Aids in 2020, significantly decreasing its CAGR. In 2020, manufacturers and suppliers of Sleep Economy or Sleep Aids were significantly impacted by federal and national safety and legal orders. The majority of businesses have been impacted by the COVID-19 pandemic. Mandates for business closures, restricted municipal and state government office activities, and social conventions of distance had an impact on the production of Sleep Economy or Sleep Aids in 2020. Additionally, demand for Sleep Economy or Sleep Aids decreased across a range of end-use sectors. The pandemic epidemic also resulted in a decline in global investments in the water sector.
Sleep Economy or Sleep Aids market : Competitive Landscape
The prominent players operating in the Sleep Economy or Sleep Aids market are profiled in-depth in the report and their strategies, collaborations, and product innovations. The analysis of the key players and their strategies to fortify their presence in the market impart a better understanding of the competitive landscape of the Sleep Economy or Sleep Aids market .
Some of the prominent players operating in the market are:
GlaxoSmithKline Plc., Merck KGaA, Amazon.com, Inc., Idorsia Pharmaceuticals Ltd., Koninklijke Philips N.V., SlimScience, BAYER AG, THE SLEEP COMPANY, Eisai Co., Ltd, and ResMed
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The research study examines historic data from 2018 and 2020 to draw forecasts until 2028. The timeline makes the report an invaluable resource for readers, investors, and stakeholders looking for key insights in readily accessible documents with the information presented in the form of tables, charts, and graphs.
Key questions answered in the report:
What will be the development pace of Sleep Economy or Sleep Aids market ?
What are the key factors driving the Global Sleep Economy or Sleep Aids market ?
Who are the key manufacturers in the market space?
What are the openings, hazards, and outline of the market?
What is sales, revenue, and price analysis of top manufacturers of Sleep Economy or Sleep Aids market ?
Who are the distributors, traders, and dealers of Sleep Economy or Sleep Aids market ?
What are the Sleep Economy or Sleep Aids market opportunities and threats faced by the vendors in the Global Sleep Economy or Sleep Aids industries?
What are deals, incomes, and value examinations by types and utilizations of the market?
What are deals, income, and value examinations by areas of enterprises?
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Segments Covered in this report are:
-
Product Type Outlook (Revenue, USD Billion; 2019-2032)
- Sleep Products
- Mattresses and Bedding
- Pillows and Cushions
- Sleepwear and Pajamas
- Blankets and Comforters
- Sleep Accessories
- Sleep Medications and Supplements
- Prescription-based Drugs
- Benzodiazepines
- Non-benzodiazepines (e.g., Zolpidem, Eszopiclone)
- Orexin Receptor Antagonists (e.g., Suvorexant)
- OTC Drugs
- Herbal Drugs
- Prescription-based Drugs
- Sleep Technology
- Sleep Trackers and Wearables
- Sleep Sound Machines
- Light Therapy Devices
- Sleep Apnea Devices
- Positive Airway Pressure (PAP) Devices
- Facial Interfaces
- Oral Appliances
- Adaptive Servo-Ventilators (ASVs)
- Others
- Sleep Services
- Sleep Clinics and Diagnostic Centers
- Sleep Coaching and Therapy
- Sleep Retreats and Wellness Programs
- Sleep Consultations & Telemedicine
- Sleep Products
-
Sleep Disorder Outlook (Revenue, USD Billion; 2019-2032)
- Insomnia
- Sleep Apnea
- Restless Legs Syndrome
- Narcolepsy
- Parasomnia
- Others
-
Distribution Channel Outlook (Revenue, USD Billion; 2019-2032)
- Retail Pharmacies
- Online Platforms
- Supermarkets and Hypermarkets
- Convenience Stores
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Regional Bifurcation of the Sleep Economy or Sleep Aids market Includes:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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