Sleep aids are products or medications used to induce or improve sleep, such as soporific herbal teas or supplements, prescription and over-the-counter pharmaceutical drugs such as sleeping pills and anti-anxiety medications, and other sleep aids accessories. Sleep aids are commonly used by individuals who experience difficulty falling asleep or staying asleep, sleep disorders such as insomnia, irregular sleep schedules due to jobs requiring shift work such as medical or emergency response professionals.

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 Dynamics:
Population aging and increasing prevalence of sleep disorders are driving the growth of the global sleep aids market. One in three adults regularly don't get enough sleep. Chronic disorders or conditions that can disrupt normal sleep-wake cycles or the quality of sleep, including chronic pain, depression, anxiety, and neurological disorders are on the rise. Also, increasing global geriatric population is a major factor as older adults are more likely to suffer from sleep disorders, insomnia or sleep apnea. Expanding sales channels for over-the-counter sleep aids through online pharmacy stores and e-commerce websites has also augmented the market growth. However, risks of dependence and long-term use side effects of pharmaceutical drugs limit the market to some extent.

SWOT Analysis
Strength: The sleep aids market benefits from the growing prevalence of sleep disorders. Sleep aids allow people suffering from insomnia or other disorders to manage their condition and get better quality rest. Many sleep aids are also convenient oral solutions taken before bedtime. Medicated sleep aids provide clinically tested formulations to address underlying causes of sleep issues.
Weakness: Some sleep aids can cause side effects like daytime drowsiness, nausea, headaches or drug interactions. Patients may form dependency on sleep medications taken for an extended period. Non-prescription sleep aids lack clinical testing for efficacy and safety. High costs of prescription drugs limit their adoption in low and middle-income countries.
Opportunity: Rising health awareness and focus on preventive healthcare is expanding the customer base. New products integrating herbal extracts or combining aids are gaining prominence. The growth of online pharmacies and e-commerce is facilitating convenient access in developing regions. Technological advancements can lead to innovative solutions like wearable sleep trackers and apps.
Threats: Strict regulations and compliance requirements for new products add to costs and delays. Patent expirations of blockbuster drugs lead to cheaper generics. Alternative therapies like meditation, yoga and lifestyle changes limit dependence on pharmaceutical interventions. Economic slowdowns can impact discretionary spending on sleep aids.

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 over the forecast period from 2023 to 2030 supported by the rising prevalence of sleep disorders worldwide. The Asia Pacific region is expected to grow at the fastest pace on account of high unmet needs and improving access and awareness in developing economies like India and China. Countries like China, Japan and India are major revenue generators owing to their huge population bases and rapid economic growth enabling improved access to healthcare.

Key players - Key players operating in the sleep aids market are Domtar Corporation, Medline Industries Inc., Cardinal Health, Attends Healthcare Products Inc., Kimberly-Clark Corporation and Dynarex Corporation. They offer a wide variety of over-the-counter and prescribed drugs, devices, mattresses and other products tailored for different types of sleep disorders. These companies have a strong global presence and continue making investments in R&D and product launches. While international players have a dominant share, local Asian manufacturers are also expanding their footprints.

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