Sleeping Aids Market Positive long-term growth outlook 2017-2025
Sleeping aids, also known as hypnotics are sleeping pills or devices, which are used to induce sleep. It is used in the treatment of various sleeping disorders such as narcolepsy, sleep apnea, and insomnia, which are caused due to factors such as psychiatric disorders (Depression and anxiety), environmental problems (light, noise and extreme temperatures) medical issues (asthma) and others. Sleeping aid medications include non-benzodiazepines, antidepressants, and antipsychotics for the treatment of sleeping disorders. However, various behavioral therapies such as light therapy, cognitive behavioral therapy, and relaxation techniques are also used in the treatment of these disorders. According to Centers for Disease Control and Prevention (CDC), in 2017, around 49.2 million people across the globe have trouble focusing due to lack of sleep.
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Rising incidences of insomnia is expected to fuel growth of the sleeping aids market
One of the major factors contributing to growth of the sleeping aids market is the rising number of insomnia cases. According to the Centers for Disease Control and Prevention (CDC), in 2016, around 70 million adults suffered from insomnia in the U.S., with men reporting a higher rate of insomnia cases. Moreover, increasing geriatric population, changing life style with increase in consumption of alcohol, caffeine, and smoking, are some other factors leading to sleeping disorders. For instance, caffeine blocks the effectiveness of adenosine, a chemical that helps to bring on drowsiness and to regulate the sleep wake cycles. Furthermore, Side effects associated with sleeping aids medication include dizziness, dry mouth, headache, stomach ache, and constipation, which hinders growth of the market.
On the basis of geography, the global sleeping aids market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America held the dominant position in the global sleeping aids market in 2016. This is attributed to rising number of sleep apnea disorders, which is a chronic disease that increases the risk of heart diseases, high blood pressure, depression, and diabetes. For instance, according to American Academy of Sleep Medicine, in 2014, around 25 million people were affected with sleep apnea disorder in the U.S. Furthermore, Asia Pacific is expected to be the fastest growing region in the global sleeping aids market, owing to rising demand for sleeping pills due to stressful modern lifestyle. For instance, according to the Food and Drug Administration (FDA) in 2014, in Japan around 339 million sleeping pills were sold and the three most common drugs sold for the treatment of insomnia were Zolpidem (137.09 million pills), Estazolam (86.08 million pills) and Zopiclone (28.74 million pills)
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Strategic partnerships among key players to deliver expert solutions for sleep apnea detection is expected to propel the market growth
Major players operating in the global sleeping aids market include Itamar Medical, SleepMed Inc, Teva Pharmaceutical Industries Ltd., Cadwell Laboratories Inc., and Drive Medical Ltd. Key players are focusing on strategic mergers and acquisition for development of novel products in order to provide better care for sleep disorders. For instance, in August 2017, SleepMed Inc. announced its plans to enter into partnership with Early Sense, the inventor of Early Sense live, a sleep monitor that shares precise data with users about their sleep cycles. The objective of this partnership was to develop a sensor that can be used for monitoring disruptions throughout the night, including detection of interrupted breathing, heart rate, sleep cycles, and stress levels. The partnership will provide a comprehensive solution to its customers enabling better diagnosis and therapy.
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