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Sleep Aids Market size was valued at USD 74.3 billion in 2019 and is poised to grow from USD 78.52 billion in 2023 to USD 124.97 billion by 2031, growing at a CAGR of 5.95% in the forecast period (2024-2031).

sleep aids market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Sanofi S.A.', 'Merck & Co., Inc.', 'Pfizer Inc.', 'Koninklijke Philips N.V.', 'Fisher & Paykel Healthcare Corporation Limited', 'ResMed Inc.', 'GlaxoSmithKline plc', 'Johnson & Johnson Services, Inc.', 'Takeda Pharmaceutical Company Limited', 'Natus Medical Incorporated', 'Bayer AG', 'Drive DeVilbiss Healthcare LLC', 'Teva Pharmaceutical Industries Ltd.', 'Serta Simmons Bedding, LLC', 'Invacare Corporation', 'Itamar Medical Ltd.', 'Inspire Medical Systems, Inc.', 'Medical Depot, Inc. dba Drive Medical', 'Cardinal Health, Inc.', 'In November 2022, Natrol, America's leading drug-free sleep aid brand, introduces MelatoninMax, the only sleep supplement product with 10 milligrams of melatonin in a single gummy.', 'In October 2022, Pascoe Canada introduces Pascoflair Night, a sleep aid formulated with three medicinal herbs to promote restful sleep.'

The changing sleep habits of the population as a result of modern lifestyles is the primary contributor to the growth of the sleeping aids market. Furthermore, the increasing wealth of consumers coupled with improved access to medical facilities as a result of the increasing demand for quality health care is expected to drive market growth during the forecast period.

Sleep-inducing pillows and mattresses are becoming increasingly popular around the world, which has directly influenced the growth of the sleeping aids market. Increased cases of restless leg syndrome and sleep walking have also resulted in the arrival of massive revenues in the sleeping aid market. Narcolepsy is a sporadic condition that can be treated and managed with the help of sleep medications.

North America is anticipated to witness the largest market share during the forecast timeframe owing to the high prevalence of sleeping disorders in the region as a result of the excessive consumption of alcohol and cigarettes. Furthermore, the participation of major manufacturers in the United States, as well as changing lifestyle awareness about sleep patterns and sleeping aids products, are expected to drive market growth. In addition, the rising obesity and geriatric populations in the United States are anticipated to fuel the growth of sleeping aid medication and devices.

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Global Sleep Aids Market

Product ID: SQMIG35I2107