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.
The research may be useful for leading businesses looking for new sources of income, as well as for businesses aiming to diversify into new markets or expand their current operations, as well as for businesses seeking to diversify into new markets.
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An Emergen Research report of 250 pages features 194 tables, 189 charts, and graphics. Our new study is ideal for anyone who wants to learn about the global Sleep Economy or Sleep Aids market commercially and deeply, as well as to analyze the market segments in depth. With the help of our recent study, you can analyze the entire regional and global market for Sleep Economy or Sleep Aids . To increase market share, you must obtain financial analysis of the entire market and its segments. Our research suggests there are significant opportunities in this rapidly expanding market for energy storage technology. Look at how you might take advantage of these revenue-generating opportunities. Additionally, the research will help you develop growth strategies, strengthen competitor analysis, and improve business productivity by enabling you to make better strategic decisions.
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Global Sleep Economy or Sleep Aids market research report offers a panoramic view of the Sleep Economy or Sleep Aids market , regulatory framework, and macro- and micro-economic factors that influence the growth of the industry. The report strives to offer authentic information about the Sleep Economy or Sleep Aids market size, share, product portfolio, revenue estimations, and growth rate. The report has been formulated through extensive primary and secondary research along with verified and reliable data obtained from industry experts and professionals.
Top competitors of the Sleep Economy or Sleep Aids Market profiled in the report include:
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 report further offers a complete value chain analysis along with an analysis of the downstream buyers and upstream raw materials. The study focuses on global trends, regulatory frameworks, and macro- and micro-economic factors. The report also provides an extensive analysis of the segment and sub-segmented expected to dominate the market over the projected period. The report offers a forecast estimation of the market with regards to the analysis of the market segmentation, including product type, end-user industries, application spectrum, and other segments.
Key Objectives of the Report:
- Analysis and estimation of the Sleep Economy or Sleep Aids market size and share for the projected period of 2021-2028
- Extensive analysis of the key players of the market by SWOT analysis and Porter’s Five Forces analysis to impart a clear understanding of the competitive landscape
- Study of current and emerging trends, restraints, drivers, opportunities, challenges, growth prospects, and risks of the global Sleep Economy or Sleep Aids market
- Analysis of the growth prospects for the stakeholders and investors through the study of the promising segments
- Strategic recommendations to the established players and new entrants to capitalize on the emerging growth opportunities
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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
Regional Analysis of the Sleep Economy or Sleep Aids Market:
- 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)
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