Sleeping aid products are extensively used in diagnosis and treatment of sleep disorders and disturbances. These products are used in the form of medicines and medical devices. Sleep disorders leave an impact on quality, amount, and timing of sleep and are likely to cause irregular breathing and abnormal sleeping behaviour. Various signs and symptoms of sleep disorders include increased movement during sleep, excessive sleeping during the day, and irregular breathing. Such disorders can influence the mental health of an individual and might lead to incidence of cardiovascular diseases, obesity, and diabetes. This has resulted in a substantial uptick in demand across sleep aids market. People in developing economies are showcasing great inclination towards these products due to lifestyle changes. Such a landscape is carving a promising landscape for the global sleep aids market in the years to follow.
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Health-associated Benefits of Sleep Aids to Unleash Seamless Possibilities for Global Sleep Aids Market
The global sleep aids market is majorly propelled by the rise in disposable income of people and awareness of health benefits apropos to sleep aids. In addition, the growing geriatric population and prevalence of obesity among individuals have further surged the cases of sleep disorders, resulting in an upwelling demand for sleep aids. In the coming years, the sleep aids products are likely to witness an amplified adoption. Most prominent market players are set to establish their presence by engaging in strategic acquisitions, new product development and product launches. Moreover, major market players are channelling significant funds towards their research and development endeavours to satiate the growing demand. These factors are anticipated to unlock new avenues for the global sleep aids market.
Substantial Government Funding and an Upsurge in Incidences of Sleep Apnea to Spur Growth Across Global Sleep Aids Market
Changing lifestyles, rising affluence, and better access to healthcare are building the momentum for the global sleep aids market. Recently, the demand for quality healthcare has increased at record pace. To this end, the manufacturers of sleep aid products are making significant moves to strengthen their market position by acquiring product approvals. Moreover, the governments around the world are granting approvals and channelling substantial funds to enhance the available treatment options and sleep apnea testing. Skyrocketing incidence of insomnia and sleep apnea have propelled the development of novel sleep aid products. Furthermore, the sleep aids also facilitate efficient treatment and control of narcolepsy, accelerating the growth of sleep aids market. Additionally, the sleepwalking and restless leg syndrome are further expanding the dynamics of growth for the global sleep aids market.
North America to Reign Supreme in Sleep Aids Market amid Soaring Consumption of Alcohol, and Tobacco
North America consolidates stronghold positions in the global sleep aids market. Higher consumption of alcohol and cigarettes has resulted in the prevalence of sleeping disorders, creating steady demand for sleep aid products. Growing awareness of imperatives of quality sleep are further propelling consumers to use sleep aid products. In the U.S., the presence of leading industry players and consumer awareness are anticipated to expand the dimensions of the sleep aids market. Growing obese and geriatric populace in region shall further magnify the demand for sleep aids in North America, placing the region in leading market position.
Key Market Players
Some of the most prominent players in the global sleep aids market include Compumedics Limited, Natus Medical Inc., GlaxoSmithKline Plc, Merck & Co., Inc., Cadwell Industries, Inc., Koninklijke Philips N.V., Drive DeVilbiss Healthcare Inc., Sanofi S.A., PFIZER, INC., and SleepMed Inc.
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