Sleeping Pills Market Trends
Global sleeping pills market was valued at USD 1,300 million in 2018 and is expected to grow at a CAGR of 4.8 % during the forecast period, 2019–2026.
Sleeping pills is one of the most popular medications prescribed to the people suffering from sleep disorders. Currently, a huge population around the world is suffering from stress and depression in their daily life, which in turn, is increasing the demand for sleeping pills in the market. According to WHO, around 322 million people were suffering from depression in 2015. Globally, a huge population suffers from insomnia, or chronic insomnia every year. As per CDC, insomnia has affected over 50% of the global population. Undiagnosed depression can cause several severe non-communicable diseases such as cancer, ischemic heart disease, and diabetes, and other nutritional disorders.
With increasing prevalence of sleep disorders across the globe, generic drug and over the counter medicine such as Nytol, Sominex, Sleepinal, Compoz, and Unisom has been experiencing significant growth in the demand from the past few years. Apart from sleeping pills, several other treatments are available in the market for treating sleep disorders such as sleep aids devices. However, sleeping pills are a preferred choice among the consumers as it offers quick results. In addition, various manufactures focus on research & development for development of novel drug is expected to drive market growth. For instance, Alexza Pharmaceuticals, Inc is developed Staccato zaleplon which is under phase I clinical trial. Moreover, rising number of patents drugs is also increasing under this category such as Ramelteon and Suvorexant.
Global sleeping pills market is segmented by product, uses, and sleeping disorders.
By product, the global market is segmented into benzodiazepines and non-benzodiazepines. Benzodiazepines accounts for the largest market share in terms of revenue in the developed region. Benzodiazepines is short acting drug with minimum side effect as wells as minimal chances of forming habit.
By uses, the market is segmented into short-term use and long-term use. Currently, the long term segment is dominating the market and increasing incidences of chronic insomnia across the globe can be held accountable for the segmental growth. Moreover, chronic medical conditions such as respiratory conditions, chronic obstructive pulmonary disease (COPD), congestive heart failure, and diabetes can lead to insomnia. Rapidly changing lifestyle is negatively affecting the women and fueling the prevalence of stress and depression. As per federal government, 1 in 4 women suffered from insomnia in the U.S. in 2015.
On the basis of sleep disorder, the market is segmented into insomnia, sleep disorder, restless leg syndrome narcolepsy, and sleep walking.
North America to Dominate Global Sleeping Pills Market
North America is dominating the global sleeping pills market. This can majorly be attributed to huge young and geriatric populations suffering from sleep disorders. According to WHO, in 2017, around 962 million people aged above 60 suffered from sleep disorders in the U.S. In the U.S. In addition, a large number of young adults are suffering from insomnia, anxiety, and depression and it can be blamed to increased work pressure and alcohol consumption. For instance, around 40 million young adults (above 18 years) suffered from anxiety in the U.S. in 2016, and around 18.1% of the population suffers from anxiety every year.
Europe to Witness the Fastest Growth
Europe is expected to witness the fastest growth during the forecaste period due to increased prevalence of mental health issue in the region. Aviva, a health inssurance company, has stated that 1 in 10 people takes sleeping tablets or drink alcohol for falling asleep. As per Eurostats, around 59.6% people suffered from mental health issues in Switzerland in 2015. To attend to this concern, various non-profit organizations are taking initiatives to spread awareness about sleep disorders and its ill effects. European Sleep and Research Society organizes various training and education programs for raising awerness about sleeping disoders. Moreover, around 0.026% of the general population in Europe suffered from Narcolepsy in 2016.
Our Report Covers
Some of the key players in the global sleeping pills market are Merck & Co., Inc. (U.S), GlaxoSmithKline plc. (U.K), CareFusion (U.S), Apotex Inc. (Canada), Sanofi (France), Takeda Pharmaceutical Company Limited. (Japan), Pfizer Inc. (U.S), Eli Lilly and Company (U.S), Dr. Reddy’s Laboratories Ltd (India)
Global Sleeping Pills Market Segmentation
By Product Type
By Sleep Disorder