Home Healthcare IT Sleeping Pills Market Size Poised for Explosive Growth to $79.82 Billion by 2031

Sleeping Pills Market

Sleeping Pills Market Size, Share & Trends Analysis Report By Product Type (Benzodiazepines, Non Benzodiazepines), By Use (Short-term Use, Long-term Use), By Sleep Disorder (Insomnia, Sleep disorder, Restless leg syndrome narcolepsy, Sleep walking) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Report Code: SRHI317DR
Study Period 2019-2031 CAGR 5.5%
Historical Period 2019-2021 Forecast Period 2023-2031
Base Year 2022 Base Year Market Size USD 78.39 Billion
Forecast Year 2031 Forecast Year Market Size USD 126.92 Billion
Largest Market North America Fastest Growing Market Europe
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Market Overview

The global sleeping pills market size was valued at USD 78.39 billion in 2022 and is projected to reach USD 126.92 billion by 2031, with a CAGR of 5.5% during the forecast period 2023–2031. According to the 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.

Sleeping pills are one of the most popular medications prescribed to 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. Undiagnosed depression can cause several severe non-communicable diseases, such as cancer, ischemic heart disease, diabetes, and other nutritional disorders. Sleep disorders interfere with restful sleep or weaken sleeping habits, resulting in daytime drowsiness and other sleep aid symptoms. Inadequate sleep can cause annoyances in college and affect work performance, weight, cognition, mental health, interpersonal relationships, and the progression of heart disease and diabetes.

Numerous side effects are associated with the use of sleep aids, including a persistent inability to fall asleep, daytime lethargy even after more than seven hours of sleep the night before, and a diminished or impaired capacity to carry out regular daily activities. The most common sleep disorders include sleep apnea, restless legs syndrome, insomnia, and narcolepsy. Sleep disorders can be treated with various pharmaceuticals, including pitolisant, modafinil, and armodafinil, as well as vitamins, therapy, and medications such as gabapentin, suvorexant, eszopiclone, zolpidem, melatonin, zaleplon, ramelteon, and Lemborexant. The undesirable effects of sedatives, such as hepatotoxicity, hypnotics, allergies, and hematologic responses, have led many to favor sleep-help devices and oversleeping tablets.

Market Dynamics

Global Sleeping Pills Market Driving Factors

The growth of the Market for Sleep Aids is driven by the development of sleep aid products and non-refundable income. In addition, the increase in the elderly and overweight population has led to a rise in sleep problem instances, which is anticipated to increase the number of patients with sleep disorders and contribute to the market's growth. Similarly, the development of sleeping aids contributes to an increase in their popularity and the void market in emerging financial prudence, which is predicted to offer lucrative opportunities for market expansion.

The expansion of the sleeping aids market is fueled by the benefits of utilizing sleep-help products and the rise in disposable income. The increase in elderly and obese populations, which has led to a rise in the incidence of sleep problems, is a factor in the expansion of the market. The increasing awareness of the unfavorable effects of this illness among the global population is anticipated to propel the growth of the sleeping pills business. In addition, the rising consumption of medication by SDB (sleep-disordered breathing) patients is predicted to favorably influence the growth of the worldwide sleeping aids market. These patients have a greater risk of experiencing a variety of undesirable effects due to viral infection.

Global Sleeping Pills Market Challenges

The emergence of modern technology has made the treatment of sleeping assistance situations more complex. Inadequate documentation for the use and authorization of sleeping drugs, as well as incorrect equipment settings for sleep-related devices, also contribute to market contraction. Sensor-equipped devices are used for several purposes, including detecting sleep problems and assessing the quality of sleep. The increased acceptance of vesture sensors and tracking devices is an additional aspect that has a significant impact on the market for sleep aids. These gadgets transmit and record information regarding various physical states.

In addition, sleep quality has deteriorated as a result of longer working hours, a demanding work environment, working multiple shifts, stressful situations, and an increase in workload. There are numerous medications available in the market for the treatment of narcolepsy and insomnia; however, these medications have additional negative effects and are quite dangerous. The harmful effects of sleeping medicines and medications include allergic reactions, headaches, presentation difficulties, daytime memory issues, and prolonged drowsiness. All of these concerns and adverse effects contribute to the growing acceptability of over-the-counter (OTC) sleep aids, which aid in falling asleep and have a favorable effect on the market demand for sleeping aids.

Global Sleeping Pills Market Opportunities

Changes in lifestyle and sleeping patterns, improved access to healthcare services, rising customer wealth, and a growing desire for quality healthcare are driving the sleep aid industry. The rising prevalence of sleep apnea and insomnia has provided impressive development prospects for the worldwide sleep aid market. Growing government funding and product incentives for effective treatment decisions and testing for sleep apnea present enormous opportunities for makers of sleep aid treatment items to combat chronic sleep disorders and expand market dominance.

This has had a direct impact on the growth of the market for sleeping aids. Pillows and mattresses that induce sleep are becoming increasingly popular around the world. Increasing instances of the restless-leg syndrome and sleepwalking have contributed to the emergence of enormous earnings in the global market for sleeping aids. Similarly, narcolepsy is a sporadic disorder that can be treated and managed with the assistance of sleep aids. In the coming years, it is expected that the global market for sleep aids will grow rapidly.

Regional Analysis

The global sleeping pills market is segmented into North America, Europe, Asia Pacific, Latin America, The Middles East, and Africa.

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 is expected to witness the fastest growth during the forecast period due to the increased prevalence of mental health issues in the region. Aviva, a health insurance company, has stated that 1 in 10 people takes sleeping tablets or drinks alcohol to fall asleep. As per Eurostat, around 59.6% of 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 their ill effects. European Sleep and Research Society organize various training and education programs to raise awareness about sleep disorders. Moreover, around 0.026% of the general population in Europe suffered from Narcolepsy in 2016.

The Asia-Pacific market for sleep aids is anticipated to exhibit the highest CAGR over the forecast period. In addition, the changing routine, comprising jumbled, stressed, and busy hours with the expanding younger population is anticipated to create tremendous prospects for market expansion. The highest business growth in the Asia-Pacific region can be attributed to the rising per capita earnings and the growing awareness of the negative consequences among the population. In developing nations such as China, India, Japan, and others, the increasing adoption of over-the-counter (OTC) medicines is anticipated to fuel the market growth at a rapid CAGR.

Report Scope

Report Metric Details
Segmentations
By Product Type
  1. Benzodiazepines
  2. Non Benzodiazepines
By Use
  1. Short-term Use
  2. Long-term Use
By Sleep Disorder
  1. Insomnia
  2. Sleep disorder
  3. Restless leg syndrome narcolepsy
  4. Sleep walking
Company Profiles Merck & Co.Inc(U.S) GlaxoSmithKline plc(U.K) CareFusion(U.S) Apotex Inc(Canada) Takeda Pharmaceutical Company Limited.(Japan) Pfizer Inc.(U.S) Eli Lilly and Company(U.S) Dr. Reddy’s Laboratories Ltd(India)
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

The 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 account for the largest market share in terms of revenue in the developed region. Benzodiazepines are short-acting drugs with minimum side effects as well as minimal chances of forming a 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 women and fueling the prevalence of stress and depression. As per the federal government, 1 in 4 women suffered from insomnia in the U.S. in 2015.

On the basis of sleep disorders, the market is categorized into insomnia, narcolepsy, sleepwalking, sleep apnea, restless leg syndrome, and other sleep disorders. The Insomnia segment dominated the market share in 2021 and is expected to maintain its dominance throughout the forecast period due to the rise in healthcare awareness, the increase in the incidence of sleep apnea, the decline in physical exercise among the population, and the growth in the geriatric population. In addition, the increasing number of therapy trials is another development driver for this industry. Due to an increase in sleep apnea testing, the Sleep Apnea segment may have the highest growth rate in the next years. In addition, the rising adoption of CPAP (Continuous Positive Airway Pressure) devices is anticipated to boost the segment's growth.

Market Size By Product Type

Top Key Players

Merck & Co.Inc(U.S) GlaxoSmithKline plc(U.K) CareFusion(U.S) Apotex Inc(Canada) Takeda Pharmaceutical Company Limited.(Japan) Pfizer Inc.(U.S) Eli Lilly and Company(U.S) Dr. Reddy’s Laboratories Ltd(India) Others

Frequently Asked Questions (FAQs)

What is the estimated growth rate (CAGR) of the sleeping pills market?
The market size is growing at a CAGR of 5.5% from 2020 to 2030.
North America has the largest share of this market.
development of sleep aid products and non-refundable income is the key driver for the growth of this market.
The key players in this market are Merck & Co.Inc,GlaxoSmithKline plc,CareFusion,Apotex Inc,Sanofi,Takeda Pharmaceutical Company Limited,Pfizer Inc,Eli Lilly and Company,Dr. Reddy’s Laboratories Ltd
The market size are projected to reach USD 126.92 billion by 2031.


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