Revenue Explosion Predicted in Global Sleeping Aids Market Between 2019 and 2030
The global sleeping aids market generated a revenue of $78.7 billion in 2019 and is predicted to progress at a CAGR of 7.1% from 2020 to 2030. As per the market research firm, P&S Intelligence, the market would attain a value of $162.5 billion by 2030. The major factors driving the progress of the market are the increasing number of healthcare facilities, growing usage of portable sleep apnea devices, and the rising adoption of sensors and wearable monitors.
According to the organization, insomnia is the most prevalent sleep disorder, with nearly 30% of the adults living in the U.S. reporting short-term issues and around 10% reporting chronic insomnia. As the medical treatments prescribed for OSA and insomnia involve sleeping aids, the rising incidence of these disorders is fueling the growth of the market. Besides this, the various lifestyle changes in people such as the high consumption of caffeine, tobacco, and alcohol is also propelling the market advancement.
Furthermore, the increasing working hours, high workload and work pressure, and hectic work environment massively push up the stress levels and affect the quality of sleep. This subsequently boosts the sales of over-the-counter (OTC) sleeping pills, which help improve the quality of sleep, throughout the globe. When offering is taken into consideration, the sleeping aids market is classified into mattresses and pillows, sleep laboratory services, sleep apnea devices, and medication.