Growing Incidence of Insomnia Fueling Sales of Sleeping Aids

The demand for sleeping aids has risen massively over the last few years, primarily because of the rising incidence of obstructive sleep apnea (OSA) and insomnia. As per the American Sleep Apnea Association, over 50 million people in the U.S. suffer from more than 80 different sleep ailments and 20–30 million are diagnosed with intermittent sleep disorders every year. Furthermore, insomnia is the most prevalent sleep illness, with chronic insomnia affecting 10% of the adults and short-term problems affecting 30% of the people in the country.

As sleeping aids are extensively used for treating OSA and insomnia, the rising prevalence of these disorders is driving their demand across the world. Moreover, the increasing occurrence rate of insomnia is also propelling the requirement for sleeping pills, which is, in turn, fueling the expansion of the sleeping aids market. Long working hours, excessive consumption of caffeine, tobacco, and alcohol, and hectic and stressful work conditions are the major factors responsible for the growing prevalence of sleep disorders in people.

These disorders massively increase the risk of chronic ailments such as depression, obesity, heart diseases, and diabetes. Thus, in order to manage and cure these issues, people are consuming sleeping pills. Apart from these factors, the surging usage of wearable monitoring sensors and devices is also driving the growth of the sleeping aids market. Because of these factors, the revenue of the market is expected to soar from $78.7 billion in 2019 to $162.5 billion by 2030, while the market is predicted to progress at a CAGR of 7.1% from 2020 to 2030.

As per a report published in the International Journal of Contemporary Medical Research (IJCMR) in May 2017, around 10–30% of adults suffer from insomnia at any given time, and up to 50 to 60% of people across the world are diagnosed with insomnia each year. Globally, the sleeping aids market will expand sharply in North America in the forthcoming years, as per the estimates of P&S Intelligence. This will be due to the increasing prevalence of sleep disorders and growing implementation of initiatives by several government and non-government organizations for raising public awareness about sleep hygiene and sleep disorders in the region.

Hence, it can be safely concluded that the sales of sleeping aids will surge all over the world in the coming years, owing to the growing prevalence of OSA and insomnia, increasing demand for sleeping pills, and mushrooming geriatric population in several countries.