Sleeping aids are medicines and medical devices that are solutions to an individual’s sleeping disorder. Seeping aids ensure the treatment and diagnosis for sleep disturbances and disorders. The symptoms of sleep disorders include daytime sleepiness, irregular breathing and abnormal sleeping behaviors and increasing movements during sleep. Sleep disorders has an adverse effect to human health. It can cause neural problems that may lead to accidents, lower the productivity of work done by the individual and can cause stress and depression. Moreover, sleep disorder can lead to major chronic diseases such as cardiovascular diseases, obesity and diabetes.
In today’s market, alternative and traditional sleeping aids are of great demand. Medical advice through prescriptions and over the counter medication has increased considerably. Therefore, the availability and accessibility of sleeping aids has grown over the past decade. In addition to sleeping pills, accessories such herbal supplements, sound machines and aromatherapy candles are also considered as major sleeping aids. Pillows and mattresses form the largest sleeping aid market but their growth rate is not as significant compared to sleep laboratories. Sleep laboratories carry out sleep testing of individuals suffering from sleep disorders. In such laboratories, sleep disturbances, movements during sleep and sleeping behaviors are ascertained through one or more sessions or therapy.
Sleeping aids market is witnessing significant growth and is expected to grow further in the coming years. With the rising aging population, stressful working conditions, inconsistent sleeping hours and change in lifestyle are all major reasons disturbing the sleeping habits in humans and thereby, driving the demands for sleeping aids. On the other hand, the major restraints inhibiting the growth of sleeping aids market globally are the side effects related to the use of sleeping pills and devices. Patent expiration of a number of sleeping drugs is the other reason that can result in the reduction in use of sleeping aids. The global sleep aids market is classified on the basis of four segments such as product, sleep disorder, medication and geography. The product segment has been segregated into sleep laboratories, mattresses and pillows, sleep apnea devices and medications.
North America dominates the global sleeping aids market, where U.S. is the largest market in terms of revenue. Stressful modern lifestyle and work life coupled with increasing demand for sleeping pills and rising awareness by numerous health organizations are all driving the growth of the North American sleeping aids market. North America sleep aids market is followed by Europe, Asia Pacific, Latin America and Middle East and Africa (MEA). Asia Pacific is the largest prospective region for the sleeping aids market. The growing demands for sleeping pills and medical devices from an enormous population of India and China is set to bolster the growth of sleeping aids market in the Asia Pacific region.
Some of the key players in the sleeping aids market are Merck & Co., Sanofi, Pfizer, Koninklijke Philips N.V. (Philips), Takeda Pharmaceutical Company Limited, GlaxoSmithKline Plc, Care Fusion Corporation, SleepMed, Inc, Cadwell, Teva Pharmaceutical Industries Ltd, Natus Medical Incorporated, Compumedics Limited. and DeVilbiss Healthcare LLC.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.