Sleep Medications Market to hit USD 38.7 Bn by 2032, says Global Market Insights Inc.
Sleep medications industry is projected to witness a CAGR of 6.8% during the period 2024-2032. This growth can be attributed to progression in aging population across the globe.
Selbyville, Delaware, April 23, 2024 (GLOBE NEWSWIRE) -- Sleep Medications Market Size is projected to reach USD 38.7 billion by the end of 2032. The growing advances in pharmaceutical R&D activities coupled with rising consumer preferences for non-prescription or natural sleep aids will accelerate the industry expansion.
*Request for a sample of this research report @ *https://www.gminsights.com/request-sample/detail/6681As research continues to uncover novel ingredients and formulations, pharmaceutical companies are offering more effective and safer options to address sleep disorders.
Furthermore, heightened consumer interest in natural alternatives is fostering the development of plant-based or herbal sleep aids for catering to those seeking holistic solutions. This convergence of innovation and consumer demand is making way for diverse options to address varying sleep needs, adding to the industry expansion. For instance, in September 2023, Natrol unveiled its inaugural sleep aid supplement, Soothing Night, free of melatonin. This new line, crafted with clinically tested components, aims to alleviate occasional stress and anxiety while enhancing sleep quality for catering to consumers seeking non-melatonin options for improved rest.
*Antidepressants to garner prominence *
The antidepressants drug class segment in the sleep medications market will witness substantial development by 2032 due to its dual functionality in addressing both depression and sleep disorders. With a large portion of individuals experiencing comorbidities of depression and insomnia, antidepressants offering sleep-inducing effects are increasingly prescribed. Besides, the widespread availability of antidepressants and their proven efficacy in managing various sleep disorders, including insomnia and REM sleep behavior disorders is persisting as healthcare providers continue to prioritize comprehensive treatment approaches for sleep-related conditions.
*Growing intake to treat sleep apnea *
Sleep medications market from the sleep apnea segment will experience a substantial upswing between 2024 and 2032. The progression is driven by the escalating prevalence of sleep apnea, a condition marked by pauses in breathing during sleep. Continuous positive airway pressure (CPAP) therapy, a standard treatment for sleep apnea, often incorporates medications to alleviate symptoms like daytime fatigue. As awareness of sleep disorders is growing and the rate of diagnostics is rising, the demand for medications tailored to manage sleep apnea is increasing. With strong focus on enhancing sleep quality and overall well-being, the segment will record steady growth.
*Asia Pacific to witness substantial consumption*
Asia Pacific sleep medications market will capture a noteworthy share by 2032, fueled by the presence of a large population, increasing prevalence of sleep disorders, and rising healthcare infrastructure. Countries like China and India, with their growing healthcare expenditure and awareness, are contributing to higher demand for sleep medications. Additionally, lifestyle changes and stress-related sleep disturbances in urban areas and the burgeoning middle class population seeking effective treatments will favor the regional industry development.
*Request for Report Customization @ *https://www.gminsights.com/roc/6681*Sleep Medications Market Players*
Major firms, including Pfizer Inc., Sanofi, Takeda Pharmaceutical Company Limited, Merck & Co. Inc., Novartis AG, Eisai Co., Ltd., Johnson & Johnson, Teva Pharmaceutical Industries Ltd., and Vanda Pharmaceutical Industries Ltd., are operating in the sleep medications industry.
These players are actively expanding their share through strategic initiatives while robust investments in R&D are yielding innovative drugs tailored for various sleep disorders like insomnia and sleep apnea. Partnerships with healthcare providers and optimized distribution networks for enhancing medication accessibility are also helping them to gain competitive benefits. For instance, in March 2024, Nestle introduced a new milk powder enriched with tryptophan, mulberry leaf extract, minerals, and vitamin B in China for promoting better sleep quality in adults.
*Partial Table of Contents (ToC) of the report:*
*Chapter 2 Executive Summary*
2.1 Sleep medications industry 360^ synopsis, 2018 – 2032 (USD Million)
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Type trends
2.1.4 Drug class trends
2.1.5 Sleep disorder type trends
*Chapter 3 Sleep Medications Market Insights*
3.1 Industry landscape, 2018 – 2032 (USD Million)
3.2 Industry impact forces
3.2.1 Growth drivers
3.2.1.1 Increasing prevalence of sleep disorders
3.2.1.2 Stressful lifestyles of people
3.2.1.3 Advancements in drug development
3.2.1.4 Growth in aging population across the globe
3.2.2 Industry pitfalls & challenges
3.2.2.1 Side effects associated with sleeping medications
3.2.2.2 Availability of alternative Therapies
3.2.2.3 Limited insurance coverage for sleep medications
3.3 Growth potential analysis
3.3.1 By type
3.3.2 By drug class
3.3.3 By sleep disorder type
3.4 COVID-19 impact analysis
3.5 Regulatory landscape
3.6 Porter’s analysis
3.7 PESTEL analysis
*Browse Our Reports Store - GMIPulse @ *https://www.gminsights.com/gmipulse*About Global Market Insights*
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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