Infinium Global Research and Consulting Solutions has published a comprehensive research study based on a survey conducted to analyze the buying patterns, consumer behavior, and impact of pricing on buying decisions. The report also provides insights into the marketing strategies and steps taken by the companies to retain their market position in the local as well as global market. The study also provides insights into the factors affecting the buying decisions, consumer preferences, and the demographic factors promoting the growth of the products of the global sleep aids market.
Sleep is a biological requirement of a body that helps in maintaining metabolic homeostasis; it affects memory and other cognitive function, as well as helps in regulating immune function. Lack of good sleep cause sleeping disorders. It is mainly due to underlying medical conditions, physical problems, environmental changes, and psychiatric disorders. These sleep disorders affect adversely human health and cause a number of chronic diseases, such as high blood pressure, diabetes, arthritis, and stroke. Sleep aids help in the diagnosis as well as the treatment of sleeping disorders such as insomnia, sleep apnea, restless leg syndrome, and others. Various health organizations have approved the use of several sleep aid products for the treatment of sleeping disorders.
Growing Incidences of Contagious Diseases Augment the Growth of the Global Sleep Aids Market
According to Infinium Global Research and Consulting Solutions, the global sleep aids market was valued at USD 71.04 billion in 2018 and it is expected to grow with a CAGR of 7% over the forecast period of 2019-2025. The rise in the incidences of sleeping disorders such as insomnia, sleep apnea, and restless leg syndrome is the major driver for the global sleep aids market. It is mainly due to underlying diseases, psychological disorders, or changes in environmental conditions. Moreover, the rise in the geriatric population is also contributing to the growing demand for sleep aids. The population aging over 65 years and above is majorly affected by sleeping disorders and is the main consumers of sleep aid products. In addition, factors such as the growing amount of mental stress due to hectic life, unhealthy habits such as smoking and drinking, and lack of physical exercise are further augmenting the growth of the global sleep aids market.
The survey conducted by Infinium Global Research and Consulting Solutions found that majority of people across the world take advice from the physicians before using an OTC medication. Many individuals suffering from a sleep disorder, particularly the younger adults are aware of their condition and its affect on their mental and physical health. Such people often tend to visit doctors or physicians for professional advice and for the treatment of sleep disorder. Moreover, physicians are the professionals who are experts in the field of healthcare and they can suggest an appropriate treatment for sleeping disorders than anyone else. This, in turn, encourages people to consult physicians before buying and using any kind of sleep aids.
Figure 1 Influence on Buying Decision of Sleep Aids in the US
Source: Infinium Global Research Analysis
The United States, Germany, and the UK among Top Markets for Sleep Aids
According to the findings in the report, the countries in North America and Europe along with China are the top markets for sleep aids. Europe and North America together make more than 65% of the total sales of sleep aids in the world. The US is the leading country in terms of sales in the global sleep aids market followed by Germany and the UK. The rise in the incidences of sleeping disorders and the growing geriatric population are the major drivers for the sale of OTC drugs in western countries. Moreover, the higher population base and the availability of various products in the market are the major factors contributing to the growth of the Chinese sleep aids market. On the other hand, the sale of sleep aids in developing countries such as India is anticipated to grow rapidly. Factors including growing awareness regarding sleeping disorders and a number of government initiatives to improve public healthcare are majorly influencing the sale of sleep aids in developing countries.
Figure 2 Top Countries in the Global Sleep Aids Market in 2019 (Revenue % Share)
Source: Infinium Global Research Analysis
North America Generated Highest Revenue from Sleep Aids
Based on the geographical regions, North America generated the highest revenue in the global sleep aids market. A large pool of population suffering from sleeping disorders such as insomnia and sleep apnea is the major driving factor for the North American sleep aids market. Fast-paced life due to the busy schedule and an unhealthy lifestyle leads to the growing incidences of sleep disorder. Moreover, the rise in the prevalence of chronic disorders such as obesity, diabetes, and cardiac disorders, which may cause sleep disorders, is also supporting the growth of the market in North America. Furthermore, the Asia Pacific region is projected to grow with the fastest rate owing to the growing awareness regarding sleep disorders and their treatment. The improving healthcare sector in the developing nations in the Asia Pacific is offering favorable business opportunities to the major players in the sleep aids market.
Our primary research involves extensive interviews and analysis of the opinions provided by the primary respondents. The primary research starts with identifying and approaching the primary respondents, the primary respondents are approached through
· Key Opinion Leaders associated with Infinium Global Research
· Internal and External subject matter experts
· Professionals and participants from LinkedIn, Hoovers, Factiva and Bloggers
· Our primary research respondents typically include
· Executives working with leading companies in the market under review
· Product/brand/marketing managers
· CXO level executives
· Regional/zonal/ country managers
· Vice President level executives.
Methods of Primary Research
· Computer-assisted telephone interview (CATI)
· Computer-assisted personal interview (CAPI)
· Computer-assisted web interview (CAWI)
Secondary research involves extensive exploring through the secondary sources of information available in both public domain and paid sources. At Infinium Global Research, each research study is based on over 500 hours of secondary research accompanied by primary research. The information obtained through the secondary sources is validated through the crosscheck on various data sources. The secondary sources of the data typically include
· Company reports and publications
· Government/institutional publications
· Trade and associations’ journals
· Databases such as WTO (World Trade Organization), OECD (The Organization for Economic Co-operation and Development), Hoovers, Factiva, and the World Bank, among others.
· Websites and publications by research agencies