Portland, OR -- (SBWIRE) -- 02/23/2018 -- "Sleep Aids Market - Global Opportunity Analysis and Industry Forecast, 2017-2023," the global sleep aids market accounted for $49,543 million in 2016, and is estimated to reach at $79,851 million by 2023, registering a CAGR of 7.0% from 2017 to 2023. North America is the highest contributor in the sleep aids market; however, Asia-Pacific has witnessed the highest growth rate in 2016.

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Change in lifestyle, stressful working condition, other issues that interfere with the sleep habits, rise in the disposable income among the customers, and growth in awareness about the adverse effects of sleep disorder on human health are expected to boost the growth of sleep aids market. The risk of sleep disorder increases with age and obesity thus, the rise in the geriatric and obese population could increase the prevalence of sleep disorder, which is expected to fuel the market growth. The rise in demand for sleep aids has also lead to an increase in the advancement of the technology, which will further open new avenues for the market growth. However, the adverse effects of sleep drugs on human health and patent expiration are expected to hamper the market growth.

The global sleep aids market is segmented based on product, sleep disorder, and geography. Based on product, it is classified into mattress & pillows, sleep laboratories, medications, and sleep apnea devices. The medication segment is further divided into prescription-based drugs, over-the-counter (OTC) drugs, and herbal drugs. Based on sleep disorder, it is categorized into insomnia, sleep apnea, restless leg syndrome, narcolepsy, sleep walking, and other sleep disorders. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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The impact of the driving factors is expected to surpass the effect of restraints. Moreover, the increase in awareness about sleep disorders and technological advancements are expected to provide new market opportunities to sleep aids manufacturers in the near future.

The mattress & pillows segment was the highest revenue contributor in 2016, and is anticipated to continue this trend during the forecast period. Availability of a variety of products, awareness about the health benefits of quality sleep, and advancement in manufacturing techniques are some of the driving factors for the growth of this segment. Insomnia dominates the sleep aids market and is expected to remain the highest contributor toward the market growth, owing to the presence of a large population base suffering from insomnia.

Sleep Aids Market Key Segments:

By Product
Mattresses & Pillows
Sleep Laboratories
Medications
Prescription-based Drugs
OTC drugs
Herbal drugs
Sleep Apnea Devices

By Sleep Disorder
Insomnia
Sleep Apnea
Restless Legs Syndrome
Narcolepsy
Sleep Walking
Other Sleep Disorders

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