Albany, NY -- (SBWIRE) -- 02/20/2019 -- Sleeping pills or medications are advised to help individuals suffering from sleeping disorders or for those who are unable to sleep. These sleeping medications are advised to promote sleep and are often termed as sedatives, which have the ability to cause drowsiness. These are available both as prescription and OTC drugs. However, consumption of sleeping pills results in severe side effects, including risk to a patient's life. According to research, women are 1.3 times more prone to suffer from insomnia than men. The geriatric population over 65 age is expected to acquire insomnia more than the younger generation. A study conducted by ResMed, a California-based medical equipment firm, in May 2018, indicated that 936 million patients across the world suffer from sleep apnea disorders.
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High prevalence of sleep disorders such as insomnia and obstructive sleep apnea (OSA) disorders are expected to drive the global sleeping medications market. Funding by the governments for start-up companies, investments in health care facilities, rise in demand for sleeping pills as a result of stressful, mundane lifestyle, and increase in geriatric population are the other factors propelling the sleeping medications market. Promising reimbursement coverage, hike in health care expenditure, and prevailing awareness programs about the importance of ample sleep also augment the global sleeping medications market. However, long waiting time in availing sleep services, improper diagnosis, patients not visiting primary care physicians often, relative side effects of medications, and unskilled professionals hamper the growth of the global market. Over abuse of sleeping pills also results in deteriorating health which acts as a major restraint of the market. Upcoming treatments and novel alternative medication options for sleeping disorders are expected to fuel the growth of the market.
The global sleeping medications market can be segmented based on product type, sleep disorder, distribution channel, and region. In terms of product type, the sleeping medications market can be classified into prescription drugs, OTC drugs, and others. The prescription drugs segment can be categorized into Z-drugs, benzodiazepines, and others. Z-drugs include medications such as zaleplon, zolpidem, and eszopiclone/zopiclone. Benzodiazepines include medications such as Triazolam and Temazepam. Others comprise medicines such as Ramelteon, Suvorexant, etc. The prescription drugs segment is projected to account for large market share in the near future. Based on sleep disorder, the global sleeping medications market can be divided into insomnia, sleep apnea, narcolepsy, sleep walking, and others. In terms of distribution channel, the global sleeping medications market can be classified into hospital pharmacies, retail pharmacies, and online pharmacies.
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In terms of region, the global sleeping medications market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Prevalence of sleep disorders are high in geriatric population and increasing geriatric population worldwide, is expected to boost the sleeping medications market globally. North America dominated the global market in 2017, driven by rise in the number of sleep disorder treatments, high awareness about medications, and surge in health care spending by governments. Asia Pacific is an emerging market for sleeping medications and is expected to grow rapidly during the forecast period. Breathing trouble leads to sleep apnea and its incidence is high in Asia Pacific. Prevalence of several other types of sleeping disorders such as insomnia and sleep walking is also increasing in the region. This has resulted in increase in the number of patients and awareness programs about the treatment in the region. These factors are expected to drive the market in Asia Pacific during the forecast period. Moreover, several organizations are spreading awareness about the current situation in the society and updating it about the management of the same, which in turn is likely to propel the global sleeping medications market.
Major players operating in the global sleeping medications market include Sanofi, Pfizer, Inc., Merck & Co., Inc., Takeda Pharmaceutical Company Limited, Teva Pharmaceutical Industries Ltd., GlaxoSmithKline plc, Mylan N.V., Sumitomo Dainippon Pharma Co., Ltd., and Purdue Pharma L.P.
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