Asia-Pacific Sleeping Aids Market Insights, Share, Growth Drivers and Forecast Report 2024

APAC Sleeping Aids Market

CITY, Country, 2019-Jul-16 — /EPR Network/ —

The Asia-Pacific sleeping aids market size was $9.3 billion in 2015 and is forecasted to grow at a CAGR of 6.6% during the period 2016-2022. Various type of sleeping disorders such as sleep apnea, insomnia, restless legs syndrome, narcolepsy and sleep walking require some or the other type of sleeping aids intervention. Sleeping aids for sleep apnea held the largest share in the Asia-Pacific market in 2015, since an increasing number of people in the region suffer from breathing problems while sleeping.

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The demand for sleeping aids has been rising in the region due to high consumption of sleeping pills owing to changing lifestyle, growing awareness about sleep disorders and other related problems, long working hours, and growing aging population. Some of the sleeping aids products available in the market include mattress & pillow, sleep laboratories, medication, sleep apnea devices and others. Amongst these, mattress & pillows held the highest share in the regional market, standing at 41% in 2015, since they have a direct impact on the sleeping condition of a person.

Long working hours often lead to sleep issues and the government agencies and other firms are taking action against it to improve the conditions of workers in the region. For instance, Sumitomo Mitsui Trust Bank extended its nine-hour minimum to all employees, including contract staff, in December 2016. The Japanese government has set aside about ¥400 million for the year 2017 for an incentive program to encourage small and medium-sized companies to adopt minimum rest periods to ensure better productivity. All such initiatives by the governments in various countries in the region, eventually leads to the high demand of products in the sleeping aids market in the region.

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Side-effects associated with sleeping aid medications such as drug dependence and withdrawal symptoms are the some of the factors negatively impacting the demand of the sleeping aids products, thereby hindering the development of the market. Patent expiration of treatment pills for sleep disorders is another key factor that impedes the growth of the market.

Some of the other key players operating in the Asia-Pacific sleeping aids industry include Sanofi S.A., Koninklijke Philips N.V., GlaxoSmithKline PLC, Merck & Co. Inc., Teva Pharmaceutical Industries Ltd., Takeda Pharmaceutical Company Limited, Compumedics Limited, Becton, Dickinson and Company, Eisai Co., Ltd. and Drive Medical Ltd.

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