The global market for sleep aids was worth US$58,080 million in 2014, says Persistence Market Research (PMR). It could be worth US$80,814.7 million by 2020 if the projected compound annual growth rate (CAGR) of 5.7% holds true.

PMR’s new market study, “Global Market Study on Sleep Aids: Sleep Apnea to Witness Highest Growth by 2020,” studies historical and present statistics regarding the global sleep aids market in detail and presents a prediction for the market’s growth in the 2014 to 2020 forecast period.

Rising incidence of sleep apnea in developed countries is the primary reason for the booming growth of the global sleep aids market, the report finds. Due to high prevalence of the condition as well as widespread technological support for innovations in sleep aids, North America led the global market for sleep aids in 2014, accounting for more than half the global market’s valuation. The majority share of North America in the global sleep aids market is expected to continue in the forecast period, with the North America sleep aids market is expected to be valued at more than US$44,000 million by 2020. Major national markets for sleep aids are the United States, Germany, France, China, and Japan.

The market for sleep aids is segmented into the product categories of mattresses and pillows, medications, sleep apnea devices, and sleep laboratories. Of these, mattresses and pillows lead demand from the sleep aids market, whereas demand for prescription drugs leads the sleep medication segment.