The global sleeping aids market accounted for $61,798.0 million in 2015, and it is expected to grow at a CAGR [compound annual growth rate] of 6.3% during 2016-2022. This is according Research and Markets new report “Global Sleeping Aids Market Size, Share, Development, Growth and Demand Forecast to 2022.”
The global sleeping aids market accounted for $61,798.0 million in 2015, and it is expected to grow at a CAGR of 6.3% during 2016-2022. The insomnia sleep disorder segment dominated the global sleeping aids market in 2015 with 30.1% share; whereas, among the various products, the mattress and pillow segment accounted for the highest share at 42.3% in the global sleeping aids market in the same year, reports Research and Markets. The growth of the sleeping aids market is escalating with high growth rate, due to growing aging population. The growth of aging population has become the major growth driver for the global sleeping aids market, as with aging, people experience various health issues, due to which they become more susceptible to sleep disorders. With the changes in lifestyle, the increased consumption of products containing caffeine, alcohol, smoking, and tobacco further leads to disrupted sleep, thus leading to the growth of the global sleeping aids market.
The sleeping aid products industry has witnessed huge growth in the recent years. The growing acceptance of mattresses and pillows, sleeping aid medications (sleeping pills), sleep laboratories, and sleep apnea devices has increased the demand for sleeping aids. The mattress and pillow segment grew with an average annual growth rate of over 6.0% during 2012-2015. The emergence of medications has further laid opportunities for the growth of the global sleeping aids market.