Report Description of the OTC Sleep Aid Products Market
Research Scope and Assumption
- The report provides the market value for the base year 2020 and a yearly forecast up to 2028 in terms of revenue (USD billion)
- The key industry dynamics, regulatory scenario, reimbursement scenario, major market trends, and drug markets are evaluated to understand their impacts on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis
- We have used the combination of top-down and bottom-up approach for market sizing, analyzing key regional markets, dynamics, and trends for various solutions, services, and end uses
- All market estimates and forecasts have been validated through primary interviews with the Key Industry Players (KIPs) and secondary analysis
- Inflation has not been accounted for in order to estimate and forecast the market
- Numbers may not add up due to rounding off
Reason to buy the report:
- Facilitate decision-making based on strong current and forecast data for OTC Sleep Aid Products Market
- Develop strategies based on the latest regulatory framework
- Strategically analyze micro-markets with respect to individual growth trends, future prospects, and their contribution to the market
- Analyze competitive developments such as expansions, investments, mergers & acquisitions, new product developments, and research & developments in the OTC Sleep Aid Products market
- Analyze the opportunities in the market for stakeholders and draw a competitive landscape for market leaders
- To strategically profile key players and comprehensively analyze their market shares and core competencies
- We have technically sound team which do a deep dive research and also provide strategy-based consulting analysis
APAC OTC Sleep Aid Products Market Executive Summary
Asia-Pacific sleep disorder treatment market is expected to grow due the increased prevalence of sleep disorders like sleep apnea, insomnia and narcolepsy across globe. Sleep disorders are also known as somnipathy. It comprises of various medical conditions which deviates the sleeping pattern of a person negatively. Sleep disorders can also be defined as a group of disorders impacting sleep pattern of an individual on a regular basis. Various factors are responsible for the presence of sleep disorders which includes lifestyle changes and high stress among other. The sleep disorders impact the overall health of a person along with affecting their level of concentration leading to tiredness throughout the day.
Market Size and Key Findings
The APAC OTC Sleep Aid Products market size stood at around USD 11.95 billion in 2021 and is projected to reach USD 16.68 billion by 2026, exhibiting a CAGR of 6.9% during the forecast period.
APAC OTC Sleep Aid Products market is likely to grow at remarkable rate during the forecast period. Sleep aids are primary pills and medical devices enabling a person affected with sleep disorders to fall asleep. Sleep Aids are drugs or medical devices that help a person to fall asleep. Improper sleep cycles or sleep disorders have severe effects on one’s work life and health. Sleep Disorders are generally caused by changes in sleeping patterns due to medical issues, psychiatric problems, and environmental issues.
Market Growth Drivers Analysis
The increased usage of caffeine, tobacco, and alcohol has been causing sleep disorders in the population is one of the major factors driving the Asia-Pacific sleep aids market. The increasing consumer awareness pertaining to quality sleep, rising size of the geriatric population will act as substantial factors for the industry expansion has led to the growing need for convenience and compliance. Further, an increase in demand for sleeping pills due to stressful modern lifestyle has also contributed to the rapid growth of the Asia-Pacific Sleep Aids market.
The sleep aids market also faces some challenges and restraints, including side effects associated with sleeping aids medications and patent expiration of treatment pills for sleep disorders.
COVID-19 impact on “APAC OTC Sleep Aid Products Market”
The COVID-19 pandemic took a tremendous toll on the operations of several business verticals. However, the industry for sleep aids witnessed widespread growth given the increasing consumption of sleep medications by patients affected with sleep-disordered breathing (SDB) as they are at a higher risk of suffering from the most adverse outcomes of the infection. The rising innovations in sleep medicine practices also added to the market demand amidst the crisis
Some of the major key players dominating the Asia Pacific Sleep Aids market are Jazz Pharmaceuticals, Inc., Pfizer Inc., Viatris Inc., Amneal Pharmaceuticals LLC, Taj Pharmaceuticals Limited, Eli Lilly and Company, Alembic Pharmaceuticals Limited, Apotex Inc., Dr. Reddy’s Laboratories Ltd., Koninklijke Philips N.V., ResMed, SomnoMed, Oventus and BMC Medical Co., among others.
Products in Pipeline
TS 142 is dual orexin 1/2 receptor antagonist (DORA), being developed by Taisho Pharmaceutical, for the treatment of insomnia and sleep apnoea syndrome.
Daridorexant is a dual orexin receptor antagonist (DORA) designed and developed for the treatment of insomnia. Daridorexant reduces overactive wakefulness associated with insomnia by blocking the activity of orexin. Idorsia’s research team has designed daridorexant to have a rapid onset of effect and a duration of action sufficient to cover the night but short enough to avoid any negative next-morning residual activity at optimally effective doses. The US Food and Drug Administration (FDA) has accepted the new drug application (NDA) for review of Idorsia’s investigational dual orexin receptor antagonist, daridorexant, for the treatment of adult patients with insomnia.
Notable Recent Deals
Pfizer, Inc. announced that its division named Upjohn is combined with Mylan N.V. and formed a new company named Viatris. This combination of the business division of the company with Mylan N.V. has increased its product portfolio leading to increased demand for its product in the market.
This new product launched by the company has increased its protein estimation portfolio in the market. Collaboration, joint ventures and other strategies by the market player is enhancing the company market in the sleep disorder treatment market which also provides the benefit for organization to improve their offering for sleep disorder treatment market.
Healthcare Policies and Regulatory Landscape
Policy changes and Reimbursement scenario
China’s stringent regulatory framework, specifically regarding product registration (under China’s Food and Drug Administration – CFDA), and competition from cheap local brands are considerable challenges.