Report Description of the Japan OTC Sleep Aid Products Market Analysis
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 Japan OTC Sleep Aid Products Market Analysis
- 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 Japan OTC Sleep Aid Products Market Analysis
- 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
Japan OTC Sleep Aid Products Market Analysis Executive Summary
Sleep Aids Market size is slated to grow significantly from 2021 to 2028 on account of rising number of sleeping disorders and growing obese population. The swiftly changing consumer lifestyles along with the scaling stressful working hours have led to the mount in several chronic conditions, followed by delayed diagnosis. The increasing intake of preventive and curative medicines coupled with the higher alcohol and tobacco consumption across Japan will influence the product demand.
Market Size and Key Findings
The Japan OTC Sleep Aid Products Market Analysis size stood at around USD xx billion in 2020 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.
Market Growth Drivers Analysis
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. Due to rising aging population in the region, more number of people have been dealing with sleep related problems, thus leading to increase in the sale of sleeping aids products.
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.
COVID-19 impact on “Japan OTC Sleep Aid Products Market”
The COVID-19 pandemic led to a slight decline in the demand for sleep aids due to widespread financial distress, limited production, closure of manufacturing facilities to protect workers, transportation-related delays owing to travel restriction, and driver shortages. Quarantine measures made it difficult for freight service providers to keep freight moving smoothly. Major disruptions in the global supply chain impacted the market negatively.
Some of the other key players operating in the 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.
Products in Pipeline
- In October 2016, Eisai Co., Ltd. announced the initiation of a Phase II clinical study of its internally-discovered oral dual orexin receptor antagonist lemborexant in patients with Irregular Sleep-Wake Rhythm Disorder (ISWRD) and mild to moderate Alzheimer’s disease (AD) dementia. Lemborexant is being jointly developed by Eisai and Purdue Pharma L.P.
- In May 2019, Merck’s BELSOMRA (suvorexant) C-IV met primary efficacy endpoint in phase-3 trial for the treatment of insomnia in people with mild-to-moderate Alzheimer’s disease and dementia.
Notable Recent Deals
Sumitomo Mitsui Trust Bank extended its nine-hour minimum to all employees, including contract staff, in December 2016.
In Sept 2018, Tris Pharma acquired NextWave Pharmaceuticals (NextWave), a wholly-owned subsidiary of Pfizer Inc. The acquisition expanded Tris’ portfolio of products for the treatment of patients with ADHD.
Healthcare Policies and Regulatory Landscape
Policy changes and Reimbursement scenario
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.