The South Korea sleep aid market size stood at around USD 2.68 billion in 2019 and is projected to reach xx billion by 2028, exhibiting a CAGR of around xx% during the forecast period.
Sleep is one of the important factors on which we spend a lot of time, a third of our lives. In particular, sleep is fundamentally involved in the recovery of mental and physical fatigue in daily life, so it is essential for smooth daily life. Sleep is a direct barometer that determines the quality of life, and how well you sleep is linked to a healthy life. However, Korea’s average sleeping time is still the lowest among OECD countries. In addition, the number of patients visiting the hospital due to sleep disorders is increasing rapidly every year.
These disorder cause irregular mental, physical, social, and emotional functions. Sleep disorders are treated by different treatment options as per the symptoms of the patients. Sleep aids are the drugs or medical devices that help a person to fall asleep.
Rise in geriatric population in Korea and increase in prevalence of sleep disorders like insomnia are the primary market drivers. Increase in mental stress due to hectic life and unhealthy habits like use of caffeine, tobacco and alcohol are anticipated to further propel the growth of the sleep disorder treatment market. Furthermore, the surge in awareness is positively the market growth.
Side effects of the drugs used as sleep aids are the major restraints for this market.