US OTC Sleep Aid Products Market Analysis

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  • Type: Common Disease Area
  • Published : March 2021
  • Region: North America
  • Country: US
  • Report ID : 454

  • Format: PPT, PDF

US OTC Sleep Aid Products Market Size, Share, Trends & Growth Forecast Report – Segmented By Product (Sleep Laboratories, Herbal Drugs and Sleep Apnea Devices) and Indication (Insomnia, Narcolepsy, Restless Legs Syndrome, Sleep Apnea) Industry Forecast (2019 To 2028)

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Report Overview

US OTC Sleep Aid Products market would approximately reach XX billion by 2028 from USD 35 billion in 2019 and is estimated to be growing at a CAGR of XX% during the forecast period

The OTC sleep aid products market will demonstrate huge expansion in the US between 2019 and 2028 due to the rising prevalence of sleep disorders in the region. In the US OTC Sleep Aid Products market, an increase in alcohol consumption, caffeine, and tobacco are the primary reasons for sleep disorders. Insomnia and OSA treatment involve sleeping aids, which, in turn, is driving the growth of the sleep aids products market. This disruption in sleep can cause various disorders, which lead to a high demand for sleeping pills. Besides, stressful modern life and awareness programs on sleep disorders increased demand for sleep pills, thus, fueling up the market. According to the American Sleep Apnea Association, more than 50 million Americans already suffer from over 80 different sleep disorders, and 20-to-30 million suffer from intermittent sleep problems each year. Further, insomnia is the most common specific sleep disorder, with short-term issues reported by about 30% and chronic insomnia by 10% of the adults in the country. Between 6 and 12 percent of Americans use over-the-counter (OTC) sleep aid products specifically. While OTC sleep aids are non-habit forming, they still need to be used with care. They’re meant to be taken on a short-term basis and are not a substitute for more long-term treatment of insomnia or other sleep issues

Key Market Drivers

The increasing network of healthcare facilities, wide use of portable sleep apnea devices, surging geriatric population, growing adoption of wearable monitors and sensors, and widespread burden of insomnia and obstructive sleep apnea (OSA) are some of the key growth factors driving the sleeping aids industry. Long working hours, working in different shifts, hectic work environments, and stressful conditions, along with excess workload, also hamper the quality of sleep. All these factors are leading to an increasing adoption of OTC sleeping pills that help an individual fall asleep, which, in turn, is impacting the sleep aid products market positively

1. US OTC Sleep Aid Products Market Overview……………………………………………………..
A. Market Size
2. Market Growth Drivers…………………………………………………….………………..……………..
A. Increasing use of sleep apnea devices and adoption of wearable monitors and sensors
B. Increasing burden of insomnia, thus leading to more adoption of OTC sleeping pills
3. OTC Sleep Aid Products Market Segmentation………………………………………………….
A. By Products
I. Sleep Laboratories
II. Herbal Drugs
III. Sleep Apnea Devices
B. By Indication
I. Insomnia
II. Narcolepsy
III. Restless Legs Syndrome
IV. Sleep Apnea
4. OTC Sleep Aid Products Market Drugs Market Share………………..……………..
A. Market Analysis, Insights and Forecast to 2028 by Revenue
5. Competitive Landscape………………………………………….……………………………….………..
A. Major Players
B. Products in Pipeline
6. Key Company Profiles……………………………………………………………………………………….
A. Vicks (Procter & Gamble and Helen of Troy Limited) overview, Product & Services, Strategies & Financials
B. Sleep Med Company overview, Product & Services, Strategies & Financials
C. Philips N.V. Company profile, Product & Services, Strategies & Financials
7. Healthcare Policies and Regulatory Landscape………………………………………….…
A. Policy changes and Reimbursement scenario
8. Potential Growth Opportunities……………………………..……………………………..…………
A. Advancements in drug development
9. Factors Driving Future Growth……………………………………….………………………………..
A. Key Industry Trends and Recent Developments in OTC Sleep Aid Products Market
B. Future Opportunities
10. Conclusion

Market Segmentation 

The US Sleep Aid Products market can be segmented into Product and Indication

By Product:

The US OTC Sleep Aid Product is further segmented into Sleep Laboratories, Herbal Drugs, and Sleep Apnea Devices. The market growth of this category is primarily attributed to the cost-effective nature of these products and their availability in wide varieties

The sleep apnea devices category is projected to witness the fastest growth during the forecast period, mainly on account of the widespread burden of OSA, rising geriatric population, and development of technologically advanced portable sleep apnea devices. In 2021, The U.S. Food and Drug Administration approved the marketing of a new “tongue strengthening” device to cut down on snoring in patients with mild obstructive sleep apnea

By Indication:

Insomnia is the most common specific sleep disorder, with short-term issues reported by about 30% of adults and chronic insomnia by 10%. 25 million U.S. adults have obstructive sleep apnea. The incidence of narcolepsy is 50 per 100,000 people. Restless legs syndrome, a neurological disorder, affects about 5 percent of the population over age 65. At least 25 million Americans (1 in 5 adults) suffer from sleep apnea, a serious sleep and breathing condition linked to hypertension, cognitive impairment, heart disease, and stroke

Key Players

The major companies dominating the US Sleep Aid Products Market are Sanofi, Pfizer, Koninklijke Philips N.V. (Philips), Merck & Co., Cadwell, Care Fusion Corporation, GlaxoSmithKline Plc, SleepMed, DeVilbiss Healthcare LLC, Natus Medical manufacturers. Vicks is an American brand of over-the-counter medications owned by the American companies Procter & Gamble and Helen of Troy Limited

Vicks has came up with Vicks ZzzQuil PURE Zzzs Melatonin Liquid which is a new, non-habit forming liquid that helps fall asleep naturally and wake with no next-day grogginess

 

 

Research Methodology

Insights10 will provide you reports within 10 key parameters which are:

  1. Market overview
  2. Market growth drivers & restraints
  3. Epidemiology or disease type
  4. Market segmentation
  5. Market share
  6. Competitive landscape
  7. Key company profiles
  8. Healthcare policies & regulatory framework
  9. Reimbursement scenario
  10. Factors driving future growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision making for business stakeholders. Our focused approach to develop reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

Our analysis methodology involves three critical stages:

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers and researchers across countries through which we engage with local experts to gather key data points and assumptions around each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain the high level of accuracy and consistency. The market data is analysed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, market share as well as segment-level analysis of the specific market. Our report includes precise, to the point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.

Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:

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Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameter and micro indicators. The macro parameters includes changes in government policies, demand and supply of the market, government intervention programs and major market share. The micro indicators GDP growth, market size, market volume etc. We also understand nuances specific to each country like US, Canada, India, Germany, etc. and have worked across 60+ countries and hence no only understand global trends, but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. start with large overall market and segment different areas and bottom-up approach i.e. start with population and epidemiology and roll up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach mainly used for new product forecasting and bottom-up approach is used for demand estimation of any product for different countries summed up to form total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as North America, Europe, Asia-Pacific, and Africa for the period of 2020 to 2028. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape and policy and regulatory scenario and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases and the company level averages etc.

We make sure to finalize the numbers in alignment to the market research. Firstly, our internal experts ensure thorough validation and checking to ensure the accurate and precise analysis and then validation is also done using multiple data analysis model.  Two level validation is done and entails finalization of report scope and to way of representation pattern.

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analysed and synthesized. A second series of interviews are done if necessary to check and validate. The future opportunities are analysed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results are then, interpreted by considering following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue / volume
  • Analyzing current needs and determining penetration to estimate market

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Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumptions.
The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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