| Source: FACT.MR
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Seoul, Oct. 19, 2022 (GLOBE NEWSWIRE) — Global demand for sleeping aids is expected to increase at a CAGR of 5.4% from 2022 to 2030, says Fact.MR, a market research and competitive intelligence provider, with the market expected to reach US$ 120 billion by 2030.
Some of the main factors influencing demand for sleep aids include the rising prevalence of sleep-related illnesses, changing lifestyles, increasing obesity, and a growing ageing population, as well as technological improvements and the introduction of novel technologies. Another key factor driving the demand for sleep aids is the rising reliance on sleeping pills due to modern lifestyles. Stressful pace of living is believed to raise the prevalence of sleep-related diseases.
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Numerous chronic illnesses are on the rise, with delayed diagnosis as a result of the rapidly evolving individual lifestyles and escalating stressful work hours. Demand for sleeping devices will be impacted by the rising use of both preventative and curative medications as well as increased alcohol and tobacco consumption worldwide.
Key Takeaways from Market Study
Competitive Landscape
To increase their chances of growth, the top companies in the sleep aids market are focusing on acquisitions, new developments, and product launches. Manufacturers of sleeping aids are increasing product R&D spending as a key part of their business plan to meet the need of a certain patient population. Players in the market are also concentrating on expanding their geographic reach of both new and existing devices.
Sleeping Aids Industry: Key Players
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Winning Strategy
To get a competitive edge while increasing their revenue sales, these businesses are actively pursuing marketing and business growth methods such as alliances, purchases, launch of new products, and investments.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global sleeping aids market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2030.
The study divulges essential insights on the market on the basis of product (sleep apnea devices, medication, mattresses & pillows, sleep laboratory services) and sleep disorder (insomnia, sleep apnea, restless leg syndrome, narcolepsy, sleepwalking, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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Segmentation of Density Meter Industry Research
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About Fact.MR
Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories. We are committed to deliver insights that help businesses gain deeper understanding of their target markets. We understand that making sense of the vast labyrinth of data can be overwhelming for businesses. That’s why focus on offering insights that can actually make a difference to bottom-lines.
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