The global sleep disorder market size was US$ 5.1 billion in 2021. The global sleep disorder market is forecast to grow to US$ 10.2 billion by 2030 by registering a compound annual growth rate (CAGR) of 6.5% during the forecast period from 2022 to 2030.
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Sleep disorder or somnipathy is a medical condition that affects sleep patterns. Various health issues, hectic schedules, and high stress can lead to a sleep disorder. Apart from that, sleep disorder significantly impacts the concentration of a person, causing tiredness throughout the day.
The U.S. Bureau of Economic Analysis and the U.S. Census Bureau reports that the goods and services deficit rose from $68.7 billion in January 2023 to $70.5 billion in February, an increase of $1.9 billion. Due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion, the goods and services deficit increased in February. The goods and services deficit has decreased this year by $35.5 billion, or 20.3% when compared to the same period in 2022. $10.8% more, or $49.5 billion, was exported. Imports cost $2.2% more, or $14.0 billion, than exports.
Factors Influencing the Market
Growing awareness related to sleep disorders will primarily drive the growth of the sleep disorder market during the forecast period. Apart from that, growing awareness about sleep disease and its harmful effects will fuel the growth of the sleep disorder market. Governments are also making a significant contribution to the advancements of their respective country’s healthcare sector, which is expected to propel the sleep disorder market forward during the forecast period.
The growing number of sleep disorder cases, including disrupted nocturnal sleep, sleep apnea, hallucinations, sleep paralysis, insomnia, narcolepsy, circadian disorders, etc., will push the demand for effective treatments. As a result, it will fuel the growth of the sleep disorder market during the study period.
Product innovation and new strategic steps by industry players will notably fuel the growth of the sleep disorder market during the forecast period. For instance, approval and commercialization of new drugs are expected to be opportunistic for the market. On the contrary, side-effects associated with a sleep disorder may limit the growth of the market during the study period.
COVID-19 Impact Analysis
The COVID-19 pandemic wreaked havoc on most industries, forcing business owners to either operate remotely or shut their doors. A vast population suffered financial and health trouble, which increased their stress level. As a result of this stressful life event, the cases of sleep disorder increased substantially, which has been beneficial for the overall sleep disorder market.
Regional Analysis
North America is forecast to hold the largest share in the sleep disorder market, owing to the growing number of research studies and rising funding for awareness programs. Apart from that, increasing healthcare expenditure and continuous R&D on medications for sleep disorders will be opportunistic for the market during the study period.
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Competitors in the Market
? Cadwell Laboratories Inc
? GlaxoSmithKline plc,
? Becton Dickson and Company,
? Cardinal Health,
? Takeda Pharmaceutical Company Limited,
? Koninklijke Philips N.V
? Teva Pharmaceutical Industries Ltd.
? Astellas Pharma Inc,
? Cadwell Laboratories Inc.,
? Compumedics Limited
? Other Prominent Players
Market Segmentation
The global sleep disorder market segmentation focuses on Disorder, Devices, Treatment, and Region.
By Disorder
? Insomnia
? Hypersomnia
? Sleep Apnea
? Sleep Breathing Disorders
? Circadian Rhythm Disorders
? Parasomnia
? Sleep Movement Disorders
By Devices
? Sleep Apnea Device
? Sleep Laboratories
? Mattresses & Pillows
By Treatment
? Psychiatric Treatment
? Behavioral Treatment
? Cognitive Behavioral Therapy
? Medication Therapy
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By Regional Outlook
�?� North America
o The U.S.
o Canada
o Mexico
�?� Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
�?� Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
�?� Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
�?� South America
o Brazil
o Argentina
o Rest of South America
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What is the goal of the report?
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