Time to go and get your Zzz
Sleep is not a luxury. It is a necessity, a basic human need that is crucial for optimal functioning. Yet, it seems that the world is not getting enough sleep. As a result, the global sleep aids market is substantial and extending. It is expected to progress at CAGR of 7.1% from 2020 to 2030, reaching the value of $162.5 billion.
Sleep deprivation can be quite detrimental, not only to one’s physical and mental health, but also to the productivity of different economic activities. Cardiovascular disease, diabetes, obesity, hormonal abnormalities are just some of the many health consequences associated with persistent sleep insufficiency.
The overall sleeping duration is diverse across countries, and especially across continents. For example, most of European countries get on average at least 7 hours of sleep per day. The situation is almost inverse in Asia. Most of the countries do not get close to the recommended 7 hour-sleep, in which Japan, South Korea and Philippines are the most sleep deprived countries in the region. Latin American countries tend to get less sleep than European countries but more the Asian counterparts.
In terms of the sleep aid market, the difference among regions is even more noticeable. In Latin America, people do not go to the doctor as often as they should and when it comes to insomnia or other sleep-related problems, people usually self-prescribe, use home remedies or simply do nothing. There is also a dominance of Rx drugs in the sleep aid market. Most of them contain Barbiturates and Tranquilizers. These Rx sleep aids are easy to get even without a prescription. Overall, the size of the Latin America Sleep Aids Market is worth now US$5.95 billion and estimated to be growing at a CAGR of 6.7% to reach US$10.79 billion in 2030.
The size of the Asia-Pacific is currently worth US$11.95 billion and estimated to be growing at a CARG of 6.9% to reach US$22.19 billion by 2030. Statistics show that the sleeping situation there is getting worse every year, especially among young adults – who have the shortest sleep duration compared everyone else in other regions of the world. In most cases, people in the region are not aware of sleep problems, even when they are experiencing them. When it comes to treatment, people tend to prefer natural solutions like Valerian or Magnesium, or traditional medicine.
To summarize, despite the difference in the market situation, the emerging markets present enormous potential. However, in order to have successful market entry, companies need to fully understand the market characteristics, through thorough pharma market analysis or healthcare consulting.