Global Sleeping Medications Market: Overview
Sleeping medications are commonly known as sleeping pills. Sleeping pills mainly refers to a generic term used for describing both over-the-counter (OTC) or prescription medications. Sleeping pills are majorly used for helping individuals who face difficulty in falling asleep as well as staying asleep on their own. Such pills are generally hypnotics which promote or extend the duration of sleep. These pills are also act as sedatives, as they promote “calming” effect and also they have the ability to cause drowsiness. Sleeping medications also have serious side effects such as heart attacks, stroke or even life-threatening diseases, if abused or overused. According to research, women are more prone to suffer from insomnia than men. Thus, the consumption rate of sleeping medications is higher among women than men. Such factors are fueling the global sleeping medications market.
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The global sleeping medications market is mainly segmented on the basis of product type, distribution channel, sleep disorder, and region. Under product type, OTC drugs, prescription drugs, and others are the prominent segments comprising the market. Whereas, with respect to sleep disorders, key segments present in the global sleep medications market are insomnia, narcolepsy, sleep apnea, sleep walking, and others. In terms of distribution channel, the sleep medications market is segmented into retail pharmacies, hospital pharmacies, and online pharmacies.
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Global Sleeping Medications Market: Key Trends
A study conducted in May 2018, denoted that almost 936 million of patients across the globe have suffered from sleep apnea disorders. This study was an indication of growing number of people suffering from various sleep diseases. Such factors are driving the global sleeping medications market. Apart from this, rising prevalence of sleep disorders such as obstructive sleep apnea (OSA) and insomnia is further fueling demand in the global sleeping medications market. Along with this, rising demand for sleeping pills to reduce stress in mundane lifestyle, and burgeoning population are boosting the global sleeping medications market.
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Furthermore, rising governments’ investments in health care sectors, promising reimbursement coverage, and increasing healthcare expenditure re also propelling expansion in the global sleeping medications market. Along with this, rising awareness programs regarding the importance of ample sleep is also stoking demand in the global sleeping medications market. However, various side effects of medications, improper diagnosis, and unskilled professionals may hamper the growth of the global sleeping medications market. Nonetheless, persistent demand for novel alternative medication options and upcoming treatments are believed to fuel growth of the market.
Global Sleeping Medications Market: Regional Outlook
With respect to geography, North America is leading the global sleeping medications market as the region has witnessed rapid growth in healthcare infrastructure. Rising number of sleep disorder treatments, rising healthcare expenditure, and growing awareness about medications are also responsible for fueling growth in the sleeping medications market in this region. However, increasing breathing trouble which leads to sleep apnea and rising awareness about the treatment of sleep walking and insomnia in Asia Pacific makes this region exhibit a substantially fast growth.
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Global Sleeping Medications Market: Competitive Landscape
Some of the prominent players operating in the global sleeping medications market are Pfizer, Takeda Pharmaceutical Company Ltd., Sumitomo Dainippon Pharma Co., Teva Pharmaceutical Industries Ltd., and Sanofi. Each of these companies has been broadly described in the report in terms of prime strategies, revenue gained in recent times, and growth projected to attain in forthcoming years, in terms of market shares.
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