Sleep Patches Market Size, Share, Growth Analysis, By Ingredients(Chemical Ingredients, Natural Ingredients), By End User(Household, Commercial), By Distribution Channel(Supermarkets/Hypermarkets, Drug/Pharmacy stores, Online, Others), By Region - Industry Forecast 2024-2031

Sleep Patches Market size was valued at USD 43.76 billion in 2019 and is poised to grow from USD 51.07 billion in 2023 to USD 168.41 billion by 2031, growing at a CAGR of 16.6% in the forecast period (2024-2031).

There are several large and medium-sized wellness companies competing in the Sleep Patches Market. Moreover, there are some regional companies that are selling their products online aggressively. The threat of new entry in the market is high as the raw material is available and the manufacturing of products is not that complex. Innovative product and packing innovation are the primary goals, and products that are free of harmful substances and used natural substances, as well as new formats, are gaining appeal. For Instance, The Natural Patch Co. has introduced sleep patches, a method free of medications, hormones, and medical oversight. A specially created blend of essential oils is used in Sleep Patch, an all-natural sleep patch made for children two years old and older, to help soothe the body and mind. 'GlaxoSmithKline', 'Merck & Co., Inc.', 'Procter & Gamble', 'Teva Pharmaceutical Industries Ltd.', 'Medline Industries, Inc.', 'Hisamitsu Pharmaceutical Co., Inc.', 'Johnson & Johnson', 'Sanofi S.A.', 'Pfizer, Inc.', 'Mylan N.V.', 'Purdue Pharma L.P.', 'Novartis International AG', 'Takeda Pharmaceutical Company Limited', 'Mallinckrodt Pharmaceuticals', 'Mundipharma International Limited', 'AdhexPharma', 'The Mentholatum Company', 'Luye Pharma Group Ltd.', 'Ferring Pharmaceuticals Inc.', 'Alza Corporation'

Sleep disorders affect an estimated 50 to 70 million people worldwide each year, with insomnia costing the US economy an estimated $62.2 billion in lost productivity. Sleep apnea is a serious medical condition in which a person's breathing is interrupted while sleeping. It can cause snoring, gasping, or choking sounds, as well as sleepless nights. According to the National Sleep Foundation, an estimated 18 million American adults suffer from sleep apnea, with 4% of middle-aged adults (ages 30-60) and 2% of older adults (ages 60+ also affected.

As consumers become more focused on holistic health remedies, more companies are looking to include natural ingredients in their sleep patches. This trend is likely to continue as people become more aware of the chemicals they are ingesting.

In 2021, the North America region led the sleep patches market. About 70 million Americans experience persistent sleep issues. Injuries, chronic illnesses, mental illnesses, poor quality of life and well-being, higher health care expenses, and decreased work productivity are all linked to sleep deprivation. About 30% of adults over the age of the general population experience insufficient sleep as per the report by the Centers for Disease Control and Prevention. The most prevalent sleeping disorder is insomnia. 33 to 50% of adults experience insomnia symptoms, while 10 to 15% of adults with chronic insomnia disorder—a condition linked to distress or impairment—also experience these symptoms. During the forecasted period, Asia Pacific is the fastest growing region.