Market Research Report, By Types Of Therapy (Pharmacological Therapy And Non-Pharmacological Therapy), By Drug Formulation (Capsules, Tablet And Others), By Type Of Diseases Condition (Poor Quality Of Sleep, Sleep Maintenance And Other) – Forecast Till 2023
Overview:
The global Insomnia Market is all set to gain substantially from a moderate CAGR of 4.5% during the forecast period (2017-2023), claims Market Research Future (MRFR) in an extensively researched study. Insomnia, across the world, is on the rise aggravated much by anxiety and stress which are by-products of the changing lifestyle. In a roundabout a way this also triggers the global insomnia market.
Drivers and Restraints:
Rapid industrialization and urbanization affected the populace adversely so much so that physiologically people are becoming incapable of continually updating themselves as per the latest lifestyle changes. Along with it, a sedentary lifestyle has chipped in with physical ailments. Together they have a knock-on effect on the human biological clock disturbing sleep the most and in the process causing insomnia. Rising geriatric population is also a major driving factor for the market.
Advanced technologies are also giving the market a much-needed thrust. It offers significant help in reducing the stress level and canceling out other factors that act as hindrances for sound sleep. Various pharmaceuticals are also developing drugs that can reduce the stress level.
However, people are not aware of the ill-effects, and also, their lack of education can hinder the market growth.
Industry Trends:
The market is experiencing various research outcomes that hold the promise of negating insomnia, at least partially. For instance, Fisher Wallace Laboratories introduced Kortex that combines virtual reality with clinically validated neurostimulation and aid the brain in producing serotonin, a component that helps patient sleep. 2breathe Technologies launched a smart app 2breathe that can help insomniacs in sleeping with a guided breathing technique.
Segmentation:
The global insomnia market can be segmented by types of therapy, drug formulation, and disease condition.
Based on types of therapy, the market can be further segmented into pharmacological therapy and non-pharmacological therapy. Pharmacological therapy includes benzodiazepines, non-benzodiazepines, melatonin receptor agonists and other. Non-pharmacological includes relaxation therapy, cognitive behavioral therapy, sleep hygiene education, stimulus control, paradoxical intention and other. Pharmacological therapy may witness an increase in demand as the bioavailability of drugs are fetching positive results. However, prolonged usage of such medicines can cause dependency or addiction. On the other hand, cognitive behavioral therapy (CBT-1) can prove beneficial for the industry in the foreseeable future.
On the basis of drug formulation, the market covers capsules, tablets, and others. With pharmaceutical therapy gaining the majority this market is all set to rise higher.
As per the condition of the disease, the market can be segmented into poor quality of sleep, sleep maintenance and other.
Regional Analysis:
Region-wise analysis covers North America, Europe, Asia Pacific (APAC) and the Middle East and Africa (MEA).
North America is currently leading the market. The rise in geriatric population and growing level of stress among the residents are the chief driving factors.Technological advancements and availability of the latest treatments are also giving the region much momentum. People here are more aware of the psychological disorders and deficiencies due to which the market is experiencing significant growth. Favorable reimbursement policies are also helping the sector work better in the region. Europe has the second largest market. Progress in research and development in this sector has given the regional market enough thrust to expand appropriately.
The APAC and the MEA generate the least share of the global market. Lack of awareness and proper healthcare structure are acting as market deterrents in the region. However, working in shifts is proving daunting for the region and is giving rise to cases of insomnia. Japan has a high prevalence of the disease. But the APAC is witnessing better reimbursement policies which can boost the market in future.
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Market Dashboard:
The global market is highly evolving as it has a lot of scopes to develop. Each day is witnessing a discovery or innovation in this field which is influencing the key players to invest heavily in research and developments. For instance, Ebb Therapeutics started Ebb Insomnia Therapy which by cooling the forehead help the insomniac in sleeping. Nightingale Smart Solutions introduced Nightingale which creates ambient sound and drown the disruptive noises to aid patients more.
Eisai, Co., a Japanese company, has received the manufacturing rights to make active pharmaceutical ingredient (API) and as well the intellectual property rights (IPR) from Chugai and Roche to treat insomnia.
Key players contributing the most in the market are Pfizer, Inc. (US), Eisai, Co. (Japan), Merck & Co Inc (US), Sanofi (France), Flynn Pharma (UK), Takeda Pharmaceutical Company (Japan), Biocodex S A (France), Meda Consumer Healthcare Inc (US), Pernix Therapeutics (US), Purdue Pharma L.P. (US), Dainippon Sumitomo (Japan), Consumer Healthcare Inc. (Canada), ECR Pharmaceuticals (US), Johnson & Johnson (US), Astellas (UK), Neurim (Switzerland), SkyePharma (UK), and Vanda Pharmaceuticals Inc. (US).
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and Wherever Required We Will be Considering Covid19 Footprints for a Better Analysis of Markets and Industries. Cordially Get in Touch for More Details.
