Market Overview
- The Global Insomnia Treatment Market is expected to grow at a high CAGR of 5.2% during the forecasting period (2020-2027).
- Insomnia is a sleeping disorder in which an individual has difficulty falling asleep or staying asleep. People with insomnia can feel dissatisfied with their sleep and experience symptoms such as fatigue, low energy, difficulty concentrating, mood disturbances, and decreased performance in work or at school. The increasing number of sleep disorders, affordable reimbursement scenario for drugs prescribed in insomnia treatment, rising health awareness leading to effective insomnia treatment, and developing healthcare infrastructure are some of the factors driving the growth of the market. Insomnia disorder is an economic burden and public health concern affecting up to one-third of the population of the United States. According to a study conducted by the University of Pennsylvania School of Medicine in 2018, the latest data shows that 25% of the population experience acute insomnia each year, with 6% finding that the condition develops into chronic insomnia over the year.
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Market Growth
- According to results from the America Insomnia Survey, published by the US National Library of Medicine, this $63 billion in lost revenue comes from a reduced productivity level or absence and is equivalent to the whole population missing 252.7 days of work each year. Based on treatment type, prescription sleep aids are estimated to dominated the insomnia treatment market over the forecast period, owing to rising prevalence of insomnia, increasing stress, addiction, etc., which if untreated will eventually result in chronic illness. It is estimated that the number of acute insomnia cases would rise from 121,799,911 in 2013 to 130,482,156 in 2023, with the number of chronic insomnia cases also expected to see the same rise of 0.7%. The insomnia drugs comprise of a wide range of patented drugs, as well as generics. The patented drugs hold a larger share in developed regions, owing to the better reimbursement policies. For instance, in July 2019, Dr. Reddy's Laboratories has launched generic Ramelteon tablets used for the treatment of insomnia in the US market. The company has launched Ramelteon tablets in the strength of 8 mg after getting approval by the United States Food and Drug Administration (USFDA). The product is a generic version of Takeda Pharmaceutical Company's Rozerem tablets in the same strength, it added.
Market Key Players
- The global insomnia treatment market is highly fragmented due to the presence of multiple generic manufacturers. Some major players in the market are Merck & Co., Mylan N.V., Paratek Pharmaceuticals, Inc., Pfizer Inc., Sanofi S.A., Takeda Pharmaceutical Company Ltd., Teva Pharmaceutical Industries Ltd., Vanda Pharmaceuticals Inc, among others. The key players are adopting various strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, which are contributing to the growth of the insomnia treatment market globally.
- For instance,
- On December 23rd, 2019, Eisai Co., Ltd. Received the that the U.S. Food and Drug Administration (FDA) approval for the new drug application for its in-house discovered and developed orexin receptor antagonist DAYVIGOTM (lemborexant). DAYVIGO was approved for the treatment of insomnia characterized by difficulties with sleep onset and/or sleep maintenance in adults. In the United States, DAYVIGO will be commercially available in 5 mg and 10 mg tablets following scheduling by the U.S. Drug Enforcement Administration (DEA), which is expected to occur within 90 days.
- In May 2019, Merck announced the results of a Phase 3 trial evaluating the efficacy and safety of BELSOMRA® (suvorexant) C-IV for the treatment of insomnia in people with mild-to-moderate Alzheimer’s disease dementia. This is the first dedicated Phase 3 polysomnography study of an insomnia medication in people with mild-to-moderate Alzheimer’s disease dementia, and in the trial, BELSOMRA met its primary and secondary efficacy endpoints.
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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.
Together they have a knock-on effect on the human biological clock disturbing sleep the most and in the process causing Insomnia.
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.Request For Sample Report: https://www.marketresearchfuture.com/sample_request/545Industry 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.
