Insomnia Market Overview:
The global insomnia market size is expected to reach USD 6.6 billion by 2030 at 3.11% CAGR during the forecast period 2022-2030, 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 cancelling 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 their lack of education can hinder the market growth.
The global insomnia market outlook can be segmented by region, 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. As reported by Perelman School of Medicine at the University of Pennsylvania, 1 in 4 from the U.S. alone gets affected by insomnia every year. 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. Favourable 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.
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 behavioural 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 behavioural therapy (CBT-1) can prove beneficial for the industry in the foreseeable future.
Based on 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.
The global insomnia market players 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).
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