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Albany, New York, Aug. 28, 2019 (GLOBE NEWSWIRE) -- A recent study by Transparency Market Research states that the Insomnia Market is anticipated to witness steady growth during the forecast period of 2017 to 2026. There have been rising cases of discontent pertaining to sleep due to the fast paced lifestyle. Population in the urban areas is highly prone to insomnia due to soaring noise levels and high addiction to media and devices. Players in the global insomnia market are focusing on the development of cost-effective drugs as cost sensitivity is a key challenge across various regions.
Insomnia Market to Rise at a Moderate 6.6% CAGR
TMR’s study forecasts the insomnia market to progress at a CAGR of 6.6% to attain the valuation of US $ 4 Bn by the end of the forecast period. This is mainly because insomnia is one of the most common sleep disorders that affect approximately 34% of the world’s population. The market’s growth is further backed by the growing demand for OTC sleep aids and the rising trend of working in shifts.
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The players in the insomnia market are tapping into the potential of the unexplored markets in the developing countries. There is a wide pool of undiagnosed insomnia population in these regions, which may present a significant opportunity of growth for the market players. The competitive landscape of the insomnia market is highly fragmented with the presence of numerous players. Most of the leading companies sell branded drugs, however, a few players are engaged in the development of new solutions for insomnia treatment.
North America to Dominate the Global Insomnia Market
According to the Centers for Disease Control and Prevention, nearly 70mn adults in the U.S. suffered from insomnia. This is a result of the unhealthy lifestyle and rising stress levels among the population. Apart from the U.S., Canada has also highly contributed to the insomnia market’s growth in this region.
Asia Pacific excluding Japan is also expected to be a key region for the insomnia market’s growth. The reason for this is attributable to the rising shift-related work in this region causing numerous sleep disorders. The growing urban population in this region has also driven the market’s expansion. Indonesia, India, and China are expected to be leading regions for the market’s growth in this region.
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Launch of New Products to Boost Growth
A rise in the launch of new sleep-inducing drugs, devices, and treatments is expected to have a positive impact on the insomnia market’s growth. For instance, the Insomnia Clinic in Bloomsbury has developed a new treatment for insomnia. The clinical trials for the same showed promising results where 80% of the patients displayed remarkable improvements. Similarly, Eisai Inc has developed a drug called lemborexant, adual orexin receptor antagonist that expected to be effective for the treatment of the older population with insomnia.
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The patented drugs are expected hold the largest share in the insomnia market in developed regions owing to favorable reimbursement policies. In addition to this, soaring demand for device and drug combination therapies for insomnia treatment is expected to drive the industry’s growth. The low price of sleep-inducing devices is expected to be favorable for the insomnia market’s growth. The competition in the market could increase in future with increasing developments and number of companies. This too is foretold to bode well for the market from a revenue-generation perspective.
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The study presented here is based on a report by Transparency Market Research (TMR), titled, “Insomnia Market (Treatment Type - Benzodiazepines, Nonbenzodiazepines, Antidepressants, Orexin Antagonist, Melatonin Antagonist, Devices, and Other Treatment Types; Sales Channel - Hospital Pharmacies, Retail Pharmacies and Drug Stores, and Online Pharmacies) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2026.”
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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