The global insomnia therapeutics market size is estimated to register a substantial CAGR during the forecast period, 2021-2028 attributed to rise in cases of insomnia and increase population of elderly people. Another factor that leads to expand the market is growing awareness regarding other various treatments available for condition of insomnia.
Insomnia is a type of disorder that an individual faces difficulty in falling asleep or stay asleep. A person suffering from insomnia does not get proper rest due to lack of sleepiness, which are widely caused by anxiety, chronic illness, depression, and poor sleeping habits. Insomnia can occur for both short and long periods of time and, in other cases, they are likely to come and go over a period of time. New treatment and diagnostic products have been increasingly launched that are estimated to fuel the market growth. For instance, Belsomra was launched in 2014 by Merck & Co. On 6 July 2020, Eisai launched Lemborexant, a novel Orexin Receptor Antagonist (ORA) for the treatment of insomnia. Besides the development of new products, certain technology have been approved in the past few years that included Alpha-Stim AID, Fisher Wallace Stimulator, and EBB Insomnia Therapy due to favorable policies from governments. Nearly 9 million people who have been treated with pharmaceuticals remain showed unsatisfactory result in the treatment, as per a global health study.
The outbreak of COVID-19 had a significant impact on the global insomnia therapeutics market as there were unpredictable changes in the healthcare industry. As the pandemic intensified, many people are getting experienced of anxiety, stress, and worries about finances and employment that partly led to insomnia. According to a survey by the American Academy of Sleep Medicine (AASM) on sleep polarization, the pandemic has a high impact on sleep and females are more affected by insomnia than men. The survey further states that 33% of respondents have experienced sleep duality, 30% of people faced a change in their ability to sleep, and 29% of people experienced a lack of sleep.
Market Trends, Drivers, Restraints, and Opportunities
- Increase in the launch of new products along with the development of new technology and medical devices are expected to propel the growth of the market.
- Rise in the number of people suffering from stress and anxiety due to their inactive lifestyle and bad food habits are key driving factors of the market.
- Increase in the usage of media devices before heading back to bed to sleep is another factor that cause the higher chance of development of insomnia. This is projected to help in the expansion of the market.
- Individuals facing side effects due to some specific prescribed and over-the-counter medicines is another factor helping the growth of the market.
- Misconceptions regarding the seriousness of insomnia and non-faithfulness showed by patients due to side effects of drugs are major restraining factors that can hinder the market growth.
Scope of the Report
The report on the global insomnia therapeutics market includes an assessment of the market, trends, and segments. Overview and dynamics have also been included in the report.
Insomnia Therapeutics Market – Global Industry Analysis, Growth, Share, Size, Trends, And Forecast
Treatment Types (Drugs [Nonbenzodiazepines, Benzodiazepines, Melatonin Antagonists, Orexin Antagonists, Antidepressants, and Others] and Medical Devices) and Sales Channels (Over-the-Counter and Prescription)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Pfizer Inc.; Takeda Pharmaceutical Co. Ltd.; Teva Pharmaceutical Industries Ltd.; Vanda Pharmaceuticals; Merck & Co., Inc.; Mylan N.V.; Sumitomo Dainippon Pharma Co.; Ebb Therapeutics Ltd; Paratek Pharmaceuticals Inc.; and Sanofi.
Market Segment Insights
Drugs segment is anticipated to dominate the market
On the basis of treatment types, the global insomnia therapeutics market is bifurcated into drugs and medical devices. The drugs segment is further divided into nonbenzodiazepines, benzodiazepines, melatonin antagonists, orexin antagonists, antidepressants, and others. In 2019, the drugs segment dominated the market by holding a major share of the market nearly 90.9% of the total revenue generated. The segment is anticipated to dominate the market during the forecast period attributed to their easy availability, quick results, and high acceptance among physicians. In the developed regions, patent drugs held a major share of the market whereas generic drugs are very popular in the developing and underdeveloped regions.
The medical devices segment is projected to register a substantial growth rate in the coming years due to their positive performance result and low price of devices. The demand for devices is profitable in the developed regions but the overall demand is low globally. Patients who have failed to get good results using drugs treatment are usually preferred to shift to medical devices as they provided longer sleep maintenance and rapid onset of sleep. Moreover, products such as Sana sleep, Fisher Wallace stimulator, ebb insomnia therapy, and alpha-stim AID received approvals by the US Food and Drugs Administration.
Prescription segment is expected to dominate the market
Based on sales channels, the market is bifurcated into over-the-counter and prescription. The prescription segment held a major share of the market in 2019 with a share of more than 70.9% of the total market revenue and the trend is expected to continue during the forecast period owing to rise in use of pharmaceutical prescriptions. The majority of doctors recommend products or drugs that are required of prescription for the insomnia treatment.
The over-the-counter (OTC) segment is estimated to expand at a healthy CAGR during the forecast period owing to fact that these drugs are easily available and do not need any prescription. However, the number of OTC drugs available are less and some of the patients suffering from acute insomnia prefer the prescribed drugs. Sales of these drugs are expected to grow owing to the evolution of new therapies with less to no adverse effects. However, long-term usage of these drugs can have a negative impact on the patient and lead to drugs addiction when taken on a daily basis to induce sleep. That is the reason why people prefer products prescribed by physicians over OTC drugs.
Asia Pacific is expected to register a high growth rate
In terms of regions, the global insomnia therapeutics market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America accounted for a large market share in 2019 with a revenue share of over 50.4% of the total market revenue and is projected to register a high growth rate during the projected period. The regional market growth is attributed to increase in demand for insomnia treatment in Canada and the U.S, increase in spending for healthcare, rise in treatment awareness, increase in disorders among the elderly population, and presence of favorable policies for reimbursement for therapy products in the region.
Meanwhile, the market of Asia Pacific is expected to hold a key share of the market in the coming years due to increase in the incidence of disorder and rise in the targeted population in the region. Countries such as China, Indonesia, Japan, and India are more inclined towards the usage of generic alternatives for the treatment of the disorder. An increase in demand for new and advanced treatment options along with improvement in policies for healthcare reimbursement in the region are anticipated to boost the further growth of the regional market.
Segments Covered in the Report
The global insomnia therapeutics market has been segmented on the basis of
- Melatonin Antagonists
- Orexin Antagonists
- Medical Devices
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Pfizer Inc.
- Takeda Pharmaceutical Co. Ltd.
- Teva Pharmaceutical Industries Ltd.
- Vanda Pharmaceuticals
- Merck & Co., Inc.
- Mylan N.V.
- Sumitomo Dainippon Pharma Co.
- Ebb Therapeutics Ltd.
- Paratek Pharmaceuticals Inc.
Key players competing in the global insomnia therapeutics market are Pfizer Inc.; Takeda Pharmaceutical Co. Ltd.; Teva Pharmaceutical Industries Ltd.; Vanda Pharmaceuticals; Merck & Co., Inc.; Mylan N.V.; Sumitomo Dainippon Pharma Co.; Ebb Therapeutics Ltd; Paratek Pharmaceuticals Inc.; and Sanofi. Many of these players have adopted business strategies such as the development of new drugs, the advancement of technologies, mergers, partnerships, and production capacity expansion to increase their market position and expand their consumer base globally.