The increase in
awareness related to long-term effects of insomnia and the severity of the
conditions arising due to prolonged insomnia has sought the attention of
populace; thereby, leading to increased adoption of insomnia treatments and
fueling the market growth.
Insomnia Market accounted
for $4,093 million in 2016, and is estimated to reach $5,488 million by 2023,
registering a CAGR of 4.2% from 2017 to 2023. North America was the highest
contributor in the insomnia market in 2016; however, Asia-Pacific is expected
to witness the highest growth rate during the forecast period.
Insomnia is a sleep disorder where in people
have problem in falling asleep or remaining asleep. The major causes of
insomnia include high stress level, mental disorders, excessive consumptions of
caffeine & alcohol, and other medical conditions. Insomnia is categorized
into three types depending on the duration of the disorder, namely transient
(few days), acute (few weeks), and chronic insomnia (few months or even years).
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The key companies profiled in the report
include
Merck
& Co. Inc.
Sanofi
India Limited
Pfizer
Inc.
Takeda
Pharmaceutical Company Ltd.
Purdue
Pharmaceuticals L.P.
Eisai Co.
Ltd.
Meda
Consumer Healthcare Inc.
Pernix
Therapeutics
Vanda
Pharmaceuticals
ECR Pharmaceuticals.
The global insomnia market is driven by
factors such as emergence of therapeutics with fewer side-effects and rise in
demand for over-the-counter (OTC) sleep aids. Few drugs that are used for the
treatment of chronic diseases affect the quality of sleep; thereby, increasing
the number of insomnia cases. Furthermore, rise in geriatric population and
growth in disposable income are expected to boost the market growth. However, the
side-effects caused due to excessive use of sleep medication and patent
expiration of many prescription drugs are expected to hamper the market growth.
The pharmacological therapy segment is the
highest contributor to the market growth. The non-pharmacological therapy
segment is anticipated to be lucrative for market players, as these therapies
cause fewer side effects as compared to drugs.
In 2016, North America accounted for the
maximum contribution to the total revenue generated, owing to the high prevalence
rate of insomnia, presence of high disposable income, and high demand for
over-the-counter (OTC) drugs. In addition, the presence of large number of
insomnia centers in this region and rise in the number of patients with chronic
renal & kidney diseases are expected to boost the market growth. However,
Asia-Pacific is expected to witness the highest CAGR during the study period,
owing to increase in the number of people working at odd hours, rise in
incidence rate of insomnia, and growth in disposable income.
Key
Findings of the Insomnia Market:
The
cognitive behavioral therapy segment is anticipated to grow at the highest rate
during the analysis period.
The
prescription drugs segment generated the highest revenue, and is expected to
continue its dominance in the near future.
North
America dominated the global insomnia market, and is anticipated to continue
its dominance in the future.
China is
expected to grow at highest CAGR in the Asia-Pacific.
The
pharmacological therapy segment was the largest contributor to the market
growth, in 2016.
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