According to the global insomnia market report by IMARC Group, the market reached a value of US$ 5.1 Billion in 2022, and it is projected to reach a value of US$ 6.1 Billion by 2028, exhibiting a CAGR of 3% during 2023-2028.
What are Insomnia?
Insomnia represents a sleep disorder that can lower energy levels and affect the mood, health, work performance, and overall life quality of an individual. Its common causes comprise stress, poor sleep habits, binge eating, and excessive consumption of nicotine, caffeine, and alcohol. Insomnia can also be associated with mental health disorders, such as post-traumatic stress, and the use of drugs, including antidepressants for asthma or blood pressure. There are numerous treatment options of the disease across the globe, such as cognitive-behavioral therapy (CBT), over-the-counter (OTC) for pain relief, and prescription medications, including Eszopiclone and Ramelteon.
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What Are The Growth Prospects And Trends In The Insomnia Industry?
The growing prevalence of social isolation, work challenges, and family obligations, on account of the sudden outbreak of the COVID-19 pandemic, is among the key factors stimulating the insomnia market. Moreover, the increasing occurrence of stressful events that impact the masses sleep patterns is another significant growth-inducing factor. Besides this, the rising cases of several medical conditions, such as chronic pain, cancer, diabetes, heart disease, asthma, gastroesophageal reflux disease (GERD), overactive thyroid, Parkinson’s disease, and Alzheimer’s disease, are positively influencing the global market. Furthermore, the inflating number of individuals suffering from these ailments is also propelling the market growth. Apart from this, hormonal shifts during the menstrual cycle and menopause can lead to the risk of developing the disorder, which is further fueling the global market. Additionally, the escalating demand for insomnia medication among the geriatric population, on account of the rising changes in sleep patterns, activity, health, and the use of prescription drugs, is increasing the chance of the disorder among them, which is also driving the market growth. In addition to this, continuous investments in testing new treatments, interventions, and tests to prevent, detect, treat, and manage the disease are anticipated to fuel the insomnia market over the forecasted period
What Is Included In Market Segmentation?
The report has segmented the market into the following categories:
Breakup by Therapy Type:
- Cognitive Behavioral Therapy
- Medical Devices
- Prescription Sleep Aids
- Over-The-Counter Sleep Aids
Breakup by Drug Class:
- Melatonin Antagonist
- Orexin Antagonist
Breakup by Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Drug Stores
- Online Pharmacies
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Astellas Pharma Inc.
- Aurobindo Pharma Limited
- Eisai Co. Ltd
- Mallinckrodt Pharmaceuticals
- Merck & Co. Inc.
- Neurim Pharmaceuticals Inc.
- Pfizer Inc.
- Sanofi S.A.
- Sumitomo Dainippon Pharma Co. Ltd
- (Sumitomo Chemical Co. Ltd.)
- Takeda Pharmaceutical Company Limited
- and Vanda Pharmaceuticals Inc.
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