Leeds, UK -- (SBWire) -- 07/17/2019 --Global insomnia treatment market to value over USD 5.8 Billion by 2029 end and register a CAGR of over 5.2% from 2019 to 2029.
Insomnia is a medical condition where the patient faces trouble sleeping. This disorder is highly prevalent and affects millions, characterised by symptoms like low stamina, daytime sleepiness, depression, and irritability.
Improvements in technology providing quick, new, advanced cures have readily been accepted and have received a favourable response thus leading to the growth of the market. The developing countries have vast untapped markets with huge potential, therefore, serving as new avenues for trade. All the market drivers outpower the restraints and thus the market is poised to grow at healthy CAGR. Growing awareness and availability of cures and diagnosis has boosted the growth of this market. The rising geriatric population creates excess demand as the elder generation is more susceptible to sleep disorders.
Minimal price and quick, effective and positive results are major drivers of this market globally. Various therapies and devices are available in the market and the various options assist the customer while providing lucrative trade opportunities for the market worldwide. Constant innovation helps improve therapies and cures. Improved devices such as Ebb Insomnia Therapy, Fisher Wallace Stimulator, and Alpha-Stim AID have already received approvals from FDA thus increasing the scope of the market. Moreover, products such as Sana Sleep are awaiting approval. With the introduction of new therapeutic devices, the market is expected to witness robust growth over the forecast period.
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Global Insomnia Treatment Market Segmentation
By Drug Type
- OTC Drugs
- OTC Sleep Aids
- OTC Sleep Supplements
- Prescription Drugs
By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- e-Commerce
- Drug Stores
- Others
By Region:
- Europe
- North America
- APAC
- Latin America
- Rest of World
North America is the largest shareholder globally and is projected to grow at a steady CAGR.
Growing prevalence of sleep disorders has raised the demand for diagnosis and treatment for the same and this is a driving factor for the market in this region. The markets in Europe and the region of Asia Pacific are also speculated to witness steady growth.
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Competitive Landscape:
- Tier 1 players- established companies in the market with a major market share
- Tier 2 players
- Emerging players which are growing rapidly
- New Entrants
The global market is characterised by several firms. Market influencers are focusing on the development of new molecules, in an attempt for anti-counterfeiting, to gain a competitive edge and tap the high unmet needs in the market. Firms holding major market share are Merck & Co., Mylan N.V., Paratek Pharmaceuticals, Inc., Pfizer Inc. and Sanofi S.A.
The booming multi-billion dollar sleep-health economy is an answer to the increasing number of insomnia cases, eventually opening an array of beneficial market opportunities for both private and consumer-oriented pharmaceutical companies, manufacturers, retailers, and health service providers.
FutureWise Takeaways
- Growth prospects
- SWOT analysis
- Key trends
- Key data points affecting market growth
Objectives of the Study:
- To provide an exhaustive analysis on the global insomnia treatment market by drug type, by distribution channel and by region
- To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
- To evaluate and forecast micro-markets and the overall market
- To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East.
- To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
- Profiling of companies to evaluate their market shares, strategies, financials and core competencies
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