Insomnia Market Size to Exhibit a CAGR of 4.2% By 2023 | COVID-19 Impact, Growth Trends, Share Estimation

Insomnia is a sleep disorder in which people fall asleep or have trouble falling asleep. The main causes of insomnia include high stress levels, mental disorders, excessive consumption of caffeine and alcohol, and other medical conditions. Insomnia is divided into three types, depending on the duration of the disorder: temporary (several days), acute (several weeks), and chronic insomnia (several months or years).

The insomnia market hit $4,093 million in 2016, and is expected to reach $5,488 million by 2023, with an annual CAGR of 4.2% from 2017 to 2023. North America made the largest contribution to the insomnia market in 2016. However, the Asia Pacific region is expected to show the highest growth rate during the forecast period.

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The global insomnia market is driven by factors such as the emergence of treatments with fewer side effects and increased demand for over-the-counter sleep aids. Drugs used to treat chronic diseases affect the quality of sleep. Therefore, the number of insomnia patients increases. In addition, an increase in the elderly population and an increase in disposable income are expected to stimulate market growth. However, side effects due to excessive use of sleeping pills and patent expiration of many prescription drugs are expected to hinder market growth.

The pharmacology sector makes the greatest contribution to market growth. The non-pharmaceutical treatment sector is expected to be advantageous for market players as it has fewer side effects than drugs.

In 2016, North America accounted for the largest amount of contribution to total sales because of the high prevalence of insomnia, high disposable income, and high demand for over-the-counter drugs (OTC). In addition, there are numerous insomnia centers in the region, and the market growth is expected to accelerate as the number of chronic kidney and kidney disease patients increases. However, Asia-Pacific is expected to have the highest CAGR due to an increase in the number of people working at odd hours during the study time, an incidence of insomnia, and an increase in disposable income.

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The main results of the insomnia market:
• Cognitive behavioral therapy is expected to grow at the highest rate during the analysis period.
• The prescription drug segment had the highest revenue and is expected to continue to dominate in the near future.
• North America dominates the global insomnia market and is expected to continue to dominate.
• China is expected to grow to the highest CAGR in the Asia Pacific region.
• The pharmacological treatment sector was the largest contributor to market growth in 2016.

The main companies included in the report include Merck & Co., Sanofi India Limited, Pfizer, Inc., Takeda Pharmaceutical Company Ltd., Purdue Pharmaceuticals LP, Eisai, Co. Ltd., Meda Consumer Healthcare Inc., Pernix Therapeutics, Vanda Pharmaceuticals and ECR Pharmaceuticals.

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