Press release
Narcolepsy Drugs Market to Reach Valuation of $5.36 Billion by 2026 | Teva Pharmaceutical Industries Ltd., Arena Pharmaceuticals
Narcolepsy Drugs Market
The global narcolepsy drugs market was pegged at $2.43 billion in 2018 and is projected to reach $5.36 billion by 2026, registering a CAGR of 10.3% from 2019 to 2026.
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COVID-19 scenario-
1) Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production including ventilators and diagnostics.
2) However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.
3) Food and Drugs Administration (FDA), on the other hand, shared a COVID-19 guidance with medical device manufacturers to notify the agency about changes that could affect availability of their products.
Rise in the global prevalence of narcolepsy, presence of reimbursement policies regarding narcolepsy, and narcolepsy awareness programs and services have boosted the growth of the narcolepsy drugs market. However, adverse effects and risks related to narcolepsy drugs and delayed diagnosis or misdiagnosis hamper the market growth. On the contrary, untapped markets in developing countries are expected to create lucrative opportunities in the near future.
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Daytime extreme sleepiness segment dominated the market
The daytime extreme sleepiness segment held the largest share in 2018, contributing nearly half of the market, owing to rise in prevalence of narcolepsy and other sleep disorders. However, the cataplexia segment is estimated to 10.7% during the forecast period, as patients suffering from cataplexia tend to lose muscle control and around 70% of narcolepsy patients have this symptom.
Selective serotonin reuptake inhibitor segment to manifest fastest growth
The selective serotonin reuptake inhibitor segment is estimated to portray the fastest CAGR of 11.3% during the forecast period, owing to increase in R&D activities for the development of these type of drugs by the key players. However, the sodium oxybate segment dominated the market in 2018, accounting for more than half of the market, as these drugs are highly effective to treat daytime extreme sleepiness and cataplexy.
Asia-Pacific region to portray fastest growth through 2026
The market across the Asia-Pacific region is expected to register the fastest CAGR of 11.4% during the forecast period, owing to increase in prevalence of narcolepsy and surge in adoption rate of narcolepsy drugs. However, the market across North America held the lion's share in 2018, contributing more than two-fifths of the market, owing to rise in number of narcolepsy and other sleep disorders in North America.
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The Major Key Players Are:
• Ligand Pharmaceuticals
• Addrenex Pharmaceuticals
• Shire Plc
• Teva Pharmaceutical Industries Ltd.
• Arena Pharmaceuticals
• Jazz Pharmaceuticals Plc
• Bioprojet
• Novartis
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