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Narcolepsy Drugs Market Strategies 2024-2033 | Size, Share Analysis, Insights, Growth Demand, Outlook
Narcolepsy Drugs Market
As per the report, the narcolepsy drugs market size has grown strongly in recent years. It will grow from $3.31 billion in 2023 to $3.62 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The narcolepsy drugs market size is expected to see strong growth in the next few years. It will grow to $5.23 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%.
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Growing Demand For Personalized Medicine Fuels Narcolepsy Drugs Market Expansion
The growing demand for personalized medicine is expected to propel the growth of the narcolepsy drugs market going forward. Personalized medicine refers to a medical care philosophy that aims to tailor medicines and interventions to the particular requirements of each patient. The demand for personalized medicine is due to the rapid growth of omics technology, data integration, genetics, and an awareness of the significance of tailored patient-specific medications and preventive actions. Narcolepsy drugs are used in personalized medicine for tailoring treatment plans to individual patient needs, considering genetic profiles, symptom severity, metabolic rates, and personal preferences to optimize effectiveness and minimize side effects. For instance, according to the Personalized Medicine Coalition, a US-based professional organization, around 12 new customized medications were approved in 2022, accounting for around 34% of all newly approved treatments compared to 2021. Therefore, the growing demand for personalized medicine drives the growth of the narcolepsy drugs market.
Advancements In Extended-Release Therapeutics Revolutionize Narcolepsy Treatment
Major companies operating in the narcolepsy drugs market are developing innovative products, such as extended-release therapeutics, to enhance treatment efficacy and patient experience. Extended-release (ER) therapeutics offer significant benefits for patients with narcolepsy by improving medication adherence, maintaining stable drug levels, reducing side effects, and enhancing overall symptom management. For instance, in May 2023, Avadel Pharmaceuticals, an Ireland-based specialty pharmaceutical company, launched Lumryz, an extended-released sodium oxybate medication approved by the Food and Drug Administration (FDA), a US-based federal agency. Lumryz features an innovative extended-release mechanism that allows patients to maintain consistent therapeutic levels overnight with a single dose, enhancing convenience and compliance compared to traditional multiple-dose regimens. This new medication addresses a significant unmet need by simplifying treatment schedules, potentially improving patient adherence and overall quality of life for those managing narcolepsy.
The narcolepsy drugs market covered in this report is segmented -
1) By Type: Narcolepsy With Cataplexy, Narcolepsy Without Cataplexy, Secondary Narcolepsy
2) By Disease: Daytime Extreme Sleepiness, Cataplexia, Other Diseases
3) By Therapeutic: Sodium Oxybate, Central Nervous System Stimulants, Tricyclic Antidepressants, Selective Serotonin Reuptake Inhibitor, Other Therapeutics
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Major companies operating in the narcolepsy drugs market are Pfizer Inc., Merck & Co. Inc., Sanofi S.A., Takeda Pharmaceutical Company Limited, Teva Pharmaceutical Industries Ltd., UCB SA, Sun Pharmaceutical Industries Ltd., Jazz Pharmaceutical plc, Ipsen Group, Lundbeck AS, Hikma Pharmaceuticals plc, Lupin Limited, Viatris Inc., Harmony Biosciences Holdings Inc., Ligand Pharmaceuticals Incorporated, Sumitomo Dainippon Pharma Co. Ltd., Avadel Pharmaceuticals plc, Bioprojet Pharma s.a.r.l, Graymark Healthcare Inc., Flamel Technologies SA, Arena Pharmaceuticals
Contents of the report:
1. Executive Summary
2. Narcolepsy Drugs Market Report Structure
3. Narcolepsy Drugs Market Trends And Strategies
4. Narcolepsy Drugs Market - Macro Economic Scenario
5. Narcolepsy Drugs Market Size And Growth
…..
27. Narcolepsy Drugs Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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