Unlocking New Horizons in Narcolepsy Treatment

The Business Research Company recently released a comprehensive report on the Global Narcolepsy Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, the narcolepsy market size has grown rapidly in recent years. It will grow from $3.19 billion in 2023 to $3.56 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. the growth in the historic period can be attributed to increased awareness of narcolepsy, the development, and improvement of diagnostic tools, the introduction of new pharmacological treatments, research and development investments, and enhanced patient education initiatives.

the narcolepsy market size is expected to see rapid growth in the next few years. It will grow to $5.57 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. the growth in the forecast period can be attributed to the rising prevalence of sleep disorders, improved healthcare infrastructure, supportive government policies, an increasing geriatric population, and rising consumer health awareness. Major trends in the forecast period include advancements in genetic research, technological innovations in diagnostics, the introduction of novel drugs and treatment modalities, strategic collaborations and partnerships between key market players, and digital health tools and telemedicine.

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Market Drivers and Trends:

The growing number of obese people is expected to propel the growth of the narcolepsy market going forward. Obesity is a medical condition characterized by an excessive accumulation of body fat, which poses a health risk. The number of obese people is rising due to increasingly sedentary lifestyles, poor dietary habits, and environmental factors that promote calorie-dense food consumption and reduce physical activity. Obesity can contribute to narcolepsy by disrupting metabolic and hormonal balances, potentially leading to changes in sleep patterns and the regulation of wakefulness. For instance, in March 2022, according to the World Health Organization, a Switzerland-based specialized United Nations agency responsible for worldwide public health, around 1 billion individuals, comprising 650 million adults, 340 million teenagers, and 39 million children, were classified as obese, with this figure continuing to rise. Projections indicate that by 2025, approximately 167 million adults and children will suffer health consequences due to excess weight. Therefore, the growing number of obese people is driving the growth of the narcolepsy market.

Major companies operating in the narcolepsy market are increasing their focus on developing novel medications, such as extended-release sodium oxybate, to address the growing demand for effective treatments. Extended-release sodium oxybate is a medication used in the treatment of narcolepsy. The extended-release formulation allows for controlled release of the medication over a longer period, providing sustained symptom relief throughout the night and improving sleep quality for individuals with narcolepsy. For instance, in June 2023, Avadel Pharmaceuticals plc, an Ireland-based pharmaceutical company, launched LUMRYZ in the United States. LUMRYZ is an extended-release formulation of sodium oxybate approved by the FDA for the treatment of cataplexy or excessive daytime sleepiness (EDS) in adults with narcolepsy. It is the first and only once-at-bedtime oxybate treatment for narcolepsy, offering a significant improvement over twice-nightly oxybate products by avoiding the need to wake up for a second dose at night.

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Major Key Players of the Market:

Pfizer Inc., Merck & Co. Inc, Novartis AG, Takeda Pharmaceutical Company Limited, Viatris Inc, Teva Pharmaceutical Industries, Otsuka Pharmaceutical, Sumitomo Pharma Company Limited, Jazz Pharmaceuticals, Ono Pharmaceutical Co. Ltd, Lupin Pharmaceuticals, Alkermes, Harmony Biosciences, Arena Pharmaceuticals, Cerevel Therapeutics, Axsome Therapeutics Inc., Avadel Pharmaceuticals, NLS Pharmaceutics AG, KemPharm, Suven Life Sciences Ltd

Narcolepsy Market 2024 Key Insights:

• The narcolepsy market size is expected to grow to$5.57 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%.
• Obesity Fueling Narcolepsy Market Growth
• Development Of Extended-Release Medications In The Narcolepsy Market
• North America was the largest region in the narcolepsy market in 2023

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