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Sedative-Hypnotic Drugs Market Insights, Forecast, Growth, Trends 2024-2033
Sedative-Hypnotic Drugs Market Insights
According to The Business Research Company's, The sedative-hypnotic drugs market size has grown strongly in recent years. It will grow from $3.29 billion in 2023 to $3.57 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to the expansion of direct-to-consumer advertising, increased stress levels, higher prevalence of sleep disorders, expansion of direct-to-consumer advertising, and aging populations.
The sedative-hypnotic drugs market size is expected to see strong growth in the next few years. It will grow to $5.00 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to growing healthcare infrastructure, rising disposable incomes, rising incidence of lifestyle-related disorders, growing consumer interest in natural and herbal sleep aids, and expansion of telemedicine services. Major trends in the forecast period include a growing preference for non-benzodiazepine sedative-hypnotic drugs, innovations in drug delivery technologies, increasing focus on personalized medicine, incorporation of digital health tools, and advent of benzodiazepines.
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Market Drivers and Trends:
The increased stress levels are expected to propel the growth of the sedative-hypnotic drugs market going forward. Stress levels refer to the mental or emotional exhaustion individuals experience as a result of unavoidable or challenging circumstances. Several driving factors for stress levels include struggling to balance work responsibilities with personal life, inadequate coping mechanisms, and increasing work pressure among employees. Sedative-hypnotic drugs serve as pharmacological agents primarily intended to induce a state of calmness, diminish anxiety levels, and alleviate tension within individuals, often through their tranquilizing effects on the central nervous system. For instance, in December 2022, according to a survey of 2,212 American adults conducted by the American Psychiatric Association, a US-based national medical specialty organization, over 26% (more than one in four) of respondents indicated they expected to encounter increased stress at the beginning of 2023, marking a rise from the 20% reported in the previous year. Therefore, the increased stress levels are driving the growth of the sedative-hypnotic drugs market.
Major companies operating in the sedative-hypnotic drugs market are focusing on expanding their product portfolio by adding products, such as innovative sublingual film, for acute treatment of agitation and to gain a competitive edge in the market. A sublingual film for the acute treatment of agitation refers to a thin, dissolvable film containing medication that is placed under the tongue for rapid absorption into the bloodstream. For instance, in April 2022, BioXcel Therapeutics Inc., a US-based biopharmaceutical company, announced the launch of IGALMI. It is a sublingual film designed for the acute management of agitation linked to schizophrenia or bipolar I or II disorder in adults. It is the first new acute treatment for schizophrenia or bipolar disorder-associated agitation in nearly a decade and represents a differentiated approach to helping patients manage this difficult and debilitating symptom. The approval of IGALMI marks a significant milestone, offering healthcare teams an innovative tool for managing agitation with its rapid onset of action and self-administered film format.
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Major Key Players of the Market:
Sun Pharmaceutical Industries Inc., Pfizer Inc., F. Hoffmann-La Roche Ltd., Merck And Co. Inc., Bayer AG, Novartis AG, Sanofi-Aventis AG, AstraZeneca Plc, Abbott Laboratories, GlaxoSmithKline plc, Takeda Pharmaceutical Company Limited, Boehringer Ingelheim International GmbH, Teva Pharmaceutical Industries Ltd., Mylan N.V., Fresenius Kabi AG, Eli Lilly and Co., Aurobindo Pharma Limited, Cipla Inc., Dr. Reddy's Laboratories Ltd., Hikma Pharmaceuticals plc, Lupin Pharmaceuticals Inc., Allergan Pharmaceuticals Inc., Glenmark Pharmaceuticals Inc., Torrent Pharmaceuticals Ltd.
Sedative-Hypnotic Drugs Market 2024 Key Insights:
• The sedative-hypnotic drugs market size is expected to see strong growth in the next few years. It will grow to $5.00 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%.
• Stress Surge Predicted To Fuel Growth In The Sedative-Hypnotic Drugs Market
• Sedative-Hypnotic Drug Players Embrace Agitation Treatment Films For Competitive Advantage
• North America was the largest region in the sedative-hypnotic drugs market in 2023
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