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Insomnia Global Market Growth Opportunities, Emerging Trends, Industry Analysis And Global Forecast 2024 To 2033
Insomnia Global Market
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According to The Business Research Company's, The insomnia market size has grown strongly in recent years. It will grow from $4.72 billion in 2023 to $4.97 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to increased stress levels, prevalence of mental health conditions, shift work and irregular work hours, increased awareness and diagnosis, high consumption of stimulants.
The insomnia market size is expected to see strong growth in the next few years. It will grow to $6.09 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to global health crisis impact, increasing awareness of sleep hygiene, emphasis on mental health and wellness, government initiatives for sleep health, influence of social determinants. Major trends in the forecast period include digital health solutions for sleep monitoring, cognitive behavioral therapy for insomnia , telehealth for sleep consultations, integration of sleep health into primary care, research on novel therapeutic targets.
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Market Drivers and Trends:
The surge in work-related Stress is expected to propel the growth of the insomnia market going forward. Work-related Stress refers to harmful emotional and physical responses that occur when the work demands, and pressures do not match the worker's resources, capabilities, or knowledge. Job stress can lead to poor health, including insomnia. Depending on the severity of insomnia, the patients are treated with drug or cognitive-behavioral therapies, among others. Thus, the surge in work-related Stress is boosting sales in the insomnia market. For instance, in October 2021, according to a survey of 1,500 US employees conducted by the American Psychology Association, a US-based professional organization of psychologists, approximately 59% of the respondents were experiencing work-related stress in 2021. Furthermore, in November 2022, according to the US Bureau of Labor Statistics, a US-based principal fact-finding agency of the US government, the total rate of injuries increased in 2021 to 2.3 cases per 100 full-time equivalent workers, up from 2.2 cases in 2020. Real-reported injuries in 2021 increased by 6.3% (2.2 million cases) compared to 2020 (2.1 million cases). Therefore, the surge in work-related Stress is driving the growth of the insomnia market.
Product innovation is the key trend gaining popularity in the insomnia market. Major companies operating in the insomnia therapeutics market are developing innovative treatments to sustain their position in the market. For instance, in April 2023, WELT, a Korea-based medical device company, received approval from the Ministry of Food and Drug Safety (MFDS) for its digital insomnia treatment device, WELT-I. WELT-I was designated as an innovative medical aimed at correcting behavioral, psychological, and cognitive factors that sustain or worsen insomnia. The device delivers treatment based on cognitive behavioral therapy (CBT) as a first-line treatment in clinical guidelines for insomnia. The device is classified as a software as a medical device (SaMD), improving insomnia by performing personalized sleep time, analyzing sleep disturbance habits, intervening in patient behavior to enhance sleep quality, and delivering relaxation therapy for eight weeks to reduce tension and anxiety.
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Major Key Players of the Market:
Pfizer Inc., Merck & Co Inc., Sanofi S.A., GlaxoSmithKline plc., Takeda Pharmaceutical Company Limited, Koninklijke Philips N.V., Viatris Inc., Astellas Pharma Inc., Sun Pharmaceutical Industries Limited, Eisai Co.Ltd., UCLA Health Insomnia Clinic, Jazz Pharmaceuticals PLC, Aurobindo Pharma Limited, Purdue Pharma LP, Cipla Inc., Dr. Reddy's Laboratories Ltd., Zydus Lifesciences Limited, Lupin Limited, Mallinckrodt Pharmaceuticals Plc., Fisher & Paykel Healthcare Corporation Limited, ResMed Inc., Sunovion Pharmaceuticals Inc., Casper Sleep Inc., Biocodex Inc., Vanda Pharmaceuticals Inc., Pernix Therapeutics Holdings Inc., SleepScore Labs, Alpha-Stim, Neurim Pharmaceuticals Ltd., NightWare Inc.
Insomnia Market 2024 Key Insights:
• The insomnia market size is expected to see strong growth in the next few years. It will grow to $6.09 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%.
• Rise In Work Related Stress To Drive Market Growth
• Revolutionizing Insomnia Therapeutics With Innovative Digital Treatment Device
• North America was the largest region in the insomnia market in 2023
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