Press release
Digital Insomnia Therapeutics Market to Reach USD 5.15 Billion by 2031.
Digital Insomnia Therapeutics Market
The global Digital Insomnia Therapeutics market is estimated to reach over USD 5.15 billion by 2031, exhibiting a CAGR of 5.57% during the forecast period.
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A person who struggles to fall or stay asleep has insomnia, a sleep condition. Symptoms include low energy, daily drowsiness, sadness, and irritability. Millions of people around the world are afflicted by this condition, which is highly common. Chronic pain, hyperthyroidism, menopause, psychological stress, and other medical problems all contribute to sleeplessness, as can disruption of the circadian cycle. Additionally, excessive consumption of substances like caffeine, alcohol, and nicotine can cause sleeplessness. In sleep laboratories, a variety of diagnostic tools are utilised to identify this problem. The introduction of technologically improved medical equipment, the rise in the geriatric population, the availability of patented molecules on the market, possible pharmaceuticals in the clinical pipeline, rising stress levels, and potential drugs all have an impact on the growth of the insomnia therapeutics market. The market for medicines for insomnia is predicted to have revenue growth as a result of rising awareness of the negative effects of sleep loss on daily life.
List of Prominent Players in the Digital Insomnia Therapeutics Market:
• Headspace Inc.
• Big Health
• Calm
• Nox Health
• Pear Therapeutics Inc.
• OPTT Inc.
• SilverCloud
• Curv Health
• Bodymatter, Inc.
• PrimeNap
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Market Dynamics:
Drivers-
The demand for digital therapeutics is increasing due to their benefits, including their ability to change behavior, be user-friendly, convenient for patients, and improve drug compliance, as well as new technological developments in digital therapeutics. Due to their benefits, such as their ability to change behavior, be user-friendly, convenient for patients, and enhance drug compliance, digital therapies are in high demand. The use of healthcare applications to diagnose, treat, and manage illness is spreading along with the proliferation of smartphones and tablets. It allows for the simple recording and monitoring of patients' vital signs without the need for intervention. Mobile consultations are made possible, and chronic disease management is made effective. Digital medicines offer the chance to lengthen product life cycles, distinguish items in development, and close market gaps caused by traditional medication.
Challenges:
Regulator-related problems with digital therapies' approval, validation, and payment are common. Different frameworks or standards may be used by regulatory agencies to evaluate and approve digital interventions, which might pose obstacles to market entry and wide adoption. Additionally, despite the potential of digital insomnia therapies, more study and validation may be required to confirm their efficacy and safety. For a product to be approved by regulatory organizations, medical professionals, and other stakeholders, strong clinical trials and evidence are required.
Regional Trends:
In terms of revenue, the market for drugs to treat insomnia was dominated by North America. The market is anticipated to be fueled by rising healthcare costs, an increase in the prevalence of sleep disorders, greater public awareness, and rising demand for sleep disorder treatment in the US and Canada. Additionally, the country's rapidly growing senior population and the high prevalence of this ailment in the elderly community are projected to drive up demand. Supportive reimbursement policies for therapeutic treatments, a strong clinical pipeline, and increased stress levels are further factors predicted to drive revenue growth.
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Recent Developments:
• In May 2022, QUVIVIQ, which is intended for the treatment of adult patients with insomnia characterized by symptoms present for at least three months and a significant impact on daytime functioning, was given marketing permission by the European Commission to Idorsia Ltd.
• In January 2022, The United States Food and Drug Administration gave Idorsia permission to market QUVIVIQ 25 and 50 mg for the treatment of individuals with insomnia who have trouble falling asleep or staying asleep.
Segmentation of Digital Insomnia Therapeutics Market-
By Type-
• Sleep Tracking Apps
• Relaxation and Meditation Apps
• Cognitive-Behavioral Therapy for Insomnia (CBT-I)
• Wearable Devices
• Others
By Distribution Channel-
• Hospital Pharmacies
• Retail Pharmacies
• Other Distribution Channel
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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