Press release
Insomnia Market Sees Promising Growth at 4.5% of CAGR by 2023
Global Insomnia Market - Overview
The global insomnia market is growing mainly due to the stressful work conditions. According to a recent study report published by the Market Research Future, The global insomnia market is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a spectacular growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2023).
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Insomnia is a common sleep disorder characterized by difficulties in sleep. Insomnia can exist as it’s alone or conjugated with other psychiatric problems. Insomnia is most common is women and the severity may increase in conditions like pregnancy, postpartum, and menopause. The exact cause of insomnia is still a mystery. Many research has shown that biological, behavioural and psychological factors are responsible for initiating of insomnia. Different types of treatment are available in the market- Pharmacological and non-pharmacological treatment. According to a study published in 2017, it is found that prevalence of insomnia in China was around 15.0% which is lower than the other countries such as 27.1% in USA, 37.2% in France and Italy, 50.5% in Poland, 17.3% in Singapore, and 15.3% in Japan.
Notably, rising stressful work condition is the key factor driving the insomnia market. In recent years various companies have introduced various innovative drugs for insomnia in the market. Other factors such as, rising incidence of insomnia, huge funding for research & development, technological advancements, rising demand for OTC drugs, and rising approval from regulatory bodies are also fuelling the market growth. According to the CDC study, it says that American do sleep for 7hrs and 36min in working days while 40min more on non-working days. The insomnia is majorly seen in American women, data says that 24 percent of women have woken up with no well rest, while the 16 percent of men have experienced same. This percentage is very less in contrast to people who suffers from insomnia.
Despite these drivers, stringent reimbursement policies, and presence of fake drugs are expected to decline the market growth.
Global Insomnia Market - Competitive Analysis
The global insomnia treatment market is currently dominated by few players.
Merck & Co., Inc. is one of them by holding a strong share in the market. The company’s stronghold is largely attributed to its innovative and sustainable products. On August 14, 2014 Merck received FDA approval for its insomnia drug i.e. Belsomra (suvorexant). The FDA has approved this drug in four different strengths i.e. 5 mg, 10 mg, 15 mg and 20 mg.
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Meda Consumer Healthcare Inc. is also one of the leading player in insomnia market. The company has three medicine known as MidNite Sleep aid, MidNite PM for Pain and MidNite for Menopause. The company has significantly expanded its leadership in sleep and alertness aid segment and Vivarin alertness aid. The company has also acquired the MidNite brand.
Vanda Pharmaceuticals Inc., a US based biopharmaceutical company, focuses on the development of commercialization of innovative therapy and is constantly working for the unmet need and for the improvement of the patients’ lives. In January, 2014, the company has received approval for insomnia product i.e. Helitoz trasimelteon. The medicine is used to treat 24- hours sleep wake disorder. Also the other product Hetlioz got approval from European Commission in July 2015 to launch the product in European market.
Eisai, Co. is an old company which into making medicine for the insomnia. Company is a larger player in the Japanese market. Company has acquired the manufacturing rights to make API and as well the IPR right from Chugai and Roche to treat insomnia. The marketing authorization are transferred as well as the transition of marketing activities for Rohypnol from Chugai to Eisai and are applicable from April 1, 2017.
Brief TOC
Introduction
Research Methodology
Market Dynamics
Market Factor Analysis
Global Insomnia Market, By Types Of Therapy
Global Insomnia Market, By Drug Formulation
Global Insomnia Market, By Diseases Condition
Global Insomnia Market, By Region
Competitive Landscape
Company Profile
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Market Research Future (MRFR), enable customers to unravel the complexity of various industries through Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
Contact:
Akash Anand,
Market Research Future
+1 646 845 9312
Email: sales@marketresearchfuture.com
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