Insomnia Treatment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021
Posted by Statzy Market Research on April 27th, 2021
Increasing prevalence of insomnia across the world, rising stress level, growing geriatric population, and increasing awareness about various treatment options for this condition are some of the factors expected to propel the market.
Development of new technologies and introduction of medical devices are anticipated to boost market growth. Only few medical devices have been approved in the recent years such as EBB Insomnia Therapy, Fisher Wallace Stimulator, and Alpha-Stim AID, which are expected to have higher penetration due to favorable reimbursement policies and adoption of device - drug combination therapies for treating insomnia.
The other factors such as side effects due to certain OTC and prescription medication, arthritis, high usage of media devices before sleep, are driving the number of people suffering from insomnia, thus boosting the market growth prospects. Moreover, the growth of psychological conditions and constantly increasing noise levels in the urban areas will also propel the insomnia treatment market, during the forecast period.
Key Market Trends
Orexin Antagonist segment is expected to grow in the forecast period
The global insomnia treatment market is segmented based on treatment type, which includes benzodiazepines, nonbenzodiazepines, antidepressants, orexin antagonist, melatonin antagonist, and other treatment types. The distribution channel includes hospital pharmacies, retail pharmacies and drug stores, and online pharmacies.
The insomnia drugs comprise of a wide range of patented drugs, as well as generics. The patented drugs hold a larger share in developed regions, owing to the better reimbursement policies. The orexin antagonist segment is expected to grow rapidly during the forecast period due to its greater efficacy than other drugs.
North America is expected to dominate the Insomnia Treatment market
North America leads the insomnia treatment market. The growing need for sleep disorder treatment in the US and Canada coupled with the growing prevalence of sleep disorders is driving the market over the forecast period. According to American Psychiatric Association (APA) approximately one third of the adults suffer with insomnia during their lifetime. Along with this, the rise in awareness and high health care spending are also expected to drive the market. Other factors that will promote the demand for insomnia drugs includes rapidly growing geriatric population and rising prevalence of sleep disorders and stress.
Competitive Landscape
The insomnia treatment market is fragmented in nature owing to the presence of multiple generic manufacturers. A few players operating in the market offer branded drugs options, however, price sensitivity is an issue in several emerging regions.
Additionally, major manufacturers are focusing on the development of new molecules to gain a competitive edge and tap the high unmet needs in the market. The major players in the market are Merck & Co., Ebb Therapeutics, Paratek Pharmaceuticals, Inc., Pfizer Inc., Sanofi S.A., Electromedical Products International Inc., Takeda Pharmaceutical Company Ltd., Cerêve Inc., and Innovative Neurological Devices
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support.
For sample report please visit : https://www.statzyreports.com/report/sr497821/insomnia-treatment-market
Contact Us:
Poojan Dogra
Public Relations Manager
Email : sales@statzyreports.com
Email : info@statzyreports.com
(IN) - +918484035727
(US) - +1415-871-0483
Website : www.statzyreports.com
