Insomnia Industry In US to Offer Business Growth Worth .24 Billion
Posted by Dheeraj Shaha on November 6th, 2019
What are the Global Growth Factors?
Growth in Global US Insomnia Market is launch of new drugs for the treatment of insomnia and government support to control rising insomnia cost. However, due to the erosion in branded drugs sales and growing adoption of generics attributed to their low cost and equal efficacy as compared to branded products may hinder the growth of the market.
What The Experts Says about the Market Growth?
The US Insomnia Market is projected to reach .24 Billion by 2021 from USD 3.38 Billion in 2016, at a CAGR of 4.6% during the forecast period.
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Based on type of treatment, the U.S. insomnia market is categorized into pharmacological treatments and non-pharmacological treatments. The pharmacological treatments segment is further categorized into prescription sleep aids and over-the-counter sleep aids. The over-the-counter sleep aids segment is estimated to grow at the highest CAGR during the forecast period due to easier availability and low price as compared to prescription sleep aids. Moreover, according to consumer reports, a patient can save up to USD 47 a week using OTC sleep aids.
Based on non-pharmacological treatment, the market is categorized into cognitive behavioural therapy for insomnia (CBTI), hypnotherapy, and other alternative therapies. CBTI is highly recommended therapy for insomnia patients due as its can be used with multiple approaches that enables physicians to understand and cure patients comprehensibly. The other alternative therapies include exercise/yoga, acupuncture, biofeedback, bright light therapy, music therapy, and aroma therapy.
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The non-pharmacological treatment market is categorised into cognitive behavioural therapy for insomnia (CBTI), hypnotherapy, and other alternative therapies. The other alternative therapies include exercise/ yoga, acupuncture, biofeedback, bright light therapy, music therapy, and aroma therapy. Most of these therapies are given in combination with CBTI and hypnotherapies in order to provide better results for insomnia patients. CBTI is the highly recommended treatment option for insomnia patients due to its most effective use with multiple approaches such as relaxation training, cognitive therapy, stimulus control (SC), sleep restriction therapy (SRT), sleep hygiene, biofeedback, and others that help doctors to understand and cure patient comprehensively. CBTI is followed by hypnotherapy, due to its advantage of curing insomnia with its root cause.
Key Market Players:
Some of the major players in the U.S. insomnia market market include Eisai Co., Ltd. (Japan), Meda Consumer Healthcare Inc. (U.S.), Merck & Co., Inc. (U.S.), Pernix Therapeutics Holdings (U.S.), Pfizer, Inc. (U.S.), Sanofi S.A. (France), Takeda Pharmaceutical Company Ltd. (Japan), and Vanda Pharmaceuticals, Inc (U.S.).
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