Insomnia Pharmacological Treatment Market to Grow with a CAGR of 5.33% through 2028
New therapies, advances in personalized medicine, and
an increasing emphasis on holistic approaches to sleep health are expected to
drive the Global Insomnia Pharmacological Treatment Market growth in the
forecast period, 2024-2028.
According to TechSci Research report, “Insomnia
Pharmacological Treatment Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Insomnia Pharmacological
Treatment Market stood at USD 3.18 billion in 2022 and is anticipated to grow
with a CAGR of 5.33% in the forecast period, 2024-2028. This can be attributed to
the expanding middle-class population. economic development in emerging markets
has led to a growing middle-class population with improved access to
healthcare. This has driven demand for pharmaceutical treatments for various
health issues, including insomnia.
Furthermore, combination therapies that include both
pharmacological treatments and non-pharmacological interventions like CBT-I are
gaining popularity. These holistic approaches offer patients a comprehensive
solution to their sleep problems.
The COVID-19 pandemic ushered in unprecedented shifts
in individuals' lives, giving rise to substantial stress, anxiety, and concerns
encompassing health, social isolation, employment, finances, and the delicate
balance of work and family obligations. This significant life-altering event
inevitably disrupted sleep patterns and left a lasting impact on market
dynamics. Indeed, the COVID-19 pandemic exerted a notable influence on sleep.
According to the 2020 Sleep Prioritization Survey
conducted by the American Academy of Sleep Medicine (AASM), approximately
one-third of adults (33%) reported alterations in their sleep quality, with 30%
experiencing changes in their ability to initiate sleep and 29% noting
variances in their nightly sleep duration. Furthermore, it's worth noting that
females were more inclined than males to acknowledge that the COVID-19 pandemic
had affected their bedtime routines (31% vs. 25%). This consequential impact on
people's sleep spurred an increased demand for insomnia treatment during the
pandemic. However, the requirement for insomnia treatment is expected to
persist even beyond the pandemic, thereby bolstering market growth prospects
over the next five years.
Moreover, several factors, including the escalating
prevalence of insomnia, heightened stress levels, and growing awareness of
diverse treatment options for this condition, are set to propel market
expansion. For instance, a July 2021 article published in Springer revealed an
overall insomnia prevalence of 12.13%, with mild insomnia affecting 31.97% of
the population. This same source underscored that the incidence of insomnia was
more pronounced in females compared to males. Such a prevalent occurrence of insomnia
is poised to be a driving force behind market growth.
The surge in stress levels across the global populace
constitutes another pivotal catalyst for market expansion. As per a December
2021 report from the Health and Safety Executive, over 822,000 workers grappled
with work-related stress, depression, or anxiety during the 2020-2021 period.
These elevated stress levels within the population are also anticipated to be a
significant driver of market growth. Furthermore, it's essential to recognize
that insomnia seldom occurs in isolation and is frequently associated with
other medical conditions.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Insomnia Pharmacological Treatment Market.”
The Global Insomnia Pharmacological Treatment Market
is segmented into drug, treatment, distribution channel, regional distribution,
and company.
Based on its drug, Prescription drugs are poised to
dominate the Global Insomnia Pharmacological Treatment Market for several
compelling reasons. Firstly, they offer a tailored and effective solution for
patients suffering from insomnia, addressing the specific underlying causes and
symptoms. The pharmaceutical industry continues to invest heavily in research
and development to create innovative drugs with improved efficacy and fewer
side effects, making them more appealing to both patients and healthcare providers.
Additionally, the aging population worldwide is expected to drive an increase
in insomnia cases, further boosting the demand for prescription drugs.
Moreover, the stringent regulatory standards associated with prescription
medications ensure product safety and quality, instilling trust among consumers
and healthcare practitioners alike. With these factors in play, prescription
drugs are well-positioned to maintain their dominant role in the ever-expanding
Global Insomnia Pharmacological Treatment Market.
Based on region, North America will maintain a
dominant position in the insomnia pharmacological treatment market. This
projection is underpinned by the increasing demand for sleep disorder therapies
in the United States and Canada, driven by the rising prevalence of
sleep-related ailments. A striking example of this trend can be found in data
released by the Government of Canada in June 2022, which revealed that a
significant portion of Canadians suffers from inadequate sleep, including a
substantial number grappling with insomnia and related conditions. This
prevalence of sleep disorders within the North American population is expected
to be a primary driver of market growth.
Furthermore, government support in the form of funding
for insomnia treatment is poised to play a pivotal role in market expansion. An
illustrative case in point is the Minister of Health's announcement in June
2022, sanctioning $2.86 million USD (CAD 3.8 million) for sleep health and
insomnia research. This financial backing, facilitated by the Canadian
Institutes of Health Research (CIHR) in collaboration with Esai Limited and
Mitacs, underscores the commitment to addressing sleep-related issues in North America
and is anticipated to contribute significantly to market growth throughout the
forecasted period.
Major companies operating in Global Insomnia
Pharmacological Treatment Market are:
- Merck & Co Inc
- Ebb Therapeutics Inc/US
- Pfizer Inc
- Sanofi SA
- Takeda Pharmaceutical Co Ltd
- Paratek Pharmaceuticals Inc
- Electromedical Products International
Inc
- Meda Pharmaceuticals Inc
- Purdue Pharma LP
- Pernix Therapeutics Holdings Inc
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“The future of the global insomnia pharmacological
treatment market promises to be marked by innovation, personalization, and a
deeper understanding of sleep disorders. As these emerging trends take center
stage, patients suffering from insomnia can look forward to a more diverse
range of treatment options, greater accessibility to care, and improved
outcomes in their quest for restful and restorative sleep,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“Insomnia Pharmacological Treatment Market By
Drug (OTC Drugs, OTC Sleep Aids, OTC Sleep Supplements,
Prescription Drugs), By Treatment (Over-the-Counter Sleep Aids, Prescription
Sleep Aids), By Distribution Channel (Drug Stores, E-Commerce, Hospital
Pharmacies, Retail Pharmacies), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Insomnia Pharmacological Treatment Market
and provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Insomnia Pharmacological Treatment Market.
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