The global insomnia treatment market is expected to grow at a CAGR of 5.3% over the forecast period. 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.
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., Ceręve Inc., and Innovative Neurological Devices
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1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Stress Due to Highly Active Lifestyle of Individuals
4.2.2 Side Effects Due to Certain OTC and Prescription Medication
4.2.3 High Usage of Media Devices before Sleep
4.3 Market Restraints
4.3.1 Misconceptions about the Seriousness of Insomnia
4.3.2 Patient Non-Adherence due to Characteristic Side Effects of Insomnia Drugs
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Treatment Type
5.1.1 By Drug
188.8.131.52 Orexin Antagonist
184.108.40.206 Other Treatment
5.2 By Distribution Channel
5.2.1 Hospital Pharmacies
5.2.2 Retail Pharmacies
5.3.1 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.3.4 Middle-East and Africa
184.108.40.206 South Africa
220.127.116.11 Rest of Middle-East and Africa
5.3.5 South America
18.104.22.168 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Merck & Co.
6.1.2 Ebb Therapeutics
6.1.3 Paratek Pharmaceuticals, Inc.
6.1.4 Pfizer Inc.
6.1.5 Sanofi S.A.
6.1.6 Electromedical Products International Inc.
6.1.7 Takeda Pharmaceutical Company Ltd.
6.1.8 CerĂŞve Inc.
6.1.9 Innovative Neurological Devices
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.