The Global Insomnia Treatment Market is expected to grow at a high CAGR during the forecasting period (2019-2026). Insomnia is a sleeping disorder in which an individual has difficulty falling asleep or staying asleep. People with insomnia can feel dissatisfied with their sleep and experience symptoms such as fatigue, low energy, difficulty concentrating, mood disturbances, and decreased performance in work or at school. The increasing number of sleep disorders, affordable reimbursement scenario for drugs prescribed in insomnia treatment, rising health awareness leading to effective insomnia treatment, and developing healthcare infrastructure are some of the factors driving the growth of the market. Insomnia disorder is an economic burden and public health concern affecting up to one-third of the population of the United States. According to a study conducted by the University of Pennsylvania School of Medicine in 2018, the latest data shows that 25% of the population experience acute insomnia each year, with 6% finding that the condition develops into chronic insomnia over the course of the year.
According to results from the America Insomnia Survey, published by the US National Library of Medicine, this $63 billion in lost revenue comes from a reduced productivity level or absence and is equivalent to the whole population missing 252.7 days of work each year. Based on treatment type, prescription sleep aids are estimated to dominated the insomnia treatment market over the forecast period, owing to rising prevalence of insomnia, increasing stress, addiction, etc., which if untreated will eventually result in chronic illness. It is estimated that the number of acute insomnia cases would rise from 121,799,911 in 2013 to 130,482,156 in 2023, with the number of chronic insomnia cases also expected to see the same rise of 0.7%. 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. For instance, in July 2019, Dr Reddy's Laboratories has launched generic Ramelteon tablets used for the treatment of insomnia in the US market. The company has launched Ramelteon tablets in the strength of 8 mg after getting approval by the United States Food and Drug Administration (USFDA). The product is a generic version of Takeda Pharmaceutical Company's Rozerem tablets in the same strength, it added.
The global insomnia treatment market is highly fragmented due to the presence of multiple generic manufacturers. Some major players in the market are Merck & Co., Mylan N.V., Paratek Pharmaceuticals, Inc., Pfizer Inc., Sanofi S.A., Takeda Pharmaceutical Company Ltd., Teva Pharmaceutical Industries Ltd., Vanda Pharmaceuticals Inc, among others. The key players are adopting various strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, which are contributing to the growth of the insomnia treatment market globally.
Visualize the composition of the Global Insomnia Treatment Market across each indication, regarding type and treatment options, highlighting the vital commercial assets and players.
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