ID: MRFR/Pharma/0102-HCR | 85 Pages | Author: Kinjoll Dey | June 2023
The insomnia market size was valued at USD 1.5billion in 2022 and is projected to grow from USD1.55 billion in 2023 to USD 1.87 billion by 2030, exhibitinga compound annual growth rate (CAGR) of 3.20% during the forecast period (2023 - 2030). The increasing number of people with insomnia, the rise in psychological disorders, and the ever-increasing noise levels in cities are the key market drivers enhancing market growth.
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Insomnia Market Trends
The prevalence of different types of sleep disorders, such as insomnia and parasomnias, an increase in mental depression, and other painful conditions drives the growth of the insomnia market size. Mental depression results in difficulty in sleep. For instance, the World Health Organization (WHO) reported that around 280 million population ly suffers from depression. Thus, the increase in mental depression across the population enhanced the market CAGR across the globe in recent years.
Furthermore, long-term medication consumption for chronic disease treatment has some side effects, which are believed to affect the patient's quality of sleep. Thus, an increase in the prevalence of chronic diseases, such as cancer, drives the growth of the market. For instance, according to the National Institute of Cancer (NIC), an estimated 1,806,590 new cancer cases were diagnosed in the US in 2020. Cancer chemotherapy results in various side effects on the patient's body and affects the quality of sleep in patientsdriving the growth of the insomnia market revenue.
In addition, the surge in work-related stress contributes to the maket growth of the insomnia. The rise in workload and hectic work schedules lead to poor quality of sleep. Many people work odd shifts, such as security officers, and the manufacturing industries operate for 24 hours. These odd-time work shifts affect the quality and cycle of sleep. An increase in the number of insomnia centers and sleep diagnostic centers contributes to the growth of the market. Insomnia centers assist people in improving their sleep quality, and sleep diagnostic centers are used as a diagnostic labs for detecting sleep disorders.
Furthermore, increasing the adoption of non-pharmacological sleep therapy drives the market's growth. Insomnia is commonly associated with the mental condition of the person. Hence, non-pharmacological therapy, such as hypnotherapy, yoga, and cognitive behavioral therapy, focuses on improving a person's mental state and driving the insomnia industry.
Insomnia Market Segment Insights
InsomniaProduct Types Of Therapy Insights
The market segments of insomnia, based ontherapy types, includes pharmacological and non-pharmacological therapy. The non-pharmacological therapysegment held the majority share 2022 of the insomnia market revenue due to the advancements in non-pharmacological therapy for sleep, and new product launches drive the market growth. However, pharmacological therapyis the fastest-growing category over the forecast perioddue to advancements in pharmacological therapy for sleep.
InsomniaDrug Formulation Insights
The insomnia market data has been bifurcated into the drug formulation, including capsules, tablets and others. The tablet segment dominated the market in 2022 and is projected to be the faster-growing category during the forecast period 2022-2030. The tablets help the natural transition from sleeplessness to sleep by interfering with the arousal system's wakefulness-promoting orexin neurons. Suvorexant advancements sleep onset, as well as sleep maintenance. However, capsules are the fastest-growing category over the forecast period due to the increasing product approvals and product development activities.
Figure 1 Insomnia Market, by Drug Formulation, 2022 & 2030 (USD Billion)
Source Secondary Research, MRFR Database, Primary Research and Analyst Review
Insomnia Type of Diseases Condition Insights
The market data of insomnia has been bifurcated into the type of disease condition, including poor quality of sleep, sleep maintenance and others.The sleep maintenance segment dominated the market in 2022 and is projected to be the faster-growing category during the forecast period, 2022-2030. Medical devices have benefits like the rapid onset of sleep and longer sleep maintenance among patients. However, poor sleep quality is the fastest-growing category over the forecast period due to the increase in workload and hectic work schedules.
Insomnia Regional Insights
By Region, the study deliversmarket insights into North America, Asia-Pacific, Europe and the Rest of the World. The North America insomnia market accounted for USD 0.68billion in 2022 and is anticipated to exhibit a significant CAGR growth during the study period. Growing demand for sleep disorder treatment in the US and Canada and an increasing prevalence of sleep disorders increased awareness and high healthcare spending in the region. Further, the US market of insomnia held the largest market share, and the Canada market of insomnia was the fastest-growing market in the North Americaregion.
Further, the prominent countries studied in the market report are The U.S, Canada, France, the UK, Italy, Germany, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2 INSOMNIA MARKET SHARE BY REGION 2022 (%)
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Europe insomnia market accounts for the second-largest market share over the forecast period. This is attributed to the increasing prevalence of sleep disorders, the existence of major market players, and frequent product introduction coupled with increasing government funding for insomnia treatments. Further, the Germany market of insomnia held the largest market share, and the UK market of insomnia was the fastest-growing market in the Europe region.
The Asia-Pacific Insomnia market is expected to grow at the fastest CAGR from 2022 to 2030. This is owing to the high prevalence of the target disease, and it is estimated that one out of five people in Japan suffer from it. Emerging economies such as India, China, and Indonesia have been using generics and branded generics due to the economic pricing of generic alternatives. Moreover, the China market of insomnia held the largest market share, and the India market of insomnia was the fastest-growing market in the Asia-Pacific region.
Insomnia Key Market Players & Competitive Insights
Major market players are expending a lot of money on R&D to enhance their product lines, which will allow the market of insomnia to grow even more. Major market participants are also taking various strategic initiatives to expand their worldwide footprint, with key market developments such as new contractual agreements, product launches, mergers and acquisitions, improved investments, and collaboration with other organizations. Competitors in the insomnia industry must offer cost-effective items to enhance and survive in an increasingly competitive and growing market environment.
Manufacturing locally to reduce operating costs is one of the primary enterprise strategies manufacturers adopt in the insomnia industry to benefit clients and expand the market sector. The insomnia market major player such as Pfizer Inc. (UK), Sanofi (France), GlaxoSmithKline Plc. (UK), and others are working on enhancing the market demand by investing in R&D activities.
Minerva Neurosciences Inc is a clinical-stage biopharmaceutical firm. It primarily focuses on developing and commercializing a portfolio of product candidates to treat patients suffering from central nervous system diseases. The company's pipeline products include MIN-101, MIN-202, and MIN-301. In January 2021, Royalty Pharma PLC and Minerva Neurosciences Inc. entered an agreement via which Royalty Pharma will receive Minerva's royalty interest in seltorexant. It is a selective orexin two receptor antagonist and is presently in Phase 3 development for treating primary depressive disorder (MDD) with insomnia symptoms.
Also, Eisai Co., Ltd. produces prescription drugs and medical equipment and sells mainly to sales agents and subsidiaries. Through its subsidiary, the Company produces and sells diagnostic drugs. Eisai also markets its products through related companies in the US, Europe, and Asia. The Company also manufactures and sells foods, livestock feeds, chemicals, and agrochemicals. In February 2021, Eisai Limited is, the Canadian subsidiary of Eisai Inc. approved Canadian authorization for its new non-sedative prescription medication, DAYVIGO (lemborexant). In both 10 mg and 5 mg dosages, DAYVIGO is taken for the therapy of insomnia, characterized by problems with sleep onset and/or sleep maintenance.
Key Companies in the market of insomnia include
October 2022 Idorsia Pharmaceuticals Japan declared positive top-line developments of the Japanese Phase 3 study investigating 50 and 25 mg doses of Idorsia's dual orexin receptor adversary, daridorexant, in 490 randomized adult and elderly patients (30.1% ≥ 65 years) with insomnia disorder.
June 2022Pear Therapeutics reported interim follow-up real-world data from a decentralized trail that showed treatment with Somryst, one of the FDA-authorised digital therapeutics for treating chronic insomnia. This device significantly decreased symptoms of insomnia, anxiety, and depression severity.
May 2022 Idorsia Ltd received marketing authorization from the European Commission for QUVIVIQ, which is suggested for treating adult patients with insomnia indicated by symptoms present for approx three months and considerable impact on daytime functioning.
January 2022 Idorsia obtained permission from the US FDA for QUVIVIQ 50 and 25 mg for treating adults with insomnia, characterized by sleep onset and sleep maintenance difficulties.
Insomnia Market Segmentation
Insomnia Types Of Therapy Outlook
Insomnia Drug Formulation Outlook
Insomnia Type Of Diseases Condition Outlook
Insomnia Regional Outlook
|Market Size2022||USD 1.5billion|
|Market Size 2023||USD 1.55billion|
|Market Size 2030||USD 1.87billion|
|Compound Annual Growth Rate (CAGR)||3.20% (2023-2030)|
|Market Forecast Period||2023-2030|
|Historical Data||2019- 2021|
|Market Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Growth Factors, Market Competitive Landscape, and Trends|
|Segments Covered||Types Of Therapy, Drug Formulation, Type Of Diseases Condition and Region|
|Geographies Covered||North America, Asia-Pacific, Europe, and the Rest of the World|
|Countries Covered||The U.S, Canada, France, the U.K., Germany, Italy, Spain, China, Japan, India, South Korea, Australia, and Brazil|
|Key Companies Profiled||Eisai, Co. (Japan), Pfizer, Inc. (US), Merck & Co Inc (US), Sanofi (France), Takeda Pharmaceutical Company (Japan), Meda Consumer Healthcare Inc (US), Pernix Therapeutics (US), Purdue Pharma LP (US), Consumer Healthcare Inc. (Canada), Dainippon Sumitomo (Japan), ECR Pharmaceuticals (US), and Flynn Pharma (UK.)|
|Key Market Opportunities||· Increasing stressful work conditions · Growing demand for OTC drugs|
|Key Market Dynamics||· Rising incidence of insomnia|
The global insomnia market size was valued at USD 1.5 Billion in 2022.
The global market is projected to grow at a CAGR of 3.20% during the forecast period, 2022-2030.
North America had the largest share of the global market
The key players in the market are Eisai, Co. (Japan), Pfizer, Inc. (US), Merck & Co Inc (US), Sanofi (France), Takeda Pharmaceutical Company (Japan), Meda Consumer Healthcare Inc (US), Pernix Therapeutics (US), and Purdue Pharma LP (US).
The non-pharmacological therapy category dominated the market in 2022.
Tablets had the largest share of the global market.
Sleep maintenance had the largest share of the global market.
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