A recent study showed that nearly 20% people across the world are sleep-deprived, and this means that there will be more people in the coming years who could be victims of acute or chronic insomnia. This trend is sublime for players in the global insomnia market as there will be a larger audience to cater and of course, the need for producing alternative treatment methods to suit the varying needs of the patient population.
A trickle-down effect of this trend is quite evident in the U.S. as one out of four Americans are affected by insomnia. And, another harsh statistic from healthcare point of view is that 25% of these insomnia cases in the U.S. are of acute insomnia, which means a large share of the population is affected by chronic insomnia or other forms of the condition which usually affect the individual for longer time.
As these trends become more evident, the global insomnia market will grow at moderately strong CAGR of 6.6% during the forecast period, finds a recent report by Daniel Associates. As a result, the global insomnia market is expected to reach US$ 4 bn by the end of 2026, predict DA analysts.
Economic Disparity and Cumbersome Work Habits Primary Causes
Across the world, there is one trend that has been worrying economists- the rich is becoming richer and the poor only poorer. This forces people below the economic strata to strive harder to fend for themselves. With low-paying jobs and ever-increasing inflation, the poor and the lower middle class struggle to make ends meet. As a result, they take up more than one job and a consequence of it is evident on their health. Most individuals eventually suffer from insomnia when they end up going to bed late and waking up early only to be able to manage the long working hours. This unfortunate trend will steer growth in the global insomnia market in the coming years.
On the other hand, a thriving corporate sector in developed and developing nations is another trend that directly stems growth for the global insomnia market. While most corporates attempt to provide a comfortable and healthy working environment, it is the pressure to meet deadlines and achieve targets that takes a toll on employees. And, eventually people are expected to work long hours stretching to midnight. Another factor is the long-drawn travelling that employees, especially in the business development teams are expected to pursue that kindles insomnia. As the number of people joining the corporate workforce grow, it will have an impact on the growth of global insomnia market.
High Cost of Treatment to Create Opportunities for Research
A well-established concern in the global insomnia market is the cost of treatment that deters a large section of the patient population. It is here that the opportunities for tomorrow lie where companies in the global insomnia market can look at developing new treatment options that are pocket-friendly and effective at the same time.The top players in the global insomnia market Pfizer Inc., Sanofi, and Merck & Co. are expected to venture into research projects aiming to find new treatment options in the coming years. It will be crucial to witness if these projects are able to yield successful results at the clinical trials, and if that happens, the market might garner more growth opportunities.
The above mentioned study is based on a recent Daniel Associates report titled Insomnia Market (Treatment Type – Benzodiazepines, Nonbenzodiazepines, Antidepressants, Orexin Antagonist, Melatonin Antagonist, Devices, and Other Treatment Types; Sales Channel – Hospital Pharmacies, Retail Pharmacies and Drug Stores, and Online Pharmacies) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 – 2026.”
The key segments of the global insomnia market include:
Benzodiazepines Nonbenzodiazepines Antidepressants Orexin Antagonist Melatonin Antagonist Devices
Hospital Pharmacies Retail Pharmacies and Drug Stores Online Pharmacies
North America Latin America Europe Asia Pacific except Japan (APEJ) Middle East and Africa (MEA)
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