Overview:
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). Insomnia is a common sleep disorder that can make it hard to fall asleep, hard to stay asleep, or cause to wake up too early and not be able to get back to sleep. The common causes of insomnia include, stress, irregular sleep schedules, poor sleeping habits, mental health disorders, such as anxiety and depression, physical illnesses and pain, medications, neurological problems, and specific sleep disorders.
There are several causes that can trigger insomnia. In women, it can be a result of pregnancy, postpartum, and menopause. In general, it can be triggered by stress, anxiety, fatigue, and other psychological problems. At the same point of time, the rapid urbanization and industrialization in many urban areas can be considered for a work life imbalance owing to which cases of insomnia are increasing.
Factors that can trigger the insomnia market growth are advancement in technologies, new methods of therapies, and innovation in counselling. With the inclusion of digitalization, therapies are witnessing a drastic change in approach owing to which the insomnia market can undergo a paradigmatic shift. But the insomnia market can get hindered due to lack of awareness and healthcare structure.
Segmental Analysis:
MRFR, in their report on the global insomnia market share, segmented it by types of therapy, drug formulation, and disease condition for a better look into the market prospect in the coming years.
On the basis of types of therapy, the insomnia market includes pharmacological therapy and non-pharmacological therapy. The pharmacological therapy segment includes non-benzodiazepines, benzodiazepines, melatonin receptor agonists, and others. The non-pharmacological segment comprises relaxation therapy, paradoxical intention, sleep hygiene education, cognitive behavioral therapy, stimulus control, and others. The pharmacological therapy segment is expected to showcase substantial growth as many of the drug's bioavailability is fetching positive results. Meanwhile, cognitive behavioral therapy (CBT-1) can provide traction to the industry in the coming years.
Based on the drug formulation, the insomnia market includes capsules, tablets, and others. Impact of the development of the pharmaceutical sectors can trigger substantial rise for the market.
Based on the condition of the disease, the insomnia market includes poor quality of sleep, sleep maintenance and others.
Regional Analysis:
Geographic analysis of the insomnia market conducted by MRFR includes North America, Europe, Asia Pacific (APAC) and the Middle East and Africa (MEA). The report intends to focus on a volume-wise and value-wise structure of the market to find out the demographic benefits that the insomnia market can offer.
Owing to increasing stress in the major cities across the region the insomnia market is finding it easy to grow in the market of North America. A report published by the Perelman School of Medicine at the University of Pennsylvania, 1 in 4 from the U.S. gets diagnosed with insomnia every year. The regional healthcare system eases the process of integrating advanced technologies and the latest treatments. However, favorable reimbursement policies can better the market prospect. Europe’s market relies mostly on the research and development of this sector. The regional market is riding on the thrust provided by R & D where the governments and private organizations are spending substantially to get better results.
The APAC and the MEA are not contributing much to the global rise of the market, and it can be put on lack of awareness. Healthcare structure in these regions are also a problem and can deter market growth. The work-life imbalance is quite high owing to which insomnia is on the rise. Japan is one such country that is getting affected by the disease most. Hence, the region can, in the coming years, register significant boost in the business.
Competitive Landscape:
MRFR’s report on the insomnia market includes Eisai, Co. (Japan), Sanofi (France), Merck & Co Inc (US), Pfizer, Inc. (US), Takeda Pharmaceutical Company (Japan), Flynn Pharma (UK), Meda Consumer Healthcare Inc (US), Pernix Therapeutics (US), Biocodex S A (France), Dainippon Sumitomo (Japan), Purdue Pharma L.P. (US), Consumer Healthcare Inc. (Canada), SkyePharma (UK), Johnson & Johnson (US), Astellas (UK), Neurim (Switzerland), ECR Pharmaceuticals (US), and Vanda Pharmaceuticals Inc. (US). These companies are instigating strategic developments in the global market owing to which the insomnia market can now envision prosperity in the coming years.
In 2019, researchers from the University of Virginia School of Medicine developed a new device called SHUTi to help people sleep better. The device is showing great clinical results as it is also reducing depression, anxiety, fatigue and other co-occurring conditions by a substantial margin, causes that triggers insomnia. The digital device uses cognitive behavioral therapy to treat insomnia in people.
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