Jet lag symptoms lead to a number of substantial health hazards to athletes, business executives and seasonal travelers, affecting millions of people and cost more than a $1 billion annually. It has been observed that jet lag have peculiar effects on the quality of lives of the travelers or those affected with this condition. There has been profound advancement in the development of new and modern technologies that possess symptom prevention properties with minimum side effects, as compared to traditional products such melatonin and prescription drugs. At present, owing to the rigorous research and development activities along with positive outcomes of clinical trials, market players operating in the jet lag treatment market have been successful in developing advanced and cost effective jet lag management products such as light box, wearable mask, glasses, and ear buds among others.
The major factors contributing to the growth of jet lag therapy market are: growing elderly population, and rising incidence and prevalence rate of circadian rhythm related problems such as jet lag, winter blues, and sleep disorders. Moreover, high rate of awareness about advanced light therapy and treatment with minimum side-effects would drive the growth of medical devices products such as wearable light therapy devices.
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The global incidence rate of jet-lag is still unknown, but it impacts a high percentage of approximately 30 million plus jet travelers who leave the U.S. yearly for destinations that cross five or more time zones. Globally, jet lag affects more than 100 million people annually. Jet lag is not just a problem faced by tourists; it can also temporarily impair the judgment of business people and executives, compromise the performance of athletes, and poses a threat to public safety as it affects diplomats and the military. As of 2015, it was estimated that jet lag affects more than 11 million U.S. residents who flew overseas, over 13 million European travelers and 7 million Asian travelers. This include military or government flights. Those traveling for business and conventions took an average of 4.5 trips in a year.
The global jet lag therapy market is expected to reach $732.4 million in 2023, growing at a CAGR of XX% from 2017 to 2023.The jet lag therapy market is essentially segmented into four major categories that include melatonin, prescription drugs, medical devices, and herbal & natural products. The market for jet lag therapy is more inclined towards herbal medication and melatonin due to their fast and safe management properties and better patient compliance.
The U.S. is anticipated to be the fastest growing market for jet lag therapy market, registering a CAGR of XX% over the forecast period. Based on product type, the jet lag therapy market has been segmented into 4 sub categories: medical devices, prescription drugs, melatonin, and herbal products. Prescription drugs accounted for the largest market share of approximately 48% of the jet lag therapy market in 2016. The sales for prescription drugs is expected to witness a growth rate of 4.8% during the forecast period from 2017 to 2023. Instance action and availability along with clinical competence are some of the major factors expected to boost the prescription drug market in the future. Melatonin was the second largest product segment, which accounted for a market share of approximately XX% in 2016.
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The medical devices segment, specially the wearable devices was the fastest growing segment in 2016. This is due to the fact that wearable devices are versatile in nature (in terms of applicability and portability) and are preferred by most of the athletes. The medical devices is expected to witness a growth rate of 11.9% during the forecast period from 2017 to 2023, owing to their advancements within the basic design, thereby, offering a wide range of options for various end-user groups. Moreover, products such as Neuroon, Re-Timer would also demonstrate an impressive growth and are expected to continue growing in the future, with increasing prevalence jet lag prevalence in developed countries such as the U.S. and Japan
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Among end-users, business travelers dominated the global jet lag therapy market in 2016, and accounted for 44.5% of the global market. Furthermore, the athletes segment was the fastest end-user market for jet lag therapy due to the large number of sportspersons suffering from sleep disturbance associated jet lag across the globe. In 2016, it has been estimated that more than $300 million was spent on jet lag management by athletes in the U.S. alone. Moreover, cabin crew segment is poised to show immense growth in jet lag therapy market during the forecast period. Modern commercial aircrafts cross time zones at almost the same rate as the earth rotates, and it is these swift trans-meridian transitions that led to the jet lag or rapid time zone change syndrome. Jet lag results into short-term memory, poor decision-making; moreover, may lead to affecting the overall functioning of the cabin crew. In consequence, major airlines across the globe are now getting to construct a viable solution for jet lag, by exploring new forms of solutions for managing passenger’s levels of alertness.
- What are the major market drivers, challenges and opportunities of the global jet lag therapy market and their use cases?
- How is the jet lag therapy market evolving during the forecast period?
- What are the driving and restraining factors in the jet lag therapy market?
- What are the market shares of the leading segments and sub-segments of the global jet lag therapy market in 2016 and 2023?
- How will each segment of the jet lag therapy market grow over the forecast period and how much revenue will these account for in 2023?
- How will the market share of the leading companies change in 2016 and which country will lead the market in 2016?
- How will the industry evolve during the period between 2017 and 2023?
- What are the key developmental strategies implemented in different applications across all regions?
- Which geographical region will lead the global jet lag therapy market by the end of the forecast period?
- What are the market trends and key developments in this market?
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