Stressful work condition, working in shifts, rise in demand for OTC sleep aids, and the emergence of therapeutics with fewer side-effects have driven the growth of the global insomnia market. Additionally, the presence of a large undiagnosed insomnia populace, especially in developing economies, provide lucrative opportunities for emerging market players. However, the persistent side-effects of drugs and an increase in the number of patent expiration of branded prescription drugs impede market growth.
The Global Insomnia Market generated $4.1 billion in 2016 and is expected to attain $5.5 billion by 2023, growing at a CAGR of 4.2% during the forecast period, 2017-2023. In 2016, North America accounted for the maximum contribution to the total revenue generated, owing to the high prevalence rate of insomnia, presence of high disposable income, and high demand for over-the-counter (OTC) drugs.Asia-Pacific is expected to witness the highest growth rate during the forecast period.
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The report segments the global insomnia market based on therapy type and geography. Based on therapy type, the report bifurcates the market into non-pharmacological therapy and pharmacological therapy. In 2016, the pharmacological therapy segment generated the largest revenue in the global market and is further bifurcated into prescription sleep aids and over-the-counter sleep aids. The report divides the non-pharmacological therapy segment into hypnotherapy, cognitive behavioral therapy, medical devices, and others. This segment is projected to grow at the fastest rate during the forecast period, as they cause fewer side-effects as compared to pharmacological therapy drugs.
Key Findings of the Insomnia Market:
- The cognitive behavioral therapy segment is anticipated to grow at the highest rate during the analysis period.
- The prescription drugs segment generated the highest revenue, and is expected to continue its dominance in the near future.
- North America dominated the global insomnia market, and is anticipated to continue its dominance in the future.
- China is expected to grow at highest CAGR in the Asia-Pacific.
- The pharmacological therapy segment was the largest contributor to the market growth, in 2016.
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The pharmacological therapy segment is the highest contributor to the market growth. The non-pharmacological therapy segment is anticipated to be lucrative for market players, as these therapies cause fewer side effects as compared to drugs.However, Asia-Pacific is expected to encounter the highest growth rate from 2017 to 2023, owing to rise in the incidence rate of insomnia due to a large number of people working odd hours and overall growth in disposable income.
The report also profiles key players involved in the global insomnia market, such as Merck & Co. Inc., Sanofi India Limited, Pfizer, Inc., Takeda Pharmaceutical Company Ltd., Purdue Pharmaceuticals L.P., Eisai, Co. Ltd., Meda Consumer Healthcare Inc., Pernix Therapeutics, Vanda Pharmaceuticals, and ECR Pharmaceuticals. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
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