Insomnia Market Size to be Worth USD 6.4 billion by 2031, with Notable CAGR of 6.0%| Transparency Market Research, Inc.
A rise in the number of people being diagnosed with insomnia and the aging population are likely to increase demand for insomnia treatments.
Wilmington, Delaware, United States, Jan. 04, 2024 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global insomnia industry was worth US$ 3.8 billion in 2022. From 2023 to 2031, it is expected to increase at a CAGR of 6.0%, reaching US$ 6.4 billion. Various therapies have been explored for managing insomnia, offering non-pharmacological alternatives for those seeking sleep improvement.
CBT appears to be beneficial for only 1% of insomnia patients in Switzerland. In place of sleep hygiene advice, patients are given hypnotic medications or off-label sedatives. In addition to their side effects, hypnotic medications have no proven long-term effectiveness in treating insomnia. People with insomnia seeking treatment in general practices need access to new models of care for guideline intervention.
Alternative therapies for insomnia have been explored in clinical guidelines and recommendations. Due to the low quality of evidence, homeopathy and acupuncture, for example, are not strongly recommended in the European guidelines for the diagnosis and treatment of insomnia.
Get Sample of this Research Report@ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=20246
Key Findings of the Market Report
- Based on treatment type, benzodiazepines will dominate demand for insomnia treatment.
- In 2022, North America held the largest share of the market for insomnia.
- Hospital pharmacies contribute substantially to the growth of the insomnia market.
- The Asia Pacific region is expected to grow steadily from 2023 to 2031.
Global Insomnia Market: Growth Drivers
- Sleep disorders and insomnia are increasing in prevalence around the world, driving the insomnia market. Increasing stress levels, alterations in lifestyle, and increased awareness of sleep-related problems are all contributing factors to insomnia becoming more prevalent. Insomnia and sleep disturbances are more likely to occur as the global population ages. Health issues among older adults often affect sleep patterns, so treatments and management options for insomnia are in greater demand.
- Technological advancements have resulted in the development of innovative sleep aids and digital healthcare solutions. As technologically driven interventions continue to grow, wearable devices, mobile apps, and other technologies can be used to monitor and manage insomnia. Insomnia is becoming more widely recognized as a serious health issue, and untreated insomnia can have serious consequences. As a result, more people are seeking diagnoses and treatment.
- Healthcare professionals, as well as the general public, now have a greater understanding of insomnia, resulting in an expansion of this market. Stress, long working hours, and demanding routines contribute to sleep disturbances and insomnia in modern society. Stress-related sleep disorders often result in insomnia, which drives the demand for insomnia treatments.
- New and more effective insomnia medications are being developed in the pharmaceutical industry. Introducing new drugs with improved safety and effectiveness increases market growth. As healthcare spending increases globally and mental health and well-being gain importance, insomnia treatments are more likely to be developed and marketed.
Have Any Query? Ask our Experts@ https://www.transparencymarketresearch.com/sample/sample.php?flag=ASK&rep_id=20246
Global Insomnia Market: Regional Landscape
- Insomnia is expected to be driven primarily by North America. Sleep disorders such as insomnia are common in North America, affecting a large percentage of the population. Factors like high stress levels, comorbid conditions, and lifestyle changes fuel treatment demand for insomnia.
- There are advanced diagnostic and treatment facilities in North America, making it one of the most developed regions in the world for healthcare. Insomnia can be diagnosed and managed more easily as healthcare resources become available.
- Technological innovations in healthcare are a hallmark of the region. Wearable devices, telehealth services, and digital health solutions have opened new avenues for monitoring and managing insomnia.
- The pharmaceutical industry in North America is researching and developing insomnia treatments. The presence of several key market players has resulted in the availability of a variety of therapeutic options. Investing in sleep-related healthcare services and treatments is supported by the high healthcare expenditures in North America.
- Pharmaceutical innovation is encouraged in North America because of the regulatory environment. Drug approval agencies, such as the U.S. Food and Drug Administration (FDA), are crucial to ensuring the safety and efficacy of insomnia treatments.
Global Insomnia Market: Key Players
According to recent insomnia market trends, manufacturers are heavily investing in developing new insomnia drugs to combat nighttime wakefulness. Smart and wearable devices that induce sleep are being developed. A relatively healthy amount of sleep can be achieved using these devices integrated with mobile applications.
- Paratek Pharmaceuticals, Inc.
- Sumitomo Dainippon Pharma Co. Ltd.
- Teva Pharmaceutical Industries Limited
- Vanda Pharmaceuticals Inc.
- Takeda Pharmaceutical Company Limited
- Pfizer Inc.
- Sanofi S.A
- Merck & Co., Inc.
- Viatris Inc.
- In April 2023, WELT-I, a digital therapeutics app to treat insomnia, received approval from the South Korean Ministry of Food and Drug Safety.
- In November 2023, Neurovalens, a start-up based in Belfast, was granted the U.S. Food and Drug Administration’s approval for its Modius Sleep Band. It can treat chronic insomnia in a non-invasive manner.
Global Insomnia Market: Segmentation
By Treatment Type
- Orexin Antagonist
- Melatonin Antagonist
By Sales Channel
- Hospital Pharmacies
- Retail Pharmacies and Drug Stores
- Online Pharmacies
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
Place an Order Copy of the Report@ https://www.transparencymarketresearch.com/checkout.php?rep_id=20246<ype=S
Browse More Reports by TMR:
Consumer Genomics Market – The global consumer genomics market was estimated to have acquired US$ 2.4 billion in 2021. It is anticipated to register a 22.3% CAGR from 2022 to 2032 and by 2032.
Asthma Treatment Market – The global asthma treatment market is projected to flourish at a CAGR of 3.7% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 34.5 billion is anticipated for the market in 2031. As of 2023, the market for asthma treatment is expected to close at US$ 25.8 billion.
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
USA – Canada Toll Free: 866-552-3453
Email: [email protected]
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. AfternoonHeadlines.com takes no editorial responsibility for the same.