Hyderabad, Jan. 24, 2023 (GLOBE NEWSWIRE) -- The demand for insomnia products witnessed fair growth globally as people adopted more insomnia-relieving products for improving their sleep and mental health condition during COVID-19 lockdowns. To meet this demand, insomnia treatment product manufacturers focused to increase their product availability and utilization, they implemented online resources and platforms incorporated into the devices for the patient’s convenience. This pattern will probably continue at a CAGR of 5.93% during 2022-2027.
In 2021, North America was the largest market and accounted for 42.6% of the global insomnia market. The US, the UK, France, Brazil, Russia, Germany, and Japan constitute the largest insomnia treatment market. The two countries with the fastest market growth for insomnia treatment were India and China, reveals Research Head, Healthcare at Mordor Intelligence.
“The drug class of orexin antagonist witnessed the fastest growth during the 2022-2027 forecast period. The segment growth is aided as the tablets promote the natural transition from wakefulness to sleep by inhibiting the wakefulness-promoting orexin neurons of the arousal system. In addition, the rise in mental stress in individuals due to the highly active lifestyle increase the demand for orexin antagonist for improving sleep efficiency. The segment growth is accounted for around a CAGR of 6.5% during 2022-2027.”
The research manager says the adoption of insomnia treatment products has increased owing to the hectic work culture and the unprecedented time of COVID-19 that occurred abruptly. In the workplace, chronic sleep deprivation is prevalent. Almost 25% of American people experience regular patterns of excessive drowsiness. In an article published in September 2022 by Sleep Foundation, in the United States, it is estimated that the average cost to individual employers of fatigue-related productivity losses per employee is USD 1,967 annually. Insomnia cases can further lead to complications associated with mental illnesses like major depressive disorder and depression. As per a recent study, nearly 20% of individuals met the criteria for an insomnia condition, which is a proportion that is more than twice as high as it was before the pandemic. One in three people experienced clinical symptoms of sleeplessness. People are more focused on taking insomnia drugs to alleviate the issues linked to the condition.
This will open up opportunities for key players and established companies to pursue growth potential in other markets like mental health, sleeping aids, sleep disorder, etc.
The market for insomnia treatments is predicted to rise since there are so many opportunities for research and development, which encourages a wave of new product launches by major firms. In January 2022, Idorsia Ltd received FDA approval for QUVIVIQ (daridorexant) 25 mg and 50 mg for the treatment of adult patients with insomnia. Similarly, a 2022 recent Oxford study investigated the pharmaceutical management of insomnia and found that two medications, eszopiclone, and lemborexant, performed better than others in both the acute and long-term treatment of insomnia in adults.
Online platforms and services received greater attention owing to the patient-centric benefits of insomnia. In September 2022, Amazon launched a new sleep monitor named Halo Rise, to detect how well and how long a person sleeps. Similarly, in November 2022, the development of Primasun, an end-to-end solution to assist employers and healthcare professionals in identifying people at risk for complex sleep disorders, was unveiled by San Diego-based connected sleep device manufacturer ResMed and Alphabet's life science spinoff Verily.
About Mordor Intelligence -
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics. Get a glance at the Global Insomnia Market Report or ask for a more customised report.
