Published On : 05 Sep 2018
Insomnia can have far reaching consequences on one’s health. It can result in reduced stamina and irritability. It can also cause depression. With millions worldwide being afflicted by it, proper therapeutics have become imperative. This has given rise to the global insomnia market. Nowadays, there are sleep laboratories where insomnia can be diagnosed using different diagnostic devices.
Based on the duration of insomnia, it can be categorized into transient, acute, and chronic. While in transient insomnia, the disorder is fleeting, in case of acute insomnia it can continue for weeks and in cases of chronic insomnia, for months on end.
Drug Companies’ Efforts to Produce Effective Solutions Underpins Global Insomnia Market’s Growth
One of the main drivers of the global insomnia market is the lifestyle changes, particularly in the younger demographics. Pressing work schedule inducing stress often affects deep sleep. Unhealthy habit such as downing too much caffeine also impacts proper sleep. Apart from such external triggers that can be easily controlled, the disorder can also result from chronic pain, circadian rhythm, menopause, hyperthyroidism, and psychological stress.
In response to the problem, drug companies are focusing on formulating more effective drugs having greater bioavailability. This is set to provide a major boost to the global insomnia market. Pharmacological therapies such as prescription sleeping aids and over-the-counter sleep aids are expected to become better in near future. The non-pharmacological therapy, comprising of cognitive behavioral therapy, hypnotherapy, and medical devices, is also an important component of the global insomnia market.
Addiction from Prolonged Use and Costly Drugs Poses Challenge to Global Insomnia Market
Addiction resulting from prolonged use of drugs is one challenge facing market. This has led to treatment under strict supervision of physicists. Despite this, the global insomnia market would see a steady upswing because of the large pool of elderly worldwide and also because of alarming increase in cases of mental disorders.
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There are just a handful of drug companies that are currently offering branded drugs in the global insomnia market. This makes their products quite pricey thereby negatively impacting sales. This has egged the manufacturers of drugs to focus on new cost-effective chemicals and novel molecules for making more affordable products. This would enable them to boost sales further. At present, benzodiazepines are mainly used for treating insomnia.
North America Generates Maximum Revenue Owing to Sizeable Proportion of Insomniacs
From a geographical standpoint, North America insomnia market is most developed. High percentage of insomnia patients – as per Centers for Disease Control and Prevention (CDC) there were almost 70 mn adults in the U.S. in 2016 – is one of the primary drivers of the market in the region. Besides, high healthcare spends and presence of prominent manufacturers of drugs in the region has also had a positive impact on the market.
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