Sleep Disorders Treatment Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Sleep Disorders Treatment Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The global sleep disorders treatment market is anticipated to witness a CAGR of nearly 7.1% during the forecast period. Increasing prevalence of sleep disorders across the world, rising stress levels, growing geriatric population, and increasing awareness about various treatment options for this condition are some of the factors expected to propel the market. As per the Narcolepsy Network, around 1 in every 2,000 people in United States are affected by this condition, which is driving the market.

• An increase in awareness about sleep disease among the general population and governments is expected to propel the sleep disorders treatment market. The rising number of people suffering from a host of sleep disorders, including hallucinations, sleep paralysis, disrupted nocturnal sleep, insomnia, sleep apnea, narcolepsy, and circadian disorders, caught the attention of governments around the world, forcing them to take necessary steps to address this condition. For instance, awareness campaigns were conducted by various networks, such as the National Center on Sleep Disorders Research, to address the needs of individuals with serious or mild sleep conditions.
• Approval and commercialization of new drugs by market players are also expected to play a crucial role in driving the market growth over the coming years. For instance, in March 2019, Jazz Pharmaceuticals received the US FDA approval of Sunosi (solriamfetol) for the treatment of narcoleptic patients. However, lower diagnosis rate, low treatment rate, and side effects of sleep disorders drugs may hamper the demand in the sleep disorders treatment market.

Insomnia is expected to dominate the global sleep disorders treatment market through the forecast period. This can be attributed to the rising prevalence of insomnia, which causes severe, irresistible daytime sleepiness and sudden loss of muscle tone. The National Institutes of Health estimates that roughly 30% of the general population complains of sleep disruption, and approximately 10% have associated symptoms of daytime functional impairment consistent with the diagnosis of insomnia.

Increasing awareness about the disease and the available treatment options leading to early diagnosis and increasing healthcare expenditure are the factors anticipated to drive this segment’s growth over the forecast period.

Currently, North America dominates the market for sleep disorders, and it is expected to continue its strong hold for a few more years. Growing demand for sleep disorder treatment in United States and Canada, increasing prevalence of sleep disorders, increase in awareness, and high healthcare spending are anticipated to drive the market. In addition, favorable reimbursement policies for therapeutic products, strong clinical pipeline, and rising stress level are other factors anticipated to promote revenue growth.

Asia-Pacific is anticipated to witness a lucrative growth over the forecast period. Shift-work sleep disorder and increased stress level are expected to expand the patient base in Asia-Pacific. These factors may contribute to the growing demand for drugs in these economies. Constantly improving healthcare reimbursement policies are expected to boost demand over the forecast period. In addition, increasing living standards spurred the regional demand. All these factors are anticipated to boost the regional market growth in the forthcoming years.

The global sleep disorders market is highly fragmented with several manufacturers offering generics. Although few players offer branded drugs, price sensitivity is an issue in several regions. Companies focus on developing new chemical entities and novel molecules to obtain a higher revenue share. The major players include companies, such as Takeda Pharmaceuticals USA Inc., Vanda Pharmaceuticals Inc., Merck & Co., Mylan NV, Pfizer, and Teva Pharmaceuticals USA Inc.

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