Insomnia Market Overview: Market Trends, Strategies, And Opportunities
Insomnia Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033
LONDON, GREATER LONDON, UK, July 4, 2024 /EINPresswire.com/ -- The global insomnia market size is projected to grow from $4.72 billion in 2023 to $4.97 billion in 2024, at a compound annual growth rate (CAGR) of 5.2%. This market growth is driven by factors such as increased stress levels, the prevalence of mental health conditions, shift work, irregular work hours, increased awareness and diagnosis, and high consumption of stimulants. The market is expected to reach $6.09 billion by 2028, maintaining the same CAGR of 5.2%. This growth can be attributed to the global health crisis impact, increasing awareness of sleep hygiene, emphasis on mental health and wellness, government initiatives for sleep health, and the influence of social determinants.
Surge in Work-Related Stress Drives Market Growth
The surge in work-related stress is expected to propel the growth of the insomnia market going forward. Work-related stress refers to harmful emotional and physical responses that occur when work demands and pressures do not match the worker's resources, capabilities, or knowledge. Job stress can lead to poor health, including insomnia. Depending on the severity of insomnia, patients are treated with drugs or cognitive-behavioral therapies, among others. Thus, the surge in work-related stress is boosting sales in the insomnia market. For instance, in October 2021, according to a survey of 1,500 US employees conducted by the American Psychology Association, approximately 59% of respondents were experiencing work-related stress in 2021. Furthermore, in November 2022, according to the US Bureau of Labor Statistics, the total rate of injuries increased in 2021 to 2.3 cases per 100 full-time equivalent workers, up from 2.2 cases in 2020. Therefore, the surge in work-related stress is driving the growth of the insomnia market.
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Major Players and Market Trends
Major companies operating in the insomnia market include Pfizer Inc., Merck & Co Inc., Sanofi S.A., GlaxoSmithKline plc., Takeda Pharmaceutical Company Limited, Koninklijke Philips N.V., Viatris Inc., Astellas Pharma Inc., Sun Pharmaceutical Industries Limited, Eisai Co. Ltd., UCLA Health Insomnia Clinic, Jazz Pharmaceuticals PLC, Aurobindo Pharma Limited, Purdue Pharma LP, Cipla Inc., Dr. Reddy's Laboratories Ltd., Zydus Lifesciences Limited, Lupin Limited, Mallinckrodt Pharmaceuticals Plc., Fisher & Paykel Healthcare Corporation Limited, ResMed Inc., Sunovion Pharmaceuticals Inc., Casper Sleep Inc., Biocodex Inc., Vanda Pharmaceuticals Inc., Pernix Therapeutics Holdings Inc., SleepScore Labs, Alpha-Stim, Neurim Pharmaceuticals Ltd., and NightWare Inc.
Trends in the Insomnia Market
Major companies in the insomnia market are developing new products such as zaleplon-based insomnia drugs to gain a competitive edge. Zaleplon is a non-benzodiazepine sedative-hypnotic medication used for the short-term treatment of insomnia. For instance, in April 2023, Bukwang Pharm Co Ltd., a South Korea-based pharmaceutical company, launched Zaledeep Cap., the first insomnia treatment in South Korea utilizing zaleplon as its main ingredient. Zaleplon, a non-benzodiazepine drug with FDA approval for treating insomnia, is known for its rapid onset of action, short half-life, and minimal impact on daily activities. With increasing insomnia cases in modern society, the launch of Zaledeep Cap. is expected to provide a new and effective treatment option, aiming to enhance sleep quality and overall well-being for individuals suffering from insomnia.
Segments:
• Therapy Type: Non-Pharmacological Therapy, Pharmacological Therapy
• Drug Class: Anti-Depressants, Melatonin Antagonist, Benzodiazepines, Nonbenzodiazepines, Orexin Antagonist, Other Drug Classes
• Route Of Administration: Oral, Parenteral, Other Route Of Administration
• Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies
Geographical Insights: North America Leading the Market
North America was the largest region in the insomnia market in 2023. The regions covered in the insomnia market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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Insomnia Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Insomnia Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on insomnia market size, insomnia market drivers and trends, insomnia market major players, competitors' revenues, market positioning, and market growth across geographies. The insomnia market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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