Hyderabad, Jan. 24, 2023 (GLOBE NEWSWIRE) — Demand for insomnia products has surged globally as people increased their use of products to improve their sleep and mental health during COVID-19 lockdowns. To meet this demand, manufacturers of insomnia treatment products focused on increasing the availability and use of their products. They implemented online resources and platforms built into the devices for patient convenience. This pattern is likely to continue at a CAGR of 5.93% over the period 2022-2027.
In 2021, North America was the largest market, accounting for 42.6% of the global insomnia market. The US, UK, France, Brazil, Russia, Germany and Japan are the largest market for insomnia treatment. 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 antagonists witnessed the fastest growth during the forecast period 2022-2027. Segment growth is supported because the tablets promote the natural transition from wakefulness to sleep by inhibiting the wakefulness-promoting orexin neurons of the arousal system. In addition, the increase in mental stress in individuals due to the highly active lifestyle increases the demand for orexin antagonists for improving sleep efficiency. The growth of the segment accounts for approximately a CAGR of 6.5% over the period 2022-2027.”
The research manager says that the adoption of products for the treatment of insomnia has increased due to the hectic work culture and the unprecedented time of COVID-19 that happened abruptly. There is chronic sleep deprivation in the workplace. Nearly 25% of American people experience regular patterns of excessive sleepiness. An article published in September 2022 by Sleep Foundation, in the United States, estimates that the average cost to individual employers of fatigue-related productivity losses per worker is USD 1,967 annually. Instances of insomnia can further lead to complications related to mental illnesses such as major depressive disorder and depression. According to a recent survey, nearly 20% of individuals met the criteria for insomnia, a rate more than twice that of pre-pandemic levels. One in three people experienced clinical symptoms of insomnia. People are more focused on taking insomnia medications to alleviate the problems associated with the condition.
This will to open possibilities for protagonists and established companies to pursue growth potential other markets such as mental health, sleep aids, sleep disorders, etc.
The market for insomnia treatments is predicted to rise as there are so many opportunities for research and development, fueling a flurry of new product launches by major companies. 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 recent 2022 Oxford study examined the pharmaceutical treatment of insomnia and found that two drugs, eszopiclone and lemborexant, outperformed others in both the acute and long-term treatment of insomnia in adults.
Online platforms and services gained more attention because of the patient-centered benefits of insomnia. In September 2022, Amazon launched a new sleep monitor called Halo Rise, to detect how well and how long someone sleeps. Similarly, in November 2022, the development of Primasun, an end-to-end solution to help employers and healthcare professionals identify people at risk for complex sleep disorders, was unveiled by San Diego-based connected sleep device maker ResMed and Alphabet’s life science spin-off Verily.
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