Insomnia is a sleep disorder in which individuals have trouble falling and/or staying asleep. The condition can be short-term (acute) or can last a long time (chronic). It may also come and go. The good news is that most cases of insomnia can be cured with changes people can make on their own, without relying on sleep specialists or turning to prescription or over-the-counter sleeping pills. Treating (and/or reversing) insomnia is possible, but it will take some time and effort. Cognitive Behavioral therapy for insomnia (CBT-I) is gold-standard for treating chronic insomnia. Unlike sleeping pills, CBT-I helps overcome underlying causes of sleep problems.
Market Statistics:
The global insomnia treatment market is estimated to account for US$ 3,240.1 Mn in terms of value by the end of 2022.
Drivers:
Increasing demand for safe & effective insomnia treatment due to presence of large insomnia population pool across the globe is expected to boost growth of the global insomnia treatment market over the forecast period. For instance, in November 2020, Pear Therapeutics announced the availability of its prescription digital therapeutic for chronic insomnia in adults over the age of 22, called Somryst. Somryst uses CBT-I to train the brain and body to sleep. Over the course of the patient’s program, the therapy guides them through lessons and challenges, including algorithm-driven sleep restriction, to help teach the patient ways to improve their sleep.
Opportunities:
Increase in awareness among people and development of new technologies and introduction of novel is expected to provide substantial growth opportunities for players in the global insomnia treatment market during the forecast period. For instance, in March 2020, the Sleep Council and The Sleep Charity (UK) launched what they termed the ‘Wake Up Call’ sleep manifesto, which called on the government to include sleep within its Change4Life public health initiative and to promote sleep as being as important to good health as diet and exercise.
Restraints:
Misconceptions about the seriousness of insomnia, non-pharmacological therapies, and patient non-adherence due to characteristic side effects of insomnia drug are major factors expected to impede growth of the global insomnia treatment market. For instance, insomnia can be treated with non-pharmacologic and pharmacologic therapies. Non-pharmacologic therapies include multicomponent therapy, relaxation therapy, cognitive behaviour therapy, sleep hygiene, and paradoxical intention. Referral to a sleep specialist may be considered for refractory cases.
Global Insomnia Treatment Market - Impact of Coronavirus (Covid-19) Pandemic
Coronasomnia, or covidsomnia, is the term to describe sleep problems related to stress caused by the COVID-19 pandemic. COVID-19-induced insomnia is often attributed to the pandemic-related stress, anxiety, depression, and other mental health conditions. Such an important life event is likely to cause sleep disturbances and exacerbate sleep problems. As per the American Academy of Sleep Medicine's (AASM) Sleep Prioritization Survey 2020, about a third of adults (33%) noticed a change in their sleep quality, 29% noticed a change in their nightly amount of sleep, and 30% noticed a change in their ability to fall asleep. This in turn is expected to drive the growth of the global insomnia treatment market.
To know the latest trends and insights prevalent in the Global Insomnia Treatment Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/insomnia-therapeutics-market-958
Key Takeaways:
The global insomnia treatment market was valued at US$ 3,048.04 Mn in 2021 and is forecast to reach a value of US$ 4,752.2 Mn by 2028 at a CAGR of 6.6% between 2022 and 2028.
Among treatment type, drug segment held dominant position in the global insomnia treatment market in 2021, accounting for 95.5% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Market Trends:
- Increasing prevalence of insomnia around the world is expected to propel the growth of the global insomnia treatment market during the forecast period. For instance, insomnia is the most common sleep disorder. According to the American Sleep Association, insomnia affects around 50 to 70 million Americans each year. It’s so widespread that symptoms of insomnia occur in approximately 33% to 50% of the adult population.
- Presence of supportive organizations specific to insomnia is expected to fuel growth of the global insomnia treatment market during the forecast period. For instance, the Canadian Sleep Society is committed to improving sleep for Canadians through support for research, promotion of high-quality clinical care, education of professionals and people, and advocacy for sleep and sleep disorders medicine.
Competitive Landscape:
Major players operating in the global insomnia treatment market include Sanofi, Pfizer Inc., Innovative Neurological Devices, Cerêve Inc., Paratek Pharmaceuticals Inc., Merck & Co. Inc., Takeda Pharmaceutical Company, Ebb Therapeutics, Electromedical Products International Inc., among others.
Recent Developments:
In December 2020, the U.S. Food and Drug Administration (FDA) approved a new treatment for people with insomnia, Dayvigo (lemborexant). The drug will be available in 5 mg or 10 mg doses, according to a press release from the drug’s manufacturer, Eisai.
In July 2019, Dr Reddy's Laboratories launched generic Ramelteon tablets used for treatment of insomnia in the U.S. market, after receiving approval by the United States Food and Drug Administration (USFDA).
