Insomnia Market will see continued expansion due to rising awareness of mental health, work-life balance issues

PORTLAND, OR, UNITED STATES, October 4, 2024 /EINPresswire.com/ -- The global insomnia market has seen notable growth and is poised to expand further over the coming decade. Here’s a quick snapshot of the key trends driving the market:

• Market Overview:
• Valuation: $4.3 billion in 2020
• Projected Growth: Expected to reach $6.3 billion by 2030
• CAGR: Growing at 3.9% from 2021 to 2030
• Insomnia Overview:
• Insomnia is a sleep disorder characterized by difficulty in falling or staying asleep, or waking up too early without returning to sleep.
• Common Causes: Stress, irregular sleep schedules, mental health disorders (anxiety, depression), physical illnesses, medications, and other sleep disorders.

𝐆𝐞𝐭 𝐚 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/request-sample/2373

Factors Driving Market Growth

• Increasing Prevalence of Sleep Disorders:
• Insomnia and parasomnias are becoming more common globally.
• Mental Depression: WHO reports 280 million people worldwide suffer from depression, contributing significantly to insomnia.
• Impact of Chronic Diseases:
• Patients with chronic conditions like cancer often experience sleep disturbances.
• For instance, 1.8 million new cases of cancer were diagnosed in the U.S. in 2020, and chemotherapy side effects are known to affect sleep quality.
• Work-Related Stress:
• High workloads and irregular work schedules (e.g., night shifts in manufacturing industries) are major contributors to insomnia.
• Advancements in Non-Pharmacological Therapies:
• Increasing demand for non-pharmacological treatments like yoga, hypnotherapy, and cognitive behavioral therapy (CBT).
• Insomnia centers and sleep diagnostic labs are on the rise, aiding market expansion.

Product Innovation & Launches

• Technological Advancements:
• Health tech such as mobile apps and sleep-tracking devices are increasingly used to monitor and improve sleep quality.
• Example: Eisai Co., Ltd. launched DAYVIGO (lemborexant), an orexin receptor antagonist for insomnia treatment in adults in 2021, a move expected to boost the insomnia treatment market.

Market Segmentation
• By Therapy Type:
• Pharmacological Therapy: Includes prescription and over-the-counter sleep aids.
• Non-Pharmacological Therapy: Hypnotherapy, CBT, medical devices, and other forms of therapy.
• By Region:
• North America: Dominates the market due to a high prevalence of insomnia and strong healthcare infrastructure.
• Asia-Pacific: Expected to witness the highest growth (CAGR of 5.5%) due to an increasing geriatric population and growing demand for sleep diagnostics.

Key Market Players

• Leading Companies: Minerva Neurosciences Inc., Currax Pharmaceuticals LLC, Eisai Co. Ltd., Merck & Co. Inc., Pfizer Inc., Sanofi, Takeda Pharmaceutical Company Ltd., Vanda Pharmaceuticals, Viatris (Mylan NV), and Zydus Cadila.

Future Outlook
• The market will see continued expansion due to rising awareness of mental health, work-life balance issues, and advancements in non-pharmacological treatment options. However, side effects associated with long-term use of sleep drugs might hinder growth to some extent.

𝐄𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/2373

David Correa
Allied Market Research
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