IMARC Group has recently released a new research study “Insomnia Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
The global insomnia market size reached US$ 5.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 6.1 Billion by 2028, exhibiting a growth rate (CAGR) of 3% during 2023-2028.
Insomnia refers to a sleep disorder that can lower energy levels and affect the mood, health, work performance, and overall life quality of an individual. Its causes include stress, long travels, hectic work schedules, poor sleep habits, binge eating, etc., and excessive consumption of nicotine, caffeine, alcohol, etc.
Insomnia can also be associated with mental health disorders, including post-traumatic stress and the use of drugs, such as antidepressants for asthma or blood pressure and over-the-counter (OTC) for pain relief, allergies, cold, etc. Its treatment options, including cognitive-behavioral therapy (CBT), over-the-counter (OTC) sleep aids, and prescription medications, such as Eszopiclone and Ramelteon, are currently available across various countries.
Market Trends
The increasing prevalence of social isolation, work challenges, and family obligations, owing to the sudden outbreak of the COVID-19 pandemic, is among the key factors stimulating the insomnia market. Apart from this, the rising incidences of stressful events that impact the sleep patterns of individuals are also propelling the market growth.
Besides this, the inflating cases of medical conditions, such as chronic pain, cancer, diabetes, heart disease, asthma, gastroesophageal reflux disease (GERD), overactive thyroid, Parkinson’s disease, and Alzheimer’s disease, are further fueling the global market. Additionally, hormonal shifts during the menstrual cycle and menopause can lead to the risk of developing insomnia, which is also driving the market growth. Moreover, the elevating investments in testing new treatments, interventions, and tests to prevent, detect, treat, and manage insomnia are expected to positively influence the insomnia market over the forecasted period.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Astellas Pharma Inc., Aurobindo Pharma Limited, Biocodex, Eisai Co. Ltd., Mallinckrodt Pharmaceuticals, Merck Co. Inc., Neurim Pharmaceuticals Inc., Pfizer Inc., Sanofi S.A., Sumitomo Dainippon Pharma Co. Ltd. (Sumitomo Chemical Co. Ltd.), Takeda Pharmaceutical Company Limited and Vanda Pharmaceuticals Inc.
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Therapy Type:
Non-Pharmacological Therapy
- Hypnotherapy
- Cognitive Behavioral Therapy
- Medical Devices
- Others
Pharmacological Therapy
- Prescription Sleep Aids
- Over-The-Counter Sleep Aids
Breakup by Drug Class:
- Antidepressants
- Melatonin Antagonist
- Benzodiazepines
- Nonbenzodiazepines
- Orexin Antagonist
- Others
Breakup by Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Drug Stores
- Online Pharmacies
Regional Insights:
- Asia Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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