Among the major thrust providers, the rising rate of anxiety among people, side-effects of other treatments, social stress, work-related pressure, unhealthy lifestyle, the impact of the social media on sleep patterns, and others can trigger substantial changes in the market outcome. Growing acceptance for therapies and the inclusion of new methods can also help the market get some coverage.
The global Insomnia Market has a chance to make a move ahead with a 4.5% CAGR during the forecast period of 2018 to 2023. Market Research Future (MRFR) made an attempt to take a closer look at various factors that can transform the market.
The global insomnia market, as studied by MRFR experts, has been segmented by types, drug formulation, and conditions of diseases. These segments and their related data on factors are expected to help in gaining insights, which will later pave the way for a better market understanding to develop profit-making strategies.
By therapy, the study on the global insomnia market relies on a segmentation that includes pharmacological and non-pharmacological therapies. Pharmacological therapy includes non-benzodiazepines, melatonin receptor agonists, benzodiazepines, and others. The non-pharmacological therapy segment comprises sleep hygiene education, stimulus control, paradoxical intention, relaxation therapy, cognitive behavioral therapy, and others. The cognitive-behavioral therapy can play a crucial role in taking the market ahead.
By drug formulation, the study comprising details of the insomnia market reveals capsules, tablets, and others.
By condition of diseases, the global market report can be segmented on the basis of sleep maintenance, poor quality of sleep, and others.
North America has the chance to score high in the insomnia market due to the wide-scale availability of various treatment methods. People are also aware of the issue and have the expenditure capacity to address the problem, which widens the market’s operational scope.
Companies playing a crucial role in taking the insomnia market ahead are Merck & Co Inc (US), Eisai, Co. (Japan), Pfizer, Inc. (US), Meda Consumer Healthcare Inc (US), Sanofi (France), Takeda Pharmaceutical Company (Japan), Consumer Healthcare Inc. (Canada), Pernix Therapeutics (US), Purdue Pharma L.P. (US), SkyePharma (UK), Flynn Pharma (UK), Dainippon Sumitomo (Japan), ECR Pharmaceuticals (US), Neurim (Switzerland), Johnson & Johnson (US), Astellas (UK), Biocodex S A (France), and Vanda Pharmaceuticals Inc. (US). These companies are making their presence felt by incorporating various tactical means. These often encompass mergers, acquisitions, collaborations, and innovations. Spurring the research-related investment, improvisation on branding and launching strategies and others are also a part of methods to expand the portfolio and create an edge to outdo peers. MRFR recorded some of these recent achievements to understand the flow of the market.
In May 2020, Zelira Therapeutics signed a deal with Tasmanian Alkaloids Pty Ltd (TasAlk) that they would start the manufacturing of Zelira’s Insomnia and HOPE™ products for the Asia Pacific region. The agreement provides TasAlk exclusive rights to manufacture products with cannabis formulation initially for the first year and then it will be extended for three years semi-exclusive. The purpose is to get a better footprint in the Asia Pacific market. In Australia, products will reach patients under the Australian Government TGA Special Access Scheme (SAS).
The COVID-19 pandemic outbreak is impacting the global outcome of the insomnia market substantially. With the constant pressure built by the lockdowns and other regulations in different countries, people are experiencing issues with their sleeping patterns caused by anxiety and other mental stresses. This is boosting the market expansion rate.