According to a new report published by Allied Market Research, titled, Insomnia Market by Therapy Type and Geography: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global insomnia market accounted for $4,093 million in 2016, and is estimated to reach $5,488 million by 2023, registering a CAGR of 4.2% from 2017 to 2023. North America was the highest contributor in the insomnia market in 2016; however, Asia-Pacific is expected to witness the highest growth rate during the forecast period.
The global insomnia market is driven by factors such as emergence of therapeutics with fewer side-effects and rise in demand for over-the-counter (OTC) sleep aids. Few drugs that are used for the treatment of chronic diseases affect the quality of sleep; thereby, increasing the number of insomnia cases. Furthermore, rise in geriatric population and growth in disposable income are expected to boost the market growth. However, the side-effects caused due to excessive use of sleep medication and patent expiration of many prescription drugs are expected to hamper the market growth.
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COVID-19 scenario analysis:
1) The COVID-19 impact on the Insomnia market is unpredictable and is expected to remain in force till the fourth quarter of 2021.
2) The COVID-19 outbreak forced governments across the globe to implement strict lockdowns and banned import-export of nonessential items for most of 2021. This led to sudden fall in the availability of important raw materials.
3) Moreover, nationwide lockdowns forced manufacturing facilities to partially or completely shut their operations.
4) Adverse impacts of the COVID-19 pandemic have resulted in delays in activities and initiatives regarding development of reliable and innovative drone analytics systems globally.
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Key Finding of Insomnia Market:
•The cognitive behavioral therapy segment is anticipated to grow at the highest rate during the analysis period.
•The prescription drugs segment generated the highest revenue, and is expected to continue its dominance in the near future.
•North America dominated the global insomnia market, and is anticipated to continue its dominance in the future.
•China is expected to grow at highest CAGR in the Asia-Pacific.
•The pharmacological therapy segment was the largest contributor to the market growth, in 2016.
In 2016, North America accounted for the maximum contribution to the total revenue generated, owing to the high prevalence rate of insomnia, presence of high disposable income, and high demand for over-the-counter (OTC) drugs. In addition, the presence of large number of insomnia centers in this region and rise in the number of patients with chronic renal & kidney diseases are expected to boost the market growth.
List of Key Players Profiled in the Report:
Merck & Co. Inc., Sanofi India Limited, Pfizer, Inc., Takeda Pharmaceutical Company Ltd., Purdue Pharmaceuticals L.P., Eisai, Co. Ltd., Meda Consumer Healthcare Inc., Pernix Therapeutics, Vanda Pharmaceuticals, and ECR Pharmaceuticals.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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