According to a new report published by Allied Market Research, titled, “Insomnia Market,” The insomnia market size was valued at $4.3 billion in 2020, and is estimated to reach $6.3 billion by 2030, growing at a CAGR of 3.9% from 2021 to 2030. Insomnia is a sleep disorder wherein people face problem to fall asleep or remain asleep. The major causes of insomnia, include high stress levels, mental disorders, excessive consumption of caffeine and alcohol, and other medical conditions. Insomnia is categorized into three types depending on the duration of the disorder, namely, transient (few days), acute (few weeks), and chronic insomnia (few months or even years).
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Key Findings of Study
- By therapy type, the pharmacological therapy segment was the highest contributor to the market in 2020.
- Region-wise, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
The COVID-19 outbreak is anticipated to have a positive impact on the growth of the insomnia market. The COVID-19 pandemic resulted in job losses for many workers as industries were not operating properly, which contributed in rise in stress in people. Furthermore, fear of the pandemic led to depression in some people gobally. Thus, increase in coronasomnia, a stress and depression associated with COVID-19 pandemic, surge the demand for insomnia drugs and drive the growth of the market. For instance, according to World Health Organization (WHO) report, as of 6 April 2022, there have been 492,189,439 confirmed cases of COVID-19 globally. In addition, according to a Sleep Foundation report published on March 2022, people and healthcare workers globally suffered with coronasomnia, which is insomnia associated with stress related to the COVID-19 pandemic.
Key Market Players
- CURRAX PHARMACEUTICALS LLC
- EISAI, CO. LTD
- merck kgaa, darmstadt, germany
- MINERVA NEUROSCIENCES INC
- Pfizer Inc.
- Sanofi
- Takeda Pharmaceutical Company Ltd
- Vanda Pharmaceuticals Inc.
- VIATRIS INC
- zydus cadila
The global insomnia market size is driven by rise in demand for over-the-counter (OTC) sleep aids and emergence of therapeutics with fewer side effects. The rise in incidence of chronic diseases is expected to boost the market growth during the insomnia market analysis period. Drugs used for the treatment of chronic diseases casue some side effects, which also affect the patient’s quality of sleep. Furthermore, rise in stress level among youngsters also affects the quality of sleep and increase in demand for drugs propel the insomnia market growth. Moreover, rise in geriatric population, increase in healthcare expenditure, and growth in disposable income are expected to fuel the insomnia industry, and drive the growth of the market. For instance, as per the Americas Health Rankings (AHR) report, around more than 54 million adults ages 65 and older lived in the U.S. in 2020. People aged 60 and older are more susceptible to insomnia. However, side effects caused due to excessive use of sleep medication in the market are expected to hinder the market growth.
Alarming rise in prevalence insomnia, increase in demand for yoga and cognitive behavior therapy, increase in hectic work profile, and high incidence of stress in people are expected to notably contribute toward the growth of the global insomnia market during the forecast period
The insomnia market share is segmented into therapy type and region. By therapy type, the market is categorized into non-pharmacological therapy and pharmacological therapy. The pharmacological therapy segment is the highest contributor to the market growth due to increase in prevalence of insomnia. The non-pharmacological therapy segment was the major contributor in 2020, and is expected to maintain its lead during the insomnia market forecast period, owing to fewer side effects as compared to pharmacological therapy.
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