According to FutureWise analysis the market for Insomnia Treatment in 2023 is US$ 3.4 billion, and is expected to reach US$ 5.17 billion by 2031 at a CAGR of 5.38%.
The growing cases of insomnia worldwide due to rising stress levels has led to the growth of this market. With rising geriatric population coupled with awareness about numerous therapies and treatments in the market, support and propel the market’s growth. With advancements in technology and invention of better, efficient, new therapies providing quick, positive results, the public is more open to accepting such cures. Thus the increase in the launch of novel products such as MerckCo.’s Belsomra is projected to fuel high demand. Moreover, the availability of multiple generics is expected to boost the insomnia therapeutics market over the forecast period. Lemborexant, a novel Orexin Receptor Antagonist (ORA) by Eisai is expected to be launched in the near future, which may promote growth.
With new products and technology employed the market is estimated to soar unboundedly. Additionally, quite a few medical devices have been approved in the recent years such as EBB Insomnia Therapy, Fisher Wallace Stimulator, and Alpha-Stim AID, which are expected to have higher penetration due to favourable reimbursement policies and adoption of the device-drug combination therapies for treating insomnia. North America was leading the insomnia therapeutics market and accounted for a major revenue share. Favourable reimbursement policies will further promote revenue growth. North America is followed by the Asia Pacific, which is poised to grow at healthy CAGR. Emerging economies such as India, China, and Indonesia have been using generics and branded generics due to the economic pricing of generic alternatives. Asia Pacific is anticipated to witness lucrative growth over the forecast period with a high CAGR. The global insomnia therapeutics market is highly fragmented with several manufacturers offering generics.