revenue from Narcolepsy treatmentGlobally, it is expected to stand at a valuation of $3,818 million, registering an annual growth rate of 5.7 percent, from 2018-2028. Future Market Insights (FMI), in its newly published market intelligence outlook, highlights the significant demand for the treatment of narcolepsy in North America. The narcolepsy treatment scene in Europe will experience significant revenue growth due to the growing attraction towards long-term adoption and adherence to prescription treatments.
On the other hand, the Asia Pacific region among other emerging economies including the Middle East, Africa and Latin America is expected to display positive trends towards the adoption of narcolepsy treatment, due to:
- Powerful distribution line for narcolepsy drugs.
- Global and local emerging biopharmaceutical companies.
- Increasing incidence of obstructive sleep apnea (OSA) in Latin America. Obesity has been reported to be the most common risk factor.
- The prevalence of moderate acute sleep apnea is estimated to be approximately 5% among women and 10% among men in South Africa. It is estimated that up to 90% of patients go undiagnosed.
- The prevalence of obstructive sleep apnea is more severe in developing countries due to the lack of skilled physicians
In terms of key market strategies, the primary objective of manufacturers in the narcolepsy treatment market is to expand their footprint in different regional markets, in order to solidify their market position.
Key findings from the regional and competitive landscape analysis of the Narcolepsy Treatment Market
- Leading manufacturers of narcolepsy are prioritizing the development of region-specific products. Product portfolio expansion is targeted mostly in the Asia Pacific region.
- Apart from new product development – mostly arising from having low-cost generic versions of patented drugs, strategic partnerships and acquisitions while paving the way for further commercial expansions.
- Manufacturers in Global Narcolepsy are also focusing on introducing new research and development units in different geographies.
- Industry leaders focus on maintaining long-term partnerships with pharmacies – in hospitals and retail, drug stores, and e-commerce. Sales through the e-commerce distribution channel are expected to contribute a significant share of revenue to the global narcolepsy treatment market.
- FMI has also noted an increased focus on reformulating well-known products and formulations, by North American manufacturers in order to achieve higher sales and wide penetration.
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Increasing prescriptions for sleep aids
According to the Centers for Disease Control and Prevention, about 50 to 70 million Americans suffer from some sleep disorder and sleep deprivation conditions. Nearly 4% of US adults age 20 or older use prescription sleep aids in addition to wearable sleep trackers. The percentage of the population that uses prescription sleep aids increases with education and age. About 9 million adults in the United States take a prescription sleep aid, with women (5.0%) using more prescription sleep aids than men (3.1%). This increase in prescriptions for sleep aids is expected to boost the narcolepsy treatment market globally.
There is a conscious shift from over-the-counter drugs to devices that treat narcolepsy, resulting in significant revenue growth for the device segment. compared to drugs. The increasing incidence of inappropriate drug abuse and addiction, which translates to severe side effects including headache, prolonged drowsiness, diurnal memory, performance problems, allergic reactions and, in some cases, death, is the main driving factor. These side effects are associated with over-the-counter medications as well as prescription sleep aids. The growing demand for treating narcolepsy with BiPAP is expected to drive this segment of devices – and is expected to expand at the highest compound annual growth rate. Furthermore, the devices that are portable and available for rent, will translate into higher adoption rates, throughout the forecast period. Continuous positive airway pressure (CPAP) machines are lighter and smaller and can also be used as a home unit, reducing dependence on birth control pills and prescription medications.
While explaining the growth trajectory of the narcolepsy treatment market, a senior analyst from the field of healthcare emphasized the increasing healthcare expenditures and the rising incidence of fracture immobilization and orthopedic disorders as major factors contributing to the demand for narcolepsy treatment despite the year 2028.” Regulatory hypotheses by various global explains The analyst further states that authorities including the Food and Drug Administration and the European Commission along with currency fluctuations and changing regulations and tax policies are some of the high-impact factors driving global demand for narcolepsy treatment.
Critical market restrictions
Although the narcolepsy market is expanding at a strong CAGR, long waiting time for sleep services, lack of awareness and delayed diagnosis, severe side effects of sleep aid medications, lack of proper documentation for use and licensing of sleeping pills, and inappropriate equipment regulations are some of the critical factors expected to limit of the growth of the narcolepsy treatment market.
The report provides a comprehensive classification of the Narcolepsy Treatment market on the basis of product type, distribution channel, and region. On the basis of product type, the global narcolepsy treatment market has been segmented into Drugs and Devices for the Treatment of Narcolepsy.
On the basis of distribution channel, the global narcolepsy treatment market has been segmented into retail pharmacies, hospital pharmacies, e-commerce, drug stores, and others. From a geographical perspective, the Narcolepsy Treatment market has been segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa (MEA).