Narcolepsy Market Trends and Opportunities in 2023
Market Research Future has added a report titled "Narcolepsy Market Research Report - Forecast to 2023" to its offering. The report provides an in-depth analysis of regional data and an accurate projection of the market size and share of the Top 10 market players across the globe.
Global Narcolepsy Market is expected to grow at an approximate CAGR of 8.2% during the forecast period.
Narcolepsy is a medical condition which is characterized by overwhelming daytime drowsiness and sudden attacks of sleep. Sometimes, this chronic sleep disorder can lead to a sudden loss of muscle tone (cataplexy), leading to weakness and loss of muscle control. Sleep paralysis, hallucinations, daytime sleepiness, fragmented sleep & insomnia, besides others are some of the most common symptoms of the disease. Increasing prevalence of narcolepsy and growing obese population are the major drivers of market growth during the forecast period. According to the Sleep Science journal in 2017, it was estimated that approximately 1 in every 2,000 people across the worldwide lives with narcolepsy. Moreover, from 2014-2015, the Australian Institute of Health and Welfare stated that approximately two-thirds, i.e., 63% of the Australian population which aged 18 years or more was estimated to be overweight or obese. Additionally, increasing demands for effective treatment of the disease followed by increasing research and development boost the market growth. However, lack of awareness and low per capita healthcare expenditure within the regional boundaries of middle and low-income countries is estimated to restrain the global narcolepsy market during the forecast period.
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Key players in global narcolepsy market:
Jazz Pharmaceuticals plc (Republic of Ireland), BIOPROJET (Paris), Arena Pharmaceuticals, Inc. (U.S.), Graymark Healthcare, Inc. (U.S.), Mylan N.V. (U.S., Teva Pharmaceutical Industries Ltd. (Israel), Novartis AG (Switzerland), Shire (Republic of Ireland), Shionogi Inc. (U.S.), Ligand Pharmaceuticals, Inc. (U.S.), and others
Global Narcolepsy Market is segmented on the basis of type, diagnosis, treatment, and end user.
On the basis of the type, the market is segmented into type 1 narcolepsy, type 2 narcolepsy, and others.
On the basis of the diagnosis, the market is categorized into polysomnogram, multiple sleep latency test, others. On the basis of the treatment, the market is segmented into stimulants, antidepressants, sodium oxybate, and others. The stimulants segment is sub-segmented into modafinil, armodafinil, and others. The antidepressants segment is sub-segmented into tricyclics, selective serotonin and noradrenergic reuptake inhibitors, and others. The tricyclics segment is further segmented into imipramine, desipramine, clomipramine, and others. The selective serotonin and noradrenergic reuptake inhibitors segment are sub-segmented into venlafaxine, fluoxetine, and others. On the basis of the end users, the market is segmented into hospitals, clinics, retail pharmacies, and others.
America dominates the global narcolepsy market owing to a well-developed healthcare sector, high healthcare expenditure and a huge patient population. According to the National Institute of Neurological Disorders and Stroke in 2018, it is estimated that approximately 135,000 to 200,000 people in the United States are living with narcolepsy. Moreover, the presence of developed economies like U.S. and Canada and global players such as Mylan N.V., Ligand Pharmaceuticals, Inc., and others within the regional boundaries of the Americas fuels the market growth.
Europe is the second largest market for narcolepsy and is followed by Asia Pacific owing to the availability of funds for research, huge patient population, growing number of obese, and presence of developed economies like France, Italy, and Germany within the region. In 2016, according to the Eurostat, more than half of the adult population (51.6%) in European Union was considered to be over-weight.
Asia Pacific is estimated to be the fastest growing region for the global narcolepsy market. Presence of developing economies like India and China within the region and developing healthcare sector facilitates the regional market growth. Moreover, favorable government policies boost the market growth.
The Middle East & Africa has the least share in the global narcolepsy market. Factors such as the presence of weak economies and stringent government policies especially within in the African region makes the market to lag within the region. Majority of the market in the Middle & Africa region is held by the Middle East. This can be attributed to a huge healthcare expenditure by the presence of the developed economies like Saudi Arabia, Kuwait, and Qatar within the region.
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by: ashutosh kalbande