The worldwide market for narcolepsy treatment is anticipated to account for a revenue estimation of US$ 3,818 Million, recording a CAGR of 5.7%, during the forecast period 2018-2028. Future Market Insights (FMI), in its recently published market intelligence stance, spotlights significant requirements for narcolepsy treatment in North America. Narcolepsy treatment scenario in Europe would foresee remarkable revenue expansion given the increasing affinity toward the implementation of prescription treatments and adherence to the similar on a long haul basis.
Narcolepsy is a rare condition, which is often underdiagnosed. The condition is characterized by excessive sleepiness, hallucination, sleep paralysis, excessive daytime sleepiness, cataplexy, and automatic behaviors. Narcolepsy is caused due to lack of brain chemicals known as orexin which regulates sleep. Several other factors can trigger narcolepsies such as menopause and puberty. The condition is rare and is estimated to affect more than 1 in 2000 people in the U.S. The condition does not have any cure, but drugs can improve the symptoms and bring about changes in lifestyle.
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Key Takeaways from Narcolepsy Treatment Market Study
- Foremost narcolepsy treatment makers are prioritizing area-specific product expansion. The product portfolio growth is majorly targeted in the APAC region.
- Apart from novel product expansion--majorly increasing from the existence of low price generic interpretations of patented drugs, strategic acquisitions, and partnerships with pave way for additional business growths.
- Makers in the worldwide narcolepsy treatment market are additionally concentrated towards presenting novel R&D units in several geographic regions.
- Industry leaders are centering on keeping up long-term partnerships with pharmacies- in retail and hospital, e-commerce, and drug stores. Sales via e-commerce distribution channels are likely to add a remarkable revenue share in the worldwide narcolepsy treatment market.
- FMI has additionally noted a rising center on the preparation of well-known combinations and products, by makers in North America to accomplish wide penetration and higher sales.
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There is a cognizant transfer from OTC medication to devices handling narcolepsy, fueling remarkable revenue expansion for the devices category in contrast to drugs. Increasing cases of inappropriate addiction and medication, transforming into severe side effects incorporate prolonged drowsiness, headache, performance problems, and daytime memory, death in some cases, and allergic reactions, is the foremost increasing aspect.
These side effects are together with prescription-based in addition to OTC sleep aids. Increasing the need to treat narcolepsy with BiPAP is likely to boost this fragment of devices--anticipated to increase at the maximum CAGR. Additionally, devices in portable in addition to available-for-rent formats would translate into high implementation rates, all over the assessment period. Portable CPAP (Continuous Positive Airway Pressure) devices are smaller and lighter and could also be utilized as a home-based unit, moreover bringing down the reliance on prescription drugs and OTC pills.
Whilst explaining the expansion trajectory of the market, a senior analyst from the healthcare field emphasizes increasing healthcare spending and growing incidence events of orthopedic disorders and fracture fixation as the foremost aspects adding to the need for narcolepsy treatment towards 2028 end. "Regulatory inflictions by several worldwide authorities incorporate the European Commission and FDA along with altering taxation policies, regulations and currency fluctuations are a few high-impact aspects boosting the worldwide need for narcolepsy treatment."
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Though the narcolepsy market is growing at a remarkable CAGR, long awaiting time for sleep services, and absence of awareness and held up diagnosis, stern side effects of sleep aids medication, absence of proper documentation for the licensing and usage of sleeping pills, in addition to unconventional equipment regulations are a few critical aspects anticipated to constrain the market development of narcolepsy treatment.
Competitive Landscape
The competition section of the narcolepsy treatment market features profiles of key players operating in the industry based on their market share, product offerings for narcolepsy treatment, differential strategies, company dashboard and marketing approach. Some of the key players featured in this report include Merck & Co. Inc., Pfizer Inc., ResMed Inc., GlaxoSmithKline Plc., Fisher & Paykel Healthcare Limited, Drive DeVilbiss Healthcare LLC, Teva Pharmaceutical Industries Ltd. (Cephalon, Inc.), Jazz Pharmaceuticals plc, Mylan N.V., and others.
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