FMI Provides Narcolepsy Treatment Market Projections in its Revised Report, COVID-19 Pandemic Shaping Global Demand
VALLEY COTTAGE, N.Y. – Revenue from narcolepsy treatment, globally is projected to stand at a valuation of US$ 3,818 Mn, registering an annual growth rate of 5.7 percent, from 2018-2028. Future Market Insights (FMI), in its newly published market intelligence outlook, highlights substantial demand for narcolepsy treatment in North America. Narcolepsy treatment landscape in Europe, will witness significant revenue growth given the rising affinity toward adoption of prescription treatments and adherence to the same on a long term basis.
Asia Pacific among other emerging economies including MEA and Latin America, on the other hand, are expected to showcase positive trends towards the adoption of narcolepsy treatment, due to:
- Strong distribution pipeline of the narcolepsy drugs.
- Emerging global and local biopharmaceutical companies.
- Increasing incidences of Obstructive Sleep Apnea (OSA) in Latin America. Obesity is reported to be the most common risk factor.
- Prevalence of moderately severe sleep apnea is estimated to be around 5% in women and 10% in men in South Africa. It is estimated that up to 90% of patients are undiagnosed.
- Prevalence of sleep apnea is more severe in the developing countries due to the lack of skilled physicians
In term of key forward market strategies, the primary objective manufacturers in the narcolepsy treatment market is to expand their footprint in the various regional markets, in order to solidify their market position.
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Key Findings from the Regional and Competitive Landscape Analysis of Narcolepsy Treatment Market
- Leading narcolepsy treatment manufacturers are prioritizing regional-specific product development. The product portfolio expansion is mostly targeted in Asia Pacific.
- Apart from new product development—mostly arising from the presence of low cost generic versions of patented drugs, strategic partnerships and acquisitions with pave way for further business expansions.
- Manufacturers in the global narcolepsy treatment are also focused towards introducing new research and development units in different geographic regions.
- Industry leaders are focusing on maintaining long-term partnerships with pharmacies- in hospital and retail, drug stores, and e-commerce. Sales through e-commerce distribution channel is expected to contribute a significant revenue share in the global narcolepsy treatment market.
- FMI, has also noted an increasing focus on reformulation of well-known products and combinations, by manufacturers in North America in order to achieve higher sales and wide penetration.
Market players featured in this report include :
- Merck & Co. Inc.
- Pfizer Inc.
- ResMed Inc.
- GlaxoSmithKline Plc.
- Fisher & Paykel Healthcare Limited
- Drive DeVilbiss Healthcare LLC
- Koninklijke Philips N.V.
- Teva Pharmaceutical Industries Ltd. (Cephalon Inc.)
- Jazz Pharmaceuticals plc
- Mylan N.V.
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There is a conscious shift from OTC medication to devices treating narcolepsy, driving significant revenue growth for the devices segment compared to drugs. Growing incidences of inappropriate medication and addiction, translating into severe side effects including headache, prolonged drowsiness, daytime memory and performance problems, allergic reactions, and death in some cases, is the key driving factor. These side effects are associated with OTC as well as prescription-based sleep aids. Growing demand to treat narcolepsy with BiPAP is expected to push this segment of devices—predicted to expand at the highest CAGR. Moreover, devices in portable and available-for-rent formats, will translate into higher adoption rates, throughout the forecast period. Portable Continuous positive airway pressure (CPAP) devices are lighter and smaller and can also be used as a home based unit, further reducing the dependency on OTC pills and prescription drugs.
While explaining the growth trajectory of narcolepsy treatment market, a senior analyst from the healthcare domain underscores growing healthcare expenditure and rising incidence cases of fracture fixation and orthopedic disorders as key factors contributing to the demand of narcolepsy treatment though 2028. “Regulatory impositions by various global authorities including the FDA and European Commission along with currency fluctuations, regulations and changing taxation policies are some high-impact factors pushing the global demand for narcolepsy treatment”, the analyst further explains.
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Critical Market Restrainers
Although the narcolepsy market is expanding at a robust CAGR, long waiting time for sleep services, lack of awareness and delayed diagnosis, severe side effects of sleep aids medication, lack of proper documentation for the usage and licensing of sleeping pills, and improper equipment regulations are some critical factors projected to restrain the growth of narcolepsy treatment market.
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