Narcolepsy Drugs Market to Witness Significant Demand On Account of Rising Awareness Related to Narcolepsy Disorders By 2028
Research Nester published a report titled “Narcolepsy drugs market- Global Demand Analysis and Opportunity Outlook 2020-2028” which delivers detailed overview of the narcolepsy drugs market in terms of market segmentation by disease type, by therapeutics type, by end users and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The market for narcolepsy drugs is anticipated to record a notable CAGR of around 10.2% over the forecast period 2020-2028. The key factors driving the growth of the market include rising demand for advanced therapies for the treatment of disorder and surge in stressful life. Further, increase in the consumption of tobacco and alcohol along with the rising investments from emerging countries in healthcare is boosting the market growth. On the back of unhealthy lifestyle of people, there is a notable rise in research & development activities in order to develop highly effective drugs. Moreover, various reimbursement policies for the approval of medications from Food and Drug Administration (FDA) are projected to foster the growth of the market over the forecast period. Based on disease type, the market is segmented into extreme sleepiness, cataplexia and others. The market for extreme sleepiness is anticipated to foresee highest share in the market on the account of rising risks for symptoms related to sleep disorders along with the rising prevalence of narcolepsy and other sleep disorders. Additionally, market for cataplexia is estimated to witness highest rate owing to the loss of muscle control related to patients suffering from cataplexia.
Based on the regional analysis, the market for narcolepsy drugs is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa.The rising advancements in technology for the treatment of disease along with the increasing cases of narcolepsy in the region are anticipated to account for the dominance of narcolepsy drugs market in North America region.Further, rising awareness programs for the diagnosis of the disorder owing to the unhealthy lifestyle of people is driving the growth of the market. The market in Asia Pacific is anticipated to account for fastest growth rate on the account of rising standards of better life along with economic development in various developed & developing nations in the region. In addition, advancement in biotechnology sectors and surge in the cases of sleep disorder is fostering the growth of market. The market in Europe is anticipated to witness lucrative growth on the back of rising edge for the enhancement in novel narcolepsy drugs.
Rising Awareness Related to Narcolepsy Disorders
The surge in various governmental and non-governmental organizations initiatives to increase the awareness regarding the narcolepsy and other disorders is driving the growth of the market. Additionally, the rising understanding for the benefits of early diagnosis of narcolepsy drugs along with the awareness programs for the treatment of sleep disorders is fostering the market growth. Moreover, the rising governmental promotions in order to educate medical professionals and patients for the consequences of disorder are anticipated to generate healthy demand for narcolepsy drugs during the forecast period.
However, stringent governmental regulations for the approval of narcolepsy drugs along with the ill-effects related to the medications is expected to operate as key restraint towards the growth of narcolepsy drugs market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the narcolepsy drugs market which includes company profiling of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND), Jazz Pharmaceuticals Inc. (NASDAQ:JAZZ), Graymark Healthcare Inc., BIOPROJET, Novartis AG (SWX:NOVN), Teva Pharmaceuticals Industries Ltd. (TLV:TEVA) and Arena Pharmaceuticals Inc. (NASDAQ:ARNA).The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the narcolepsy drugs market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.