Narcolepsy Drugs Market exhibiting CAGR of 10.5% by 2032, owing to rising cases of narcolepsy in adults | insightSLICE
The global Narcolepsy Drugs market size was estimated to be US$ 4.1 billion in 2021 and is expected grow at a CAGR of 10.5% between 2023 to 2032.
According to the Narcolepsy Network, only 25% of persons suffering from the illness are diagnosed internationally. Narcolepsy is a chronic sleep disorder characterized by uncontrollable sleep bouts or attacks.
This condition has a significant influence on many aspects of a patient’s life and can lead to serious complications. This illness is difficult to recognize due to a lack of knowledge among patients and healthcare practitioners.
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Global Narcolepsy Drugs Market Key Segments:
By Disease Type
- Daytime Extreme Sleepiness
By Therapeutics Type
- Central Nervous System Stimulants
- Sodium Oxybate
- Tricyclic Antidepressants
By Drug Type
- Small-Molecule Drugs
- Biologic Drugs
By Development channels
- Pharmaceutical Companies
- Contract Research Organizations
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Rest of South America
Family history, age, and previous neurological disorders are all potential causes of this condition and most cases occur between the age of 15 and 36. The region of the brain that regulates the circadian cycle is likely to be dysfunctional, although the specific reasons are not yet discovered.
Depression and anxiety are also common in people with narcolepsy, however, whether they are correlated or causative is not yet determined. Research suggests a decrease in levels of hypocretin, is linked to type 1 narcolepsy and cataplexy. Stress, hazardous chemical misuse, brain injury, old age, and infection are all thought to be risk factors for narcolepsy.
The key players of the Global Narcolepsy Drugs Market are:
Some of the major players in the global narcolepsy drugs market are Arena Pharmaceutical, Inc., Addrenex Pharmaceuticals, Bioprojet Pharma SRL, GrayMark Healthcare Inc., Novartis AG., Jazz Pharmaceuticals Plc., Ligand Pharmaceuticals Inc, Shire Plc, Teva Pharmaceutical Industries Ltd., etc.
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Major promoters of narcolepsy drugs market:
The market is largely driven by an aging population that necessitates basic healthcare, increasing frequency of sleep diseases, increasing urbanization, and a spike in stress levels, all of which contribute to narcolepsy. Furthermore, expanding research activities, increased healthcare spending, and the availability of enhanced medical infrastructure are expected to boost the narcolepsy treatment market in the coming years.
The main reason propelling the growth of the worldwide narcolepsy drugs market is the increasing prevalence of narcolepsy. Greater knowledge of sleep disorders as a consequence of narcolepsy educational campaigns and awareness initiatives, and the expanding prevalence of favourable reimbursement for diagnosed patients will also have a significant contribution.
Furthermore, the global market for narcolepsy drugs is anticipated to profit from rising disposable incomes and higher spending by governments on healthcare, especially in developed nations.
The main drawbacks that might restrict the growth of the narcolepsy drug market over the forecast period are the negative effects of narcolepsy medications as well as the potential for delay or misdiagnosis.
To increase awareness of sleep problems and the existence of drugs associated with narcolepsy, several local, national, and international institutions and organizations have taken an effort to give pertinent information about treatment choices for narcolepsy.
The market for narcolepsy medications may experience an increase throughout the forecast period thanks to such an awareness campaign. Circadian delays, sleep-wake cycle variability, online working practices, and poor lifestyle choices are contributing to an increase in the diagnosis of sleep disorders, which is also contributing to an increase in the detection of narcolepsy symptoms.
A rise in narcolepsy medication prescriptions and the ensuing expansion of this industry will result from such a high diagnosis rate.
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Factors affecting growth of narcolepsy market:
The market for narcolepsy medications grew much slower during the Covid-19 epidemic as a result of the lesser prescriptions and curb on non-essential therapies. As a result of the population getting enough sleep during the pandemic, their need for narcolepsy medications decreased, which affected the expansion of narcolepsy therapies.
However, greater economic strain and psychological stress following the pandemic are having a negative impact on mental health globally, which may lead to more physicians favoring narcolepsy medications in cases of sleep difficulties.
Misunderstanding about possible options for diagnosis and treatment of narcolepsy in many emerging and developing countries may impose restrictions on the future expansion of the global narcolepsy drug market.
The low stability and poor sustainability of these medications especially against other treatments are one of the key barriers to the growth and adoption of narcolepsy medications.
On the other hand, a dramatic rise in the overall usage of narcolepsy drugs and products in the coming years may be due to the growing number of events and projects launched by diverse companies to achieve awareness of this disorder and the accessibility to narcolepsy treatment.
Regional performance of Narcolepsy Drugs Market
Five key regions for the worldwide narcolepsy drugs market are the Asia-Pacific, North America, South America, Europe, and the Middle East & Africa. North America has maintained its leadership position in the global market for narcolepsy medications during the past several years.
A number of factors, including an increase in the region’s research and development activities aimed at raising awareness of narcolepsy and advancing the development of better treatments, may contribute to the North American region’s remarkable market orientation in the global market for narcolepsy therapeutics.
The market for narcolepsy treatments is also being driven by an increase in new product launches, mergers, and product approvals, as well as a variety of collaborations between industry players and relevant academic institutions.
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