Narcolepsy Drug Market to Grow at 8.4% CAGR by 2030
Growing awareness with regards to the sleep disorders, unhealthy lifestyle and rising stress level are expected to drive the growth of narcolepsy drug industry during the forecast period of 2020-2030.
The Narcolepsy Drug Market is expected to grow at the CAGR of 8.4% from 2020-2030, according to a new research report by Next Move Strategy Consulting.
Narcolepsy is a neurological disorder which affects the sleeping pattern and sleep quality of an individual which keeps them drowsy all day long. It is one of the most under diagnosed disorders which is classified under orphan disease. Narcolepsy can severely affect the muscle strength together with emotional state of the person in a long term, this may also led to hallucination.
According to the report, constant growth in the public awareness about sleeping disorders associated with unhealthy lifestyle as well as rising stress level are the primary factors driving the growth of narcolepsy drugs market. There has been increase in the consumption of tobacco, smoking & drinking among individuals, which may also affects the sleeping pattern which may led to the narcolepsy. Moreover, burgeoning government initiatives to create awareness with developing healthcare infrastructure along with rising disposable income is also expected to enhance the market growth. The narcolepsy has the low prevalence rate on the global scale but due to life threatening symptoms such as cataplexy tend to bring change in the market trend over the forecast period.
However, it is one of the rare diseases which may be undiagnosed for a long time owing to the lack of awareness & treatment among patient may negatively affect the market growth. Moreover, tremendous growth in research & development for the development of effective and advanced treatment option with rising FDA approvals is anticipated to provide numerous opportunities to the market in the coming few years.
On the basis of type, the narcolepsy drug market share is segmented into narcolepsy type I and narcolepsy type II. Narcolepsy type I dominate the global narcolepsy drug market in terms of market share and will be the dominant during the forecasted period.
On the basis of diagnosis, the narcolepsy market is categorised into Polysomnogram, and Multiple Sleep Latency Test. Polysomnogram dominates the diagnosis segment in terms of market share which was followed by the multiple sleep latency test to confirm the diagnosis.
On the basis of drug type, the market is fragmented into Central Nervous System Stimulants, Tricyclic Antidepressants, Sodium Oxybate, Selective Serotonin Reuptake Inhibitor, and Others. Sodium Oxybate is expected to accounts for the significant market share over the period of time which helps in the treatment of cataplexy and also reduces the drowsiness.
North America is likely to account for the highest market size & share of the narcolepsy drug market in the forecast period 2020–2030 owing to the growing awareness among individuals regarding sleep disorders with unhealthy lifestyle as well as growing consumption of alcohol, coffee, tobacco and others. Europe accounts for the second leading position in the narcolepsy drug market size. Asia Pacific is expected to be the fastest developing region in the narcolepsy drug market which is majorly driven by presence of developing economies which is further supported by the government initiatives to create awareness among individual about orphan disease. Moreover, development of healthcare facilities along with the amplification in disposable income is also expected to create new avenues for the narcolepsy drug market.
According to the report, some the key players in the narcolepsy drug market are include Addrenex Pharmaceuticals, Arena Pharmaceuticals, Shire Plc, Teva Pharmaceutical Industries Ltd., Bioprojet, Ligand Pharmaceuticals, Jazz Pharmaceuticals Plc., and Graymark Healthcare, Inc.
Browse key industry insights from the report at https://www.nextmsc.com/report/narcolepsy-drug-market in detail along with the table of contents:
Key Insights from the Narcolepsy Drug Market Report:
- Asia Pacific is the fastest growing Narcolepsy Drug market owing to the increased awareness among people about sleep disorders, increase in government initiatives to create awareness about orphan disease and presence of developing economies with developing healthcare facilities.
- The Polysomnogram segment dominates the diagnosis segment and Sodium Oxybate from the drug type segment is expected to grow at significant CAGR to maintain the led in 2030.
- Some of the major players in the market are Addrenex Pharmaceuticals, Arena Pharmaceuticals, Shire Plc, Teva Pharmaceutical Industries Ltd., Bioprojet, Ligand Pharmaceuticals, Jazz Pharmaceuticals Plc., and Graymark Healthcare, Inc.
The report Narcolepsy Drug market – segmented by disease type, diagnosis, drug type, and geography
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