The Global Insomnia Market is projected to reach $7,807.43 million by 2028, from a value of $5,441.77 million in 2022, by registering a CAGR of 6.2% during the forecast period. An increase in the prevalence of chronic diseases, rise in workload and hectic work schedules lead to poor quality of sleep and, the presence of patented molecules, which are the major factors propelling the growth of the market. However, erosion in branded drug sales and escalating adoption of generics, which are cost-efficient, is hampering the market growth. Moreover, the introduction of technologically advanced medical devices and, government support across several countries are creating ample opportunities across the globe.
Recent Developments
In January 2021, Minerva Neurosciences Inc. and Royalty Pharma plc entered into an agreement under which Royalty Pharma will acquire Minervas royalty interest in seltorexant. Seltorexant, a selective orexin 2 receptor antagonist, is currently in Phase 3 development for the treatment of major depressive disorder (MDD) with insomnia symptoms.
In June 2020, Eisai Co. Ltd launched in-house discovered orexin receptor antagonist DAYVIGO (lemborexant) CIV for the treatment of adults with insomnia, characterized by difficulties with sleep onset and/or sleep maintenance. All these factors are projected to increase the growth of the insomnia treatment market in the North Amer.
In July 2019, Zydus Cadila launched Ramelteon tablets, used to treat insomnia, in the US market. Ramelteon is used to treat insomnia that is associated with having trouble falling asleep.
Competitive Landscape
Vanda Pharmaceuticals Inc., Takeda Pharmaceutical Company, SkyePharma , Sanofi, Purdue Pharma L.P. , Zydus Cadila, Pfizer, Pernix Therapeutics , Neurim, Merck & Co Inc, Meda Consumer Healthcare Inc , Flynn Pharma, Eisai, Dainippon Sumitomo , Consumer Healthcare Inc., Biocodex S A , Astellas, Minerva Neurosciences Inc. are some of the major players in the Global Insomnia Market.
