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Sleep Disorders Treatment Drugs Market size will witness appreciable gains over 2023-2032, on account of the rising elderly population susceptible to chronic pain, neurological diseases, and other health conditions. While sleep disorders such as insomnia can occur in people of all ages, their prevalence is higher in older adults due to medications and health problems.
As per the WHO’s report, by 2030, 1 in 6 people will be aged 60 years with the population set to reach 1.4 billion in total. This growing number of older adults will therefore augment the consumption of sleeping disorder medical treatment. Sleep disorders are often symptoms of underlying mental health concerns or can contribute to other medical problems. They are characterized by imbalances in the circadian rhythm that interfere with healthy sleep schedules, among other signs.
The rapid introduction of awareness campaigns to promote healthy sleeping habits is among the prominent factors boosting the global sleep disorders treatment drugs market trends. Citing an instance, in June 2022, the American Academy of Sleep Medicine launched a national campaign, Sleep is Good Medicine, to improve public knowledge about sleep and its connection to health. The COVID-19 pandemic has also triggered the prevalence of depression and anxiety. The unprecedented stress caused by coronavirus lockdowns will further escalate the burden of sleep-related disorders and in turn, drive sleep disorder treatment medicine demand.
Melatonin receptor agonists will emerge as a lucrative drug class segment for the sleep disorders treatment drugs industry by 2032, owing to the high incidence of insomnia among adults. As per the American Sleep Association, 30% of adults suffer from short-term insomnia. Melatonin receptor agonists can induce sleep and circadian rhythm alignment, thereby proving beneficial in the treatment of insomnia and other indications. Furthermore, the rising availability of medications that can target specific brain receptors responsible for controlling the sleep-wake cycle will hasten drug development.
Based on the application, the intrinsic sleep disorders segment will account for a major share of the sleep disorders treatment drugs market in the upcoming years, given the mounting number of obese people. Based on data from the WHO, close to 167 million children and adults are predicted to be overweight or obese by 2025. Since fat deposits around the upper airway can obstruct breathing, excess weight increases the risk of obstructive sleep apnea, and in turn, drive the demand for sleep medications. Additionally, the growing prevalence of narcolepsy will fuel the need for drug treatment of sleep disorders including excessive daytime sleepiness among patients.
The Middle East and Africa region will emerge as a lucrative revenue pocket for the sleep disorders treatment drugs market by 2032. The introduction of sleep technologist training courses due to the growing burden of insomnia will strengthen the regional industry outlook. The rate of insomnia and anxiety-induced sleep disorders has also surged amid the COVID-19 pandemic. Based on a specialist at the Harley Street Medical Centre, in the UAE, approximately 30% of the clinic’s patients demonstrate symptoms of coronasomnia, sleep problems related to stress from the pandemic. The high burden of dementia among the surging elder population will also proliferate product demand in the region.
Alexza Pharmaceuticals (Ferrer Therapeutics, Inc.), Astellas Pharma, Merck, Athenex, Eisai, Evotec, Ferring International Center, Galenica, and Heptares Therapeutics (Sosei Group Corporation) are some of the key players in the sleep disorders treatment drugs market. These companies are incorporating strategies such as mergers and acquisitions, innovative product launches, and business expansions to strengthen their presence in the global market.