Narcolepsy Market size is estimated to be $2.68 billion in 2019, growing at a CAGR of 10.4% during the forecast period 2020-2025.Increasing obese population and rising prevalence of narcolepsy is a major factor driving the narcolepsy market during the forecast period 2020-2025.Futhermore, narcolepsy is a lifelong nervous system disorder that effect a person quality of life. Moreover, according to the Narcolepsy Network narcolepsy affected an estimated 1 in every 2000 people in the U.S. That’s 2000,000 Americans and approximately 3 million worldwide. Furthermore, people suffering from narcolepsy frequently enter into cataplexy and REM sleep within every 15 minutes of falling asleep, thereby driving the demand of proper narcolepsy treatment which in turn is boosting the narcolepsy market. In addition sleep apnea symptoms are similar to narcolepsy and patients go through excessive daytime sleepiness (EDS) thereby raising the demand of narcolepsy treatment.
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By Medication- Segment Analysis
By Medication the Narcolepsy Market is segmented into Modafinil, Amphetamine-like Stimulants, Antidepressants, Sodium Oxybate. Among these Modnafil is projected to be the fastest growing with CAGR of 6.8% during the forecast period 2020-2025. This is owing to its less adverse effect than those in traditional psychostimulants such as amphetamine, methylphenidate or cocaine. Moreover, modafinil is a smart drug also known as nootropic enhancing the cognitive function in a variety of ways. In addition it’s not a stimulant but it’s a eugeroic, it has no side effects, its not addictive and help the patients recover quickly thereby driving the narcolepsy market during the forecast period 2020-2025.
By End-User- Segment Analysis
Hospitals held the largest market share in 2019 owing to the increase in narcolepsy to diagnose patients using polysomnography, multiple sleep latency test and other diagnostic test. Polysomnography records patient brain waves, the oxygen level in blood, heart rate and breathing as wells as eye and leg movements during the study. In addition to helping diagnose narcolepsy polysomnography can also be used to help adjust treatment plan if the patient have already been diagnosed with sleep disorder. Furthermore, it is usually performed at a sleep disorder unit within a hospital or sleep centers.
Geography- Segment Analysis
North America dominated the Narcolepsy Market with a region share 39% in 2019 followed by Europe and APAC. Increasing adoption of products along with government initiatives to reduce narcolepsy, better healthcare infrastructure and the presence of major players is a significant factor driving its market growth in that region. Moreover, according to the Narcolepsy Network narcolepsy affected an estimated 1 in every 2000 people in the U.S. That’s 2000,000 Americans and approximately 3 million worldwide.
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Drivers – Narcolepsy Market
Increasing Awareness of Narcolepsy Treatment is a major factor driving Narcolepsy Market during the forecast period 2020-2025. Furthermore, the use of modafinil to treat patients since it has lesser side-effects to its market growth than traditional stimulants is contributing Therefore adoption appropriate treatment can help to prevent such diseases thereby driving the narcolepsy market during the forecast period 2020-2024.
Rise in the Number of Narcolepsy Patient is a significant factor driving Narcolepsy Market during the forecast period 2020-2025.Moreover, according to narcolepsy network approximately 1 in every 2,000 people in the U.S. are suffering from narcolepsy.
Challenges – Narcolepsy Market
High Cost of Diagnosis & Treatment for Narcolepsy is a major factor restraining the Narcolepsy Market during the forecast period 2020-2025.Moreover, sleeping disorder encompasses a wide spectrum of diseases with significant individual health consequences and high economic cost to society. Furthermore, high cost of treatment disrupts the smooth functioning of the Narcolepsy Market in 2019.
Narcolepsy Market Industry Outlook
Product Launches, Merger & Acquistion, joint ventures and R&D activities are key strategies adopted by the players in the Narcolepsy Market. Narcolepsy Market top 10 companies are Addrenex Pharmaceuticals, Teva Pharmaceutical Industries Ltd, Shir Plc, GrayMark Healtcare Inc, Bioproject, Arena Pharmaceuticals Inc, Jazz Pharmaceuticals Plc, Novartis AG, Ligand Pharmaceuticals Inc and Arena Pharmaceuticals Inc.
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