Idiopathic Hypersomnia Treatment Market is Estimated To Witness High Growth Owing To Increased Awareness Regarding Sleep Disorders
Idiopathic Hypersomnia Treatment Market
The Idiopathic Hypersomnia Treatment Market is estimated to be valued at US$ 242.4 Mn in 2022 and is expected to exhibit a CAGR of 8.7% over the forecast period 2020-2027, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Idiopathic hypersomnia is chronic sleep disorder characterized by excessive
daytime sleepiness despite adequate or prolonged nighttime sleep. The major
symptoms includes excessive daytime sleepiness, difficulty waking up,
cognitive/behavioral problems and sleep inertia. The treatment of idiopathic
hypersomnia aims to reduce daytime sleepiness and improve cognitive functioning.
Stimulant drugs such as modafinil and sodium oxybate are commonly used for
treatment of idiopathic hypersomnia.
Market key trends:
One of the major trend fueling the growth of idiopathic hypersomnia treatment
market is increased awareness regarding sleep disorders. According to the
National Sleep Foundation, around 50 to 70 million US adults suffer from over
80 different sleep disorders. However, less than 10% of sufferers seek medical
treatment or advice. As awareness regarding symptoms of sleep disorders is
increasing, more number of people are seeking medical consultation and
diagnosis, thus driving the market growth. According to a survey conducted by
American Academy of Sleep Medicine, 37% of the population experience difficulty
in getting enough sleep. However, only 12% consult physicians regarding sleep
issues which leaves large number of undiagnosed population. With growing
awareness, proportion of population seeking medical advice and treatment for
sleep disorders is rising significantly.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as high R&D
costs and regulatory approvals are required for new drugs.
Bargaining power of buyers: The bargaining power of buyers
is moderate due to availability of substitute treatment options.
Bargaining power of suppliers: Suppliers have moderate
bargaining power due to presence of a large number of suppliers.
Threat of new substitutes: The threat from substitutes is
high as alternative therapies like cognitive behavioral therapy (CBT) and
scheduled naps provide some relief.
Competitive rivalry: High due to presence of major players.
SWOT Analysis
Strength: Presence of strong R&D capabilities and large product pipeline.
Growing awareness about idiopathic hypersomnia and availability of new
treatment options.
Weakness: High costs associated with R&D and clinical
trials. Dependence on few blockbuster drugs.
Opportunity: Increasing prevalence of idiopathic hypersomnia
and declining quality of sleep globally present growth opportunities. Emerging
markets offer scope of growth.
Threats: Patent expiries of major drugs. Stringent
regulatory framework increases complexity and costs.
Key Takeaways
The global idiopathic hypersomnia treatment market is expected to witness high
growth, exhibiting CAGR of 8.7% over the forecast period, due to increasing
prevalence of sleep disorders. The North America region currently dominates the
market due to growing awareness about hypersomnia disorder and availability of
advanced healthcare facilities. The presence of major pharmaceutical companies
in the U.S. has led to high availability of medications.
The idiopathic hypersomnia treatment market in Asia Pacific is expected to grow
at the highest CAGR during the forecast period. Increasing healthcare
expenditure, growing burden of chronic diseases, and expanding middle-class
population are some key factors likely to boost market growth in the region.
Key players operating in the idiopathic hypersomnia treatment market areTakeda
Pharmaceutical Company Limited, Teva Pharmaceutical Industries Ltd., Jazz
Pharmaceuticals, Inc., BIOPROJET, Avadel Pharmaceuticals, Plc. GlaxoSmithKline
plc, Pfizer Inc., Theranexus, Fisher & Paykel Healthcare Limited, Drive
DeVilbiss Healthcare LLC, and Merck & Co. Inc. Major players are focusing
on new product development through partnerships and collaborations to
strengthen their presence in the market.
Read More : https://www.newswirestats.com/the-untapped-potential-of-the-idiopathic-hypersomnia-treatment-market/
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