Sodium Oxybate segment is expected to drive the growth of the global narcolepsy market by application
According to a new market research study titled 'Narcolepsy Market - Global Analysis and Forecasts by Type, Product and Distribution Channel. The global narcolepsy market is expected to reach US$ 4,537.9 Mn in 2027 from US$ 2,026.8 Mn in 2018. The market is estimated to grow with a CAGR of 9.5% from 2019-2027. The report highlights the trends prevalent in the global narcolepsy market and the factors driving the market along with those that act as deterrents to its growth. The market is expected to grow due to due to increasing healthcare expenditures, increasing prevalence of sleep related neurological disorders and emerging local pharmaceutical and biopharmaceutical companies.
The relationship between public health and neurology was not been adequately explored until recent years. The burden of neurological disorders have increased significantly across the world. These disorders are estimated to affect over a billion population worldwide, according to the World Health Organization by 2016. Neurological disorders are commonly found among all the age groups, in all geographic populations. Similarly, sleep related neurological disorders that comprise a large group of diseases also affect a substantial population worldwide. These diseases majorly includes insomnia, sleep apnea, narcolepsy and others. However, in the recent years, several measures have been undertaken so as to generate awareness and educate the population regarding these diseases, which is likely to propagate patients from accessing the available medications and treatments for these conditions. According to National Center for Biotechnology Information 2017, clinician and public awareness of various sleep disorders with the intent of increasing rates of recognition and treatment. In case of narcolepsy, the understanding of the neurobiology of sleep has progressed substantially over the last several decades, due largely in part to animal models that allow deeper understanding of the brain's complexities in relationship to sleep. Several local, national and international institutes, organizations and councils are undertaking measures to promote awareness regarding the disorders and availability of treatments associated with it. For instance, "Wake Up Narcolepsy" is one of the non-profit organization that seeks to raise awareness and bring direction to the search of cure for the diseases so as to support the community. The increasing awareness in patients and initiatives undertaken by non-profit parties is expected to outreach a large patient population regarding the medications available for the disease, thereby favoring the market growth.
Global narcolepsy market, based on the product was segmented into sodium oxybate, central nervous system (CNS) stimulants, and antidepressants. Sodium oxybate segment is anticipated to grow at a CAGR of 9.8% during the forecast period. Sodium oxybate is the one of the primary medication recommended by specialists to patients suffering with narcolepsy. The high cost of the branded counterparts, availability of reimbursement with certain regions as well as approval of the drug in majority of the top markets is likely to contribute to the growth and dominance of the segment. Sodium is oxybate is also expected to exhibit highest growth witnessing a robust CAGR over the forecast years.
Some of the prominent players operating in narcolepsy market are Bioprojet, Teva Pharmaceutical Industries Ltd., Jazz Pharmaceuticals, Inc., Graymark Healthcare, Inc., Arena Pharmaceuticals, Inc., Shire (Acquired by Takeda), Ligand Pharmaceuticals, Inc., Novartis AG, Mylan N.V., and Shionogi Inc. The market players are focused towards bringing new and innovative products and services to sustain their position in the market. For instance, in October, 2018, Officials with the FDA have approved Jazz Pharmaceuticals' Xyrem (sodium oxybate) for the treatment of cataplexy and excessive daytime sleepiness in pediatric patients aged 7 to 17 years with narcolepsy. The drug had previously been approved for use in adult patients. The developments performed by the companies are helping the market to grow in the coming years.
Global Narcolepsy Market, By Regions, 2018 (%)
Source: The Insight Partners Analysis
The report segments the global narcolepsy market as follows:
Global Narcolepsy Market - By Type
Global Narcolepsy Market - By Product
Global Narcolepsy Market - By Distribution Channel
Global Narcolepsy Market - By Geography
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