Narcolepsy Therapeutics Market Size To Reach $3.85 Billion By 2025
The global narcolepsy therapeutics market is expected to reach USD 3.85 billion by 2025, according to a new report by Grand View Research, Inc. The increasing awareness about this sleep disorder among public and healthcare providers is a key factor contributing to the market growth.
The Narcolepsy Network has estimated that out of every 2,000 people 1 is afflicted by this condition. Moreover, Narcolepsy UK states that around 25% patients are identified and remaining 75% are untreated as they remain undiagnosed or are misdiagnosed, which is alarming. Some organizations and networks are constantly working to spread awareness about this condition among the patients and physicians.
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Further key findings from the report suggest:
- The narcolepsy therapeutics market is expected to grow substantially owing to the worldwide increasing incidence of this disorder.
- Narcolepsy with cataplexy was identified as the largest type segment in 2016. It is expected to retain its position throughout the forecast period owing to the rising cases of cataplexy in patients suffering from narcolepsy.
- Narcolepsy without cataplexy is likely to witness the fastest growth over the forecast period due to increasing awareness about Excessive Daytime Sleepiness (EDS) through various mediums, such as awareness campaigns
- Sodium oxybate dominated the product segment in terms of revenue share in the year 2016, and it is also expected to be the fastest growing segment over the forecast period. Drugs belonging to this class have higher costs and favorable coverage policies.
- Xyrem is the only FDA-approved drug in this category and is extensively prescribed for the treatment of cataplexy and EDS. American Academy of Sleep Medicine (ASSM) recommends it as a standard treatment of this disorder.
- Europe dominated the regional market in terms of revenue share in 2016 because of increase in capital investments and existence of established healthcare infrastructure along with a large target population
- The H1N1 influenza postvaccination pandemic of the year 2009 has resulted in growth of number of narcolepsy patients
- Asia Pacific is likely to exhibit fastest growth during the forecast period due to the rising healthcare expenditure in this region, rising awareness among people, highest prevalence in Japan, and presence of emerging economies such as China & India
- Some of the major market players are Jazz Pharmaceuticals PLC;Teva Pharmaceutical Industries Ltd.;Graymark Healthcare, Inc.;Addrenex Pharmaceuticals, Inc.; and BIOPROJET.
- Mergers and acquisitions are strategic initiatives undertaken by these market players in an attempt to remain competitive. In addition, companies are expanding their geographical presence to untapped markets.