Medical Technology Market Will Grow At Highest Pace Owing To Rising Prevalence Of Sleep Disorders
Medical Technology Market Will Grow At Highest Pace Owing To Rising Prevalence Of Sleep Disorders
The narcolepsy market involves products indicated for the treatment of narcolepsy, a chronic neurological disorder

The narcolepsy market involves products indicated for the treatment of narcolepsy, a chronic neurological disorder characterized by excessive daytime sleepiness and brief periods of muscle weakness. Also known as narcoleptic attacks, these symptoms can occur at any time and regularly disrupt normal daily activities. The market features prescription drugs that aim to regulate abnormal sleep-wake cycles and promote wakefulness during the day. Notably, sodium oxybate is a central nervous system depressant used as a treatment for narcolepsy with cataplexy. Other drug classes prescribed include tricyclic antidepressants, selective serotonin reuptake inhibitors, and psychostimulants.

The Narcolepsy Market is estimated to be valued at US$ 3.52 Bn in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024-2031.

Key Takeaways

Key players operating in the narcolepsy market are Jazz Pharmaceuticals plc, Takeda Pharmaceutical Company, Teva Pharmaceuticals USA, Inc., Vanda Pharmaceuticals and Kyowa Kirin, Inc. As the prevalence of narcolepsy continues to rise globally, demand is growing for more effective pharmacological therapies with less side effects. Additionally, innovation in drug delivery methods and novel compounds in the clinical pipeline is driving technological advancement.

Growing demand: Narcolepsy has seen increasing rates worldwide, largely attributed to changing lifestyle habits and unhealthy sleep patterns. The lack of effective diagnosis and underreporting has also contributed to the rise in undiagnosed patient numbers. This widening treatment gap presents a significant commercial opportunity and need for improved awareness.

Technological advancement: There is continued research into more targeted drugs that modulate specific neurotransmitters and neuromodulators involved in sleep-wake regulation like orexin. In addition, alternative delivery routes beyond oral like transdermal patches are gaining interest to improve adherence. Advanced formulations delivering predictable dosing are also being developed.

Market Trends

Increasing Adoption of Digital Therapeutics - Digital health solutions offering non-drug therapy and remote monitoring are being increasingly adopted for conditions like narcolepsy. Apps and wearables providing sleep tracking, cognitive behavioral therapy and support groups see growing popularity.

Rise of Orphan Drugs - With few approved pharmacological options available, there is high unmet need driving research into orphan drugs for narcolepsy with improved outcomes. Biologics modulating hypocretin/orexin signaling are being evaluated with potential for fewer side effects.

Market Opportunities

Emerging Markets - Underdiagnosis persists in developing nations representing major opportunities. Initiatives to boost awareness, access to healthcare and diagnostic infrastructure can spur earlier detection and treatment seeking.

Novel Treatment Modalities - Other promising areas being explored include gene therapy, neurostimulation devices, and combination therapies delivering complementary mechanisms of action. These novel technologies may address unmet needs and further expand the treatment landscape.

Impact Of COVID-19 On Narcolepsy Market Growth

The COVID-19 pandemic has significantly impacted the narcolepsy market growth. During the initial phase of lockdowns in 2020, many sleep clinics closed or limited operations leading to delayed diagnoses. Hospital admissions reduced drastically as non-emergency procedures were postponed. This disrupted access to specialists treating narcolepsy patients. Restrictions on travel and social distancing norms made it difficult to organize awareness programs and support group meetings for patients. Telehealth/virtual consultations helped to some extent but diagnostic tests involving sleep studies could not be conducted remotely. Post-COVID, there is a considerable backlog of screening procedures to be cleared. Awareness levels have reduced during this period about symptoms and available therapies for narcolepsy. Manufacturing and supply chains of drugs were disrupted due to shutdowns and workforce shortages, causing intermittent stockouts. Going forward, the market is expected to regain growth momentum as restrictions ease and diagnostic facilities resume operations. Telehealth will play a bigger role in management while ensuring safety. Greater awareness initiatives will be required as well as innovations to simplify diagnostics.

Europe Narcolepsy Market

In terms of value, Europe accounted for a majority share of the narcolepsy drugs market in 2021 led by countries like Germany, U.K., France and Italy. Higher disease diagnosis rates, rising access to treatment therapies and supportive public healthcare have propelled market growth. However, pricing pressures from regulatory provisions have impacted certain branded products. Increase in generic competition in the coming years may keep value growth slower compared to other regions. Still, Europe is anticipated to remain an important regional market due to continuous research and availability of advanced care facilities for sleep disorders. Initiatives to raise awareness about symptoms will further aid appropriate treatment uptake.

Asia Pacific Narcolepsy Market

The Asia Pacific region is projected to witness the fastest growth in the narcolepsy market during 2024-2031. This can be attributed to rapidly growing economies, large patient populations, increasing investments towards healthcare infrastructure and expanding medical tourism. Rising disease awareness, accessibility of effective therapies and greater health insurance coverage are supporting market expansion. Countries like China, India, Japan, South Korea and Australia are major revenue contributors while others like Taiwan, Malaysia and Indonesia are emerging high potential markets. The APAC narcolepsy market is expected to be further stimulated through strengthening research collaborations, new product launches and favorable regulations for innovator drugs.

Get more insights on this topic: https://www.pressreleasebulletin.com/narcolepsy-market-is-estimated-to-witness-high-growth-owing-to-advancements-in-disease-diagnosis-technologies/

 

Author Bio

Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups. (LinkedIn: https://www.linkedin.com/in/vaagisha-singh-8080b91)

What Are The Key Data Covered In This Narcolepsy Market Report?

:- Market CAGR throughout the predicted period

:- Comprehensive information on the aspects that will drive the Narcolepsy's growth between 2024 and 2031.

:- Accurate calculation of the size of the Narcolepsy and its contribution to the market, with emphasis on the parent market

:- Realistic forecasts of future trends and changes in consumer behaviour

:- Narcolepsy Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa

:- A complete examination of the market's competitive landscape, as well as extensive information on vendors

:- Detailed examination of the factors that will impede the expansion of Narcolepsy vendors

FAQ’s

Q.1 What are the main factors influencing the Narcolepsy?

Q.2 Which companies are the major sources in this industry?

Q.3 What are the market’s opportunities, risks, and general structure?

Q.4 Which of the top Narcolepsy companies compare in terms of sales, revenue, and prices?

Q.5 Which businesses serve as the Narcolepsy’s distributors, traders, and dealers?

Q.6 How are market types and applications and deals, revenue, and value explored?

Q.7 What does a business area’s assessment of agreements, income, and value implicate?

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

disclaimer

What's your reaction?

Comments

https://timessquarereporter.com/public/assets/images/user-avatar-s.jpg

0 comment

Write the first comment for this!

Facebook Conversations