Published Date : 09 Jan 2024
The global narcolepsy therapeutics market size was exhibited at USD 3.3 billion in 2022 and is anticipated to touch around USD 6.9 billion by 2032, expanding at a CAGR of 7.70% from 2023 to 2032.
Narcolepsy is a rare chronic neurological disorder that affects an individual brain's ability to control sleep-wake cycles. In this health condition, the brain cannot control the ability to sleep or stay awake for longer periods. People with narcolepsy suffer from uncontrollable daytime sleepiness and may suddenly fall asleep during any type of activity. Narcolepsy affects both females and males.
The most common symptoms of Narcolepsy disorder include excessive daytime sleepiness (EDS), cataplexy, hallucinations, automatic behaviors, and sleep paralysis. Narcolepsy is often diagnosed through a sleep study or different types of medical tests requiring an overnight stay in a sleep lab. To treat narcolepsy healthcare providers may prescribe a type of medicine known as a stimulant, such as pitolisant, modafinil, solriamfetol, methylphenidate, dextroamphetamine sulfate, and others.
The growth of the global narcolepsy therapeutics market is attributed to the growth in healthcare infrastructure, increasing demand for personalized medicine, rise in drug discovery and development, increase in clinical trials, supportive government initiatives, and rising investment in research and development activities. In addition, the market is growing as a result of the increasing cases of narcoleptic disorders, rising stress levels, increasing aging population, and growing awareness about numerous effective treatment options.
North America is expected to sustain its dominance in the upcoming years. The growth of the region is driven by the presence of a well-established healthcare infrastructure, high research and development expenditure, supportive reimbursement policies for therapeutic products, and the rising number of pharmaceutical companies.
The presence of major companies operating in the region is expected to fuel the market’s expansion including Harmony Biosciences (BIOPROJET), XWPharma Ltd., Axsome Therapeutics Inc., Ligand Pharmaceuticals Incorporated, Teva Pharmaceuticals USA, Inc. and others. The United States market experiencing robust growth due to the increasing healthcare expenditure, the presence of a strong clinical pipeline, increased adoption of narcolepsy therapeutics, and rising awareness regarding advanced therapies. In addition, advancements in technology occurring in medical diagnosis are likely to fuel the market’s expansion.
Furthermore, the rising prevalence of narcolepsy creates the need for narcolepsy therapeutics for the treatment which results in accelerating the growth of the market. For instance, according to the report published by the Narcolepsy Network, Inc. in 2023, Narcolepsy disorder affects nearly 1 in every 2,000 people in the U.S. Symptoms of narcolepsy include excessive daytime sleepiness (EDS), sleep attacks, cataplexy, hallucinations, sleep paralysis, disrupted nighttime sleep, and others. Several researchers have found a gene that is linked to narcolepsy.
Nearly one-quarter of the population in the United States carries the genetic marker for narcolepsy, but only 1 person in 500 of these people will develop narcolepsy. Narcolepsy can be treated either with medications or changes in lifestyle which has proved to be effective in treating the disorder. Thus, this is expected to propel the market growth in the region during the forecast period.
|Market Revenue in 2023
|USD 3.54 Billion
|Projected Forecast Revenue by 2032
|USD 6.9 Billion
|Growth Rate from 2023 to 2032
|CAGR of 7.7%
|2023 to 2032
|North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
Rising incidence of narcolepsy disorders
The rising prevalence of narcolepsy across the globe has led to the rising adoption of narcolepsy treatments. Narcolepsy is a chronic neurological sleep disorder that includes excessive attacks of drowsiness during the daytime, also known as excessive daytime sleepiness (EDS). In many cases, it causes unexpected and temporary loss of muscle control, which is commonly referred to as cataplexy.
For instance, according to the Narcolepsy Network, Inc. Narcolepsy affects 200,000 Americans and nearly 3 million globally. It is projected that only 25 percent of patients who have narcolepsy have been diagnosed and are receiving appropriate treatment. There are many classes of medications healthcare providers to treat narcolepsy, such as Alerting agents, Serotonin-norepinephrine reuptake inhibitors (SNRIs), Selective serotonin reuptake inhibitors (SSRIs), Tricyclic antidepressants, Oxybates (Xyrem and Xywave), Pitolisant (Wakix), Solriamfetol (Sunosi), and others. Therefore, with increasing cases of narcolepsy, the demand for narcolepsy therapeutics is anticipated to fuel the growth of the global narcolepsy therapeutics market in the coming years.
Lack of infrastructure
The lack of proper healthcare infrastructure in developing and under-developing countries is projected to restrain the market’s expansion during the forecast period. Less technology penetration in such countries may adversely impact the medical diagnosis infrastructure and is likely to limit the expansion of the narcolepsy therapeutics market during the forecast period.
Rise in R&D activities
The ongoing research and development activities coupled with increasing healthcare infrastructure for narcolepsy therapeutics are expected to offer a lucrative opportunity for market growth during the forecast period. The market is witnessing sophisticated healthcare infrastructure due to an increase in healthcare investment. Therefore, advanced healthcare facilities offer effective treatment for narcolepsy disease and are expected to contribute to the market’s growth.
Rising drug approvals by the FDA
The increase in drug approvals by the U.S. Food and Drug Administration is expected to offer lucrative opportunities for the market. The researchers are consistently working towards discovering advanced drugs to treat patients with Narcolepsy diseases to provide a healthy life. For instance, In May 2023, the U.S. Food and Drug Administration approved Lumryz (sodium oxybate) for the treatment of cataplexy or excessive daytime sleepiness in adults suffering with narcolepsy. Moreover, the robust growth of the pharmaceutical sector has resulted in an increasing number of drug discoveries and effective commercialization of therapeutics. Thereby bolstering the market’s growth.
Buy this Research Report@ https://www.precedenceresearch.com/checkout/3410
You can place an order or ask any questions, please feel free to contact at email@example.com | +1 650 460 3308