Narcolepsy Market - An Overview
The global narcolepsy market is anticipated to witness moderate growth during the forecast period between 2021 and 2031.
Narcolepsy is a condition in which a person experiences extensive drowsiness and can witness sudden spells of sleep, during the day. Chronic sleep-related disorders could lead to another disease called cataplexy, which is characterized by reduced muscle control and body weakness.
It is expected that more population sections would suffer from narcolepsy, coupled with cataplexy in future. Some of the common narcoleptic disorders include hallucinations, sleep paralysis, and obesity.
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Narcolepsy Market - Trends and Opportunities
Rising prevalence of narcolepsy among different population sections worldwide is the key growth driver for the narcolepsy market.
Growth in the number of people suffering from different sleep disorders and hallucinations is expected to contribute to the global market, in the years ahead.
Also, increasing obese population globally is also expected to fuel the growth in the overall narcolepsy market, in future.
Government initiatives and measures, creating awareness about narcolepsy are expected to bolster the narcolepsy product demand, in the upcoming years.
Advancements to products assisting in narcolepsy recovery could propel the overall narcolepsy market, in the years ahead.
Hospitals' end-use segment is expected to make the largest contribution to the overall market due to increasing number of patients suffering from narcolepsy, visiting these facilities for recovery.
Modnafil medication segment is anticipated to contribute the most to the overall market due to reduced side effects than other psychostimulants.
Narcolepsy Market - Competitive Landscape
The global narcolepsy market is extremely competitive, with the presence of several well-established players. Many of these players are expected to hold a large share in the overall market, in the upcoming years.
Research and development activities to produce an improved quality of narcolepsy treatment products could be a key growth strategy for the leading market players, in the upcoming years.
The smaller players will help from governments and private investors, which would help them in their long-term growth.
Collaborations with lesser-known players could help prominent players expand their market presence and increase their revenue share.
In 2020, NLS Pharmaceuticals and Adare Pharmaceuticals collaborated to develop a product named Mazindol CR, which has been deployed extensively to treat narcolepsy worldwide. In recent times, they have also been used to cure attention deficit hyperactivity disorder.
A few leading players in the narcolepsy market include Jazz Pharmaceuticals PLC, Novartis AG, Mylan, Shire, and BIOJET.
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Narcolepsy Market - Regional Assessment
The global narcolepsy market is divided into four regions, namely, North America, Asia Pacific, Europe, and rest of the world.
North America is expected to offer lucrative growth opportunities for the global market owing to superb healthcare infrastructure facilities in countries such as US and Canada and increased healthcare expenditure in the region.
Other factors such as increasing stress levels and excellent clinical pipeline in these countries are expected to contribute to market growth in North America.
Europe is anticipated to witness strong growth in the narcolepsy market in the years ahead due to government initiatives and measures promoting the need to decrease narcolepsy, in countries such as UK and Germany.
Asia Pacific is expected to witness moderate growth in the global market in future owing to developing healthcare infrastructure facilities in countries such as India.
Also, improvements to healthcare reimbursement policies in developing economies could help market growth in Asia Pacific.
Narcolepsy market could witness faster growth in the region if leading players establish R&D centers in countries such as India, due to the ease of availability of key resources such as land and labor.
The rest of the world is anticipated to witness sluggish growth in the global market, in the years ahead.
