The Worldwide Insomnia Industry is Expected to Reach $5.7 Billion by 2028 at a 3.9% CAGR - ResearchAndMarkets.com

2023-01-24

DUBLIN--(BUSINESS WIRE)--The "Global Insomnia Market Size, Share & Industry Trends Analysis Report by Distribution Channel, Therapy Type, Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.

'Global Insomnia Market Size, Share & Industry Trends Analysis Report by Distribution Channel, Therapy Type, Regional Outlook and Forecast, 2022-2028'

The Global Insomnia Market size is expected to reach $5.7 billion by 2028, rising at a market growth of 3.9% CAGR during the forecast period.

The rise in the prevalence of distinct sleep disorders, including parasomnias as well as insomnia, and the rise in mental depression and other painful conditions, are the main factors driving the growth of the insomnia market size. Sleep issues are a result of mental depression.

As a result, an increase in mental depression among the general population contributes to the growth of the insomnia market. Furthermore, taking some medications for a chronic condition over an extended period of time has some side effects that are thought to impair a patient's ability to sleep.

Additionally, the market for insomnia is expanding due to an increase in work-related stress. The increased workload and demanding work schedules result in poor sleep. Additionally, a lot of people including security guards work odd shifts, and the manufacturing sector is open around-the-clock.

The quality and rhythm of sleep are impacted by these irregular work shifts. Also, a rise in the number of sleep diagnostics and centres for people with insomnia helps has been seen in the past few years. The centres for insomnia help people get better quality sleep, and the centres for sleep disorders are utilized as diagnostic testing facilities.

Market Growth Factors

Increasing Aging Population

According to studies, older people (defined as those 65 and older) appear to have an 11-fold increased risk of developing some types of cancer than younger people. The burden of cancer among the elderly would then increase as the world population ages over the following 20 years.

Refractive errors, cataracts, sleep issues, and hearing loss are all fairly common in older people. A large ratio of old age people is facing sleeping issues worldwide. Thus, the rise in the aging population would result in an increasing number of insomnia cases which would further support the growth of the insomnia market over the forecast period.

Increasing Healthcare Costs

Rising healthcare costs and earlier disease diagnosis because of greater awareness of treatment options are factors that are anticipated to fuel the market growth over the course of the forecast period. The increasing size and number of funds invested in the healthcare industry by governments of different countries are one of the primary drivers of the market's growth.

Governments from a number of nations boosted their investments in creating healthcare systems whenever the COVID-19 pandemic first started to spread. As the pandemic's impact lessens, various hospitals are now concentrating on using these resources to treat other severe diseases. The insomnia market is expanding as a result of rising healthcare investment.

Market Restraining Factors

High Cost Of Diagnosing And Treating Insomnia

The high cost of diagnosis and treatment is one of the major factors impeding the growth of the insomnia market. Additionally, the term 'sleeping problem' covers a wide range of illnesses that have significant detrimental effects on an individual's health and incur high societal costs.

Insomnia makes it difficult to carry out daily tasks and is associated with a heavy financial & medical burden many patients are completely disabled. Insomnia patients spent about two times as much on direct medical care each year as matched controls without condition. The market for insomnia is not expanding because of the high cost of the medication.

Scope of the Study

Market Segments Covered in the Report:

By Distribution Channel

Hospital

Retail

Others

By Therapy Type

Pharmacological

Non-Pharmacological

By Geography

North America

Canada