Global Idiopathic Hypersomnia Treatment Market to Surpass US$ 429.0 Million by 2027, Says Coherent Market Insights (CMI)
According to Coherent Market Insights, the global idiopathic hypersomnia treatment market is estimated to be valued at US$ 242.4 million in 2020 and is expected to exhibit a CAGR of 8.7% during the forecast period (2020-2027).
Key Trends and Analysis of the Global Idiopathic Hypersomnia Treatment Market:
Key trends in the market include increasing prevalence of lifestyle diseases such as anxiety, depression, and increasing pipeline drugs for idiopathic hypersomnia treatment by major market players. For instance, according to the World Health Organization (WHO), in 2019, over 264 million people were affected by depression, across the globe.
Key players operating in the market are focusing on increasing research and development for development of new drugs or increasing clinical trials for approval of drugs for idiopathic hypersomnia. For instance, in November 2018, Jazz Pharmaceuticals started a phase 3 clinical study for efficacy and safety of JZP-258 in the treatment of idiopathic hypersomnia (IH) with an open-label safety extension.
Furthermore, majority of pharmaceutical manufacturers operating in the idiopathic hypersomnia treatment market are engaged in pipeline products, which is expected to fuel growth of the global idiopathic hypersomnia treatment market. For instance, in January 2018, Avadel Pharmaceuticals has received orphan drug designation from U.S. FDA for FT 218 for the Treatment of Narcolepsy.
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Key Market Takeaways:
The global idiopathic hypersomnia teatment market is expected to exhibit a CAGR of 2.4% during the forecast period, owing to rising incidence rate of neurological diseases, which cause hypersomnia. For instance, according to the Centers for Disease Control and Prevention, in 2018, around 7.1% of children aged 3-17 years (around 4.4 million) were diagnosed with anxiety in the U.S.
Among drug class, stimulant medications segment is estimated to hold a dominant position in the global idiopathic hypersomnia treatment Market in 2020, owing to symptomatic relief of idiopathic hypersomnia by drugs such as Ritalin, and presence of large number of products in this class of drugs.
In terms of distribution channel, hospital pharmacies segment is expected to dominate the global idiopathic hypersomnia treatment market. Increasing number of hospital or clinic consultations due to lifestyle diseases such as anxiety, depression, and increasing number of hospitals are some of the major factors responsible for the growth of hospital pharmacies segment.
North America is estimated to hold largest market share in the global idiopathic hypersomnia treatment market in 2020, owing to larger patient pool of lifestyle diseases such as anxiety, depression, increasing research activities for rare diseases, and presence of major players in the region. For instance, according to the Center for Disease Control and Prevention (CDC), around 3.2% of children in the U.S. aged 3-17 years (around 1.9 million) were diagnosed with depression in 2018.
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Key players operating in the global idiopathic hypersomnia treatment market include Takeda Pharmaceutical Company Limited, Teva Pharmaceutical Industries Ltd., Jazz Pharmaceuticals, Inc., BIOPROJET, Avadel Pharmaceuticals, Plc. GlaxoSmithKline plc, Pfizer Inc., Theranexus, Fisher & Paykel Healthcare Limited, Drive DeVilbiss Healthcare LLC, and Merck & Co. Inc.
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.
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