PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419095
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419095
Narcolepsy Therapeutics Market size was valued at USD 3,430 Million in 2022, expanding at a CAGR of 8.34% from 2023 to 2030.
A lifelong sleep illness that causes uncontrollably sudden episodes of extreme sleepiness called as narcolepsy which impacts all facets of a patient's life and makes daily tasks challenging. Narcolepsy can be treated symptomatically with medications that promote wakefulness and raise dopamine release at the presynaptic level.
Increasing R&D expenditures and activities, rising disease prevalence, and the launch of innovative medicinal goods are some of the main causes propelling market expansion. Narcolepsy affects between 135,000 and 200,000 people in the United States, according to estimates from the National Institute of Neurological Disorders and Stroke (NINDS). In the upcoming years, there will likely be a rise in the number of people with narcolepsy diagnoses because the disease is more common in those who experience higher levels of stress. Over the forecast period, one of the key drivers propelling the market expansion is an increase in the patient base. As per the National Organization for Rare Disorders, around 1 in 2,000 individuals are affected with the condition. In a similar vein, the American Academy of Neurology study found that the prevalence of disease varies from 20 to 60 in 100,000 people.
The market is growing because of an increase in research and development (R&D) efforts to introduce novel therapeutic solutions for the treatment of disease. New treatment alternatives will be introduced in the upcoming years because of the recent acceleration of research and development activity. For example, in May 2021, Takeda Pharmaceutical Company Limited announced that research and development for narcolepsy medication.
The Global Narcolepsy Therapeutics Market is segmented on the basis of Type, Product, and Region.
The market is divided into two categories based on Type: cataplexy and without cataplexy. The cataplexy segment dominates the market. The rise in a prevalence of cataplexy as a major symptom in patients is boosting the segment growth.
The market is divided into three categories based on Product: Central Nervous System Stimulants, Sodium Oxybate, and Tricyclic Antidepressants. The Sodium Oxybate segment dominates the market and is likely to maintain its dominance during the forecast period. It is anticipated that rising R&D efforts pertaining to CNS stimulants for patients with uncommon neurological illnesses will drive the segment's growth.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
The Narcolepsy Therapeutics market is less fragmented in nature with few players dominating global market. Key players in the market are focused on new product design paired with the rapid investment and mergers & acquisitions. For example, in May 2022, Axsome Therapeutics, Inc. announced the attainment of Sunosi from Jazz Pharmaceuticals across U.S. market.
In May 2023, Avadel Pharmaceuticals received final U.S. FDA approval for its drug Lumryz for the treatment of narcolepsy.
In January 2022, the U.S. FDA approved Orphan Drug Exclusivity for Jazz Pharmaceuticals' Xywav for the treatment of idiopathic hypersomnia in adults.
The scope of this report covers the market by its major segments, which include as follows: