Rise in awareness regarding the importance of early diagnosis of narcolepsy play a major role in the growth of the narcolepsy drugs market.
PORTLAND, OR, UNITED STATES, October 29, 2020 /EINPresswire.com/ — UPDATE AVAILABLE ON-DEMAND
The report on the global narcolepsy drugs market highlights that the market is expected to reach $2.43 billion by 2018, from $5.36 billion in 2026, growing at a CAGR of 10.3% from 2019 to 2026. The report offers the current market size and forecasts along with Porter’s Five Forces analysis to help market players, stakeholders, startups, and investors to determine the current scenario and take further steps for the future. Drivers and opportunities for highest revenue generating and fastest growing segments would help in tapping into specific segment to achieve growth. Moreover, regional analysis would assist in expansion strategies for the market players and startups.
The Covid-19 outbreak has severely affected every sector across the world. The patient numbers have been increasing every day and the majority of the countries are in complete lockdown. This has affected the supply chain and overall business operations. International trading has taken a significant downfall and has created uncertainty in the stock market. These factors have affected the narcolepsy drugs market.
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Rise in the global prevalence of narcolepsy, presence of reimbursement policies regarding narcolepsy, and narcolepsy awareness programs and services have boosted the growth of the narcolepsy drugs market. However, adverse effects and risks related to narcolepsy drugs and delayed diagnosis or misdiagnosis hamper the market growth. On the contrary, untapped markets in developing countries are expected to create lucrative opportunities in the near future.
Daytime extreme sleepiness segment dominated the market
The daytime extreme sleepiness segment held the largest share in 2018, contributing nearly half of the market, owing to rise in prevalence of narcolepsy and other sleep disorders. However, the cataplexia segment is estimated to 10.7% during the forecast period, as patients suffering from cataplexia tend to lose muscle control and around 70% of narcolepsy patients have this symptom.
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Selective serotonin reuptake inhibitor segment to manifest fastest growth
The selective serotonin reuptake inhibitor segment is estimated to portray the fastest CAGR of 11.3% during the forecast period, owing to increase in R&D activities for the development of these type of drugs by the key players. However, the sodium oxybate segment dominated the market in 2018, accounting for more than half of the market, as these drugs are highly effective to treat daytime extreme sleepiness and cataplexy.
Asia-Pacific region to portray fastest growth through 2026
The market across the Asia-Pacific region is expected to register the fastest CAGR of 11.4% during the forecast period, owing to increase in prevalence of narcolepsy and surge in adoption rate of narcolepsy drugs. However, the market across North America held the lion's share in 2018, contributing more than two-fifths of the market, owing to rise in number of narcolepsy and other sleep disorders in North America.
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The Major Key Players Are:
• Ligand Pharmaceuticals
• Addrenex Pharmaceuticals
• Shire Plc
• Teva Pharmaceutical Industries Ltd.
• Arena Pharmaceuticals
• Jazz Pharmaceuticals Plc
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Source: EIN Presswire