Narcolepsy Market Growth Is Driven By Increased Awareness And Diagnosis

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The narcolepsy market primarily consists of products such as sodium oxybate, modafinil, and pitolisant used in the treatment of narcolepsy. Narcolepsy is a chronic neurological disorder characterized by irresistible daytime drowsiness and sudden attacks of sleep. The increasing cases of narcolepsy across the globe and initiatives undertaken by several organizations to spread awareness about the disease are factors driving the growth of this market.

The Narcolepsy Market is estimated to be valued at US$ 3.52 Bn in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024-2031.

Key Takeaways

Key players operating in the narcolepsy market are Jazz Pharmaceuticals plc, Takeda Pharmaceutical Company, Teva Pharmaceuticals USA, Inc., Vanda Pharmaceuticals, and Kyowa Kirin, Inc.

The growing prevalence of neurological disorders such as narcolepsy and obstructive sleep apnea is fueling the demand for narcolepsy drugs globally. According to the Narcolepsy Network, around 135,000 to 200,000 Americans are currently living with narcolepsy. Rising awareness regarding clinical symptoms and diagnosis ...
... of narcolepsy is also contributing to the growing patient base.

Major players are engaged in new product development and expansion of their global presence. Takeda Pharmaceutical received the U.S. FDA approval for its ar modafinil tablets, used for treating excessive sleepiness caused by narcolepsy or obstructive sleep apnea in 2019. Players are also collaborating with hospitals & research institutes for conducting clinical trials to expand therapeutic applications of existing drugs. This is furthering the global expansion of the narcolepsy market.

Market Drivers

The key driver propelling the growth of this market is the rising prevalence of neurological disorders globally. According to the World Health Organization (WHO), neurological disorders accounted for nearly 1 billion DALYs (disability-adjusted life years) lost globally in 2016. The increasing caseload of these disorders has augmented the demand for narcolepsy drugs in recent years. Moreover, the growing geriatric population worldwide is also contributing to market growth since neurological illnesses are more common among the aged. Other factors such as better diagnostics, higher awareness, and new product approvals are further supporting the growth of the narcolepsy market.

Geopolitical Impact On Narcolepsy Market Growth

The current geopolitical instability across various regions is adversely impacting the narcolepsy market growth. Several countries in the Middle East and Asia Pacific are witnessing political turmoil, violence and conflicts. The ongoing war between Ukraine and Russia is disrupting global supply chains and imposing economic sanctions. This is hindering the production and distribution of narcolepsy drugs in these volatile regions. Additionally, the healthcare resources in conflict areas are focused on treating war injuries rather than chronic disorders like narcolepsy. The funds allocated for rare disease diagnosis and management are also being diverted for humanitarian aid.

To sustain market growth, companies must develop contingency plans to mitigate supply disruptions. They need to identify alternative sourcing options and manufacturing hubs to ensure product availability. Drugmakers also require strengthening collaborations with local distributors and healthcare providers in unstable markets. Adopting flexible pricing models can facilitate treatment access. Further, companies must advocate with policymakers to prioritize rare conditions even during crises. Long-term, promoting political stability and rebuilding infrastructures in affected regions will restore normal market functioning.

Geographical Regions Of Narcolepsy Market Concentration

North America accounts for the largest share of the global narcolepsy drug market in terms of value. This can be attributed to the presence of major pharmaceutical firms, rising public awareness, advanced healthcare facilities and higher diagnosis rates in the US and Canada. Furthermore, favorable reimbursement policies enable treatment access. Europe is the second major revenue generator owing to the growing patient population and widespread availability of therapies across countries. However, Asia Pacific is poised to be the fastest growing region during the forecast period due to increasing investments to strengthen rare disease management and improving medical access in populous nations like China and India.

Fastest Growing Region In Narcolepsy Market

Asia Pacific exhibits strongest growth potential for the narcolepsy market. This is because several developing economies within the region are focusing on rare disorder research. China has initiated various initiatives to boost clinical trials and new drug development for orphan conditions like narcolepsy. India is witnessing favourable FDI inflows to bolster pharmaceutical R&D and manufacturing. Furthermore, rising medical tourism and private healthcare spending are expanding treatment opportunities. With GDP expansion and urbanization, more patients can afford diagnosis and long-term medication. Enhanced awareness programs too are helping detect narcolepsy cases early. Thus, Asia Pacific offers lucrative prospects for market players to tap the rising unmet needs through strategic collaborations and customized offerings.

Get more insights on this topic: https://www.zupyak.com/p/4276762/t/narcolepsy-treatment-market-poised-for-high-growth-due-to-increasing-disease-prevalence

Author Bio

Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups. (LinkedIn: https://www.linkedin.com/in/vaagisha-singh-8080b91)

What Are The Key Data Covered In This Narcolepsy Market Report?

:- Market CAGR throughout the predicted period

:- Comprehensive information on the aspects that will drive the Narcolepsy's growth between 2024 and 2031.

:- Accurate calculation of the size of the Narcolepsy and its contribution to the market, with emphasis on the parent market

:- Realistic forecasts of future trends and changes in consumer behaviour

:- Narcolepsy Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa

:- A complete examination of the market's competitive landscape, as well as extensive information on vendors

:- Detailed examination of the factors that will impede the expansion of Narcolepsy vendors

FAQ’s

Q.1 What are the main factors influencing the Narcolepsy?

Q.2 Which companies are the major sources in this industry?

Q.3 What are the market’s opportunities, risks, and general structure?

Q.4 Which of the top Narcolepsy companies compare in terms of sales, revenue, and prices?

Q.5 Which businesses serve as the Narcolepsy’s distributors, traders, and dealers?

Q.6 How are market types and applications and deals, revenue, and value explored?

Q.7 What does a business area’s assessment of agreements, income, and value implicate?

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it