DUBLIN, Dec. 29, 2023 /PRNewswire/ — The “Narcolepsy Drugs Market, Size, Global Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis” report has been added to ResearchAndMarkets.com’s offering.
The Global Narcolepsy Drugs Market is poised for substantial growth, with a projected value of US$5.95 billion by 2030
Several factors contribute to the expansion of the narcolepsy drugs market. Notably, the increasing prevalence of narcolepsy, growing investments in research and development, and the introduction of novel therapeutic products are key drivers of this market’s growth.
According to estimates by the National Institute of Neurological Disorders and Stroke (NINDS), between 135,000 to 200,000 people in the United States are affected by narcolepsy. This prevalence is expected to rise in the coming years, in part due to increasing stress levels.
Recent Developments in Narcolepsy Treatment
In July 2023, the U.S. Food and Drug Administration (FDA) conducted a comprehensive review of NLS Pharmaceutics’ research protocol, particularly focusing on the potential of Mazindol ER as a therapeutic solution for narcolepsy. This review is a part of the ongoing AMAZE program, highlighting the commitment to finding effective treatments for this condition.
Moreover, in June 2023, RareStone Group, specializing in rare diseases, embarked on a groundbreaking endeavor by establishing China’s first rare disease ecosystem. A significant milestone in this venture was the approval of pitolisant (Wakix) by the Chinese National Medical Products Administration (NMPA) for treating excessive daytime sleepiness (EDS) and cataplexy in adult narcolepsy patients. This development marks a breakthrough in enhancing narcolepsy care in China.
Continuous Growth with a Compound Annual Growth Rate (CAGR) of 8.01%
The Narcolepsy Drugs Market is expected to grow steadily, with a compound annual growth rate (CAGR) of 8.01% from 2023 to 2030. While narcolepsy is a lifelong condition with no known cure, the symptoms can be managed and improved over time with the right medications and lifestyle changes. Increasing stress and the use of addictive substances like alcohol and tobacco are factors that can elevate the risk of narcolepsy, driving the need for ongoing drug development in this field.
Government Initiatives and Increased Awareness
Governments in countries such as India and South Africa are actively promoting the production and use of narcolepsy drugs due to their recognized health benefits. This support is expected to further boost market growth. Additionally, a rise in disposable income and greater awareness of the advantages of narcolepsy drugs is likely to drive market development.
However, challenges such as the instability and poor sustainability of natural colors derived from narcolepsy drugs compared to synthetic dyes, along with a lack of awareness about diagnosis and treatment availability, may hinder market growth. To counter this, various organizations are increasing their efforts to raise awareness, which is expected to provide new opportunities for the narcolepsy drugs market.
Segment Impact: Daytime Sleepiness Crucial to the Narcolepsy Drugs Market
The Narcolepsy Drugs Market can be segmented into three categories: Daytime Extreme Sleepiness, Cataplexies, and Other Disease Types. Of these, the daytime sleepiness segment significantly influences the market dynamics. Excessive daytime sleepiness is a defining characteristic of narcolepsy, and effective medications to manage this symptom are in high demand. This segment plays a pivotal role in shaping the industry’s direction, driving research and development, and impacting the overall market landscape.
Sodium Oxybate Dominates the Narcolepsy Drug Market
In terms of therapeutic types, the market is divided into Central Nervous System Stimulants, Tricyclic Antidepressants, Sodium Oxybate, Selective Serotonin Reuptake Inhibitors, and others. Sodium oxybate stands out as the dominant segment due to its widespread usage in treating narcolepsy symptoms. Known as gamma-hydroxybutyrate (GHB), sodium oxybate has been instrumental in enhancing the quality of life for narcolepsy patients.
Its unique mechanism of action in regulating sleep patterns and reducing cataplexy incidents has made it a preferred choice for both healthcare providers and patients. In May 2023, the FDA officially approved Lumryz (sodium oxybate) for the treatment of cataplexy and excessive daytime sleepiness in adult narcolepsy patients.
Diagnostics Centers Lead in End-User Segment
In the end-user segment, Diagnostics Centers take the lead in the narcolepsy drugs market. These centers play a critical role in diagnosing and effectively treating narcolepsy. Their ability to provide accurate diagnoses and tailor treatment plans underscores their significance in addressing this complex neurological disorder. Diagnostics Centers are a cornerstone in the market, ensuring proper care for individuals suffering from narcolepsy.
Global Presence: The United States at the Helm
The United States is a prominent player in the global narcolepsy drugs market. With a dedicated focus on addressing the needs of narcolepsy patients, the U.S. market has witnessed significant growth and innovation. Key factors contributing to its leadership include advanced research and development, strict regulatory requirements, and a high incidence of narcolepsy cases.
Additionally, the United States benefits from a well-established healthcare infrastructure that supports diagnosis and treatment. Patient-focused advocacy groups further drive progress, ensuring access to the latest treatments and clinical advancements. Combined, these elements make the U.S. narcolepsy drugs market a leader in global healthcare.
Key Players in the Narcolepsy Drugs Market
Prominent companies in the Narcolepsy Drugs Market include Jazz Pharmaceuticals, Ligand Pharmaceuticals, Novartis AG, Takeda Pharmaceutical, Teva Pharmaceutical, Hikma Pharmaceuticals Plc, Harmony Biosciences Holdings, and Roche Holding AG.
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