Narcolepsy Market Growth Sturdy at 9.5% CAGR to Outstrip $4,537.9 Million by 2027 – COVID-19 Impact and Global Analysis by TheInsightPartners.com

Pune, India., May 19, 2021 (GLOBE NEWSWIRE) — Narcolepsy Market: Key Insights
According to our new research study on “Narcolepsy Market to 2027 – Global Analysis and Forecast – by Type, Product, and Distribution Channel,” the Narcolepsy Market Size was valued at US$ 2,202.1 million in 2019 and is projected to reach US$ 4,537.9 million by 2027; it is expected to grow at a CAGR of 9.5% during 2020–2027. In 2018, the narcolepsy with cataplexy segment held a largest market share of 65.1% of the narcolepsy market, by type. However, the side effects and risks associated with the narcolepsy medications, and delayed diagnosis and misdiagnosis of the disease hinder the market growth.

Narcolepsy Market: Competition Landscape and Key Developments
Jazz Pharmaceuticals plc is a leading biopharmaceutical company engaged in developing, manufacturing, and commercializing medicines in the areas of sleep conditions and hematology/oncology. The company is focusing on exploring revolutionary drug options ranging from small molecule advancements to biologics, and it works on identifying novel compounds for oncology and sleep medicines. Moreover, the company is focusing on acquiring new therapeutic product lines and building partnerships to develop early-stage molecules with great potential. Jazz Pharmaceuticals currently operates through a single segment and offers pharmaceutical products such as Xyrem, Erwinaze, Defitelio, And Vyxeos. Xyrem is the only treatment that is approved by the FDA and marketed for both EDS and cataplexy in patients with narcolepsy.

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Teva Pharmaceutical Industries Ltd. is a global healthcare leader that produces 120 billion tablets and capsules a year in its 87 pharmaceutical and API facilities around the world. The company is more into generic medicines, with innovative treatments, and specialty pharmaceuticals and active pharmaceutical ingredients (API) in CNS, pain, and respiratory conditions, etc. The company has a fully integrated R&D function, strong operational base, and global infrastructure, and it operates through two segments—Generic Medicines and Specialty Medicines.

In 2019, North America dominated the global narcolepsy market. Over the last decades, the researchers have gathered broad knowledge about the pathophysiology of narcolepsy. According to the National Center for Biotechnology Information, the prevalence of narcolepsy with cataplexy has been examined in many studies, and it accounts for 25–50 cases per 100,000 people. Moreover, according to the Narcolepsy Network 2017, the condition affects 1 in every 2,000 people in the US, i.e., 200,000 of the total population, while it affects ~3 million people worldwide. Moreover, the American Sleep Apnea Association reports that sleep-related problems affect 50–70 million Americans of all ages and socioeconomic classes. The US FDA is one of the regulatory bodies committed to encouraging and supporting developments in the treatment of rare diseases, such as narcolepsy. Additionally, rise in middle-income populations, along with increasing urbanization, is compelling drug makers to produce inexpensive and affordable medications.

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Based on type, the narcolepsy market is segmented into narcolepsy with cataplexy, narcolepsy without cataplexy, and secondary narcolepsy. In 2019, the narcolepsy with cataplexy segment held the largest share of the market. Moreover, the narcolepsy with cataplexy segment is expected to register the fastest CAGR of 9.7% in the narcolepsy market during 2020–2027. Based on product, the narcolepsy market is segmented into central nervous system (CNS) stimulants, sodium oxybate, and antidepressants. In 2019, the sodium oxybate segment held the largest share of the market, and it is further expected to register the highest CAGR of 9.8% from 2020 to 2027. Based on distribution channel, the market is segmented into hospital pharmacies and retail pharmacies. In 2019, the hospital pharmacies segment held a larger share of the market.

Extensive Rise in COVID-19 Infection Fuels Narcolepsy Market Growth:
The geographic reach of pharmaceutical companies has increased in recent decades. This is mainly due to the growth of economies, which supports the expansion of healthcare service and insurance companies, and propels the demand for local as well as imported pharmaceutical products. The understanding of the neurobiology of sleep has progressed substantially over the last several decades, mainly due the increased availability of animal models that allow gaining deeper understanding of brain’s complexities, including the functional relation between the brain and sleep. The novel coronavirus is causing a significant respiratory distress, and extreme respiratory failure has been a major cause of many of the deaths reported so far. Several local, national and international institutes, organizations, and councils are taking initiatives to promote awareness regarding the disorders and availability of treatments associated with narcolepsy. For instance, “Wake Up Narcolepsy” is a non-profit organization that seeks to raise awareness and direct the search of cure for diseases to support community well-being. Moreover, to improve understanding of narcolepsy, Project Sleep, an NGO operating in the US initiated a program named “Rising Voices of Narcolepsy” that trains people with narcolepsy to share their stories through writing and verbally addressing the local communities to raise awareness and reduce social stigma among other people suffering with the disease. The growing awareness in patients and initiatives undertaken by non-profit organizations are expected trigger the familiarity regarding the medications available for narcolepsy to large patient populations.

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Narcolepsy Market: Segmental Overview
In terms of type, the narcolepsy with cataplexy segment held the largest share of the market. The burden of neurological disorders has increased significantly across the world. These disorders are estimated to affect over a billion population worldwide, according to the World Health Organization. Neurological disorders are commonly found among all age groups in all geographic populations. Similarly, sleep-related neurological disorders that comprise a large group of diseases also affect a substantial population worldwide. These diseases majorly include insomnia, sleep apnea, and narcolepsy. However, in recent years, several measures have been taken to generate awareness and educate people regarding these diseases, which is likely to encourage patients to approach clinical help as well as to access the available medications and treatments for these conditions.

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