PUBLISHER: BIS Research | PRODUCT CODE: 1102621
PUBLISHER: BIS Research | PRODUCT CODE: 1102621
“Global Narcolepsy Therapeutics Market to Reach $4,912.3 Million by 2032.”
The global narcolepsy therapeutics market is projected to reach $4,912.3 million by 2032 from $915.2 million in 2021 at a CAGR of 15.93% during the forecast period 2022-2032. This The market is driven by certain factors, such as low satisfaction with available therapies, robust pipeline products, rising uptake of narcolepsy awareness programs, and improving diagnosis.
The global narcolepsy therapeutics market is in the rapidly evolving and dynamic stage, which opens ample opportunities for life science companies. Also, companies that are already in the development phase for narcolepsy therapies are trying to bring advanced treatment options to the market to improve the quality of life of people with narcolepsy. The companies operating in the global narcolepsy therapeutics market are now focusing more on disease-specific and personalized treatment options. Also, major players such as Jazz Pharmaceuticals PLC, Takeda Pharmaceuticals Co. Ltd, and Bioproject Pharma are investing heavily in research and development for their respective therapeutic products.
Albeit narcolepsy is an orphan disorder with only about 3 million people globally, the existing management of narcolepsy propounds the area as investigational for drug research and development. Currently, all available therapies are symptom-centric and do not cure the condition. In about 50% of people, disorder onset often occurs prior to age 25 with a delayed diagnosis, especially in adolescents. Insubstantial abilities of existing therapies to cover a complete range of symptoms and insignificant improvement in the quality of life of people with narcolepsy have led to the emergence of several innovative therapies in recent years. The market witnessed approximately 39 regulatory and legal developments during the time period between January 2019 and May 2022.
In addition, the disorder profoundly increases the psychosocial burden on people with narcolepsy. Associated high treatment costs and dwindled work productivity with reduced income levels are some of the key factors adding to the psychosocial burden for people living with narcolepsy. Most companies are focusing on expanding their product portfolio with the launch of best-in-class distinctive novel therapeutics and trying to address the limitations and challenges with available therapies in an effort to increase their global footprint alongside.
Due to recent research and development in type 1 narcolepsy, significant therapies with novel mechanisms of action, reduced dosing, and better efficacy are emerging. Therefore, the segment is dominated by type 1 narcolepsy, which held a share of 69.60% in 2021.
In 2021, the global narcolepsy therapeutics market (by product) is dominated by commercialized products with 100% market share.
The global narcolepsy therapeutics market (by therapeutics) is presently dominated by central nervous system stimulant, with a value of $535.3 million, as of 2021.
In 2021, the U.S. accounted for a share of 93.48% of the global narcolepsy therapeutics market. The segment is expected to reach $4,327.7 million in 2032 from $855.5 million in 2021 at a CAGR of 15.24% during the forecast period 2022-2032.
Following are the demand drivers for the global narcolepsy therapeutics market:
The market is expected to face some limitations due to the following challenges:
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
|
|