Insomnia Treatment Market Size

Insomnia Treatment Market Analysis

The Insomnia Treatment Market size is estimated at USD 3.58 billion in 2024, and is expected to reach USD 4.60 billion by 2029, growing at a CAGR of 5.16% during the forecast period (2024-2029).

• The COVID-19 pandemic brought about unprecedented changes in people's lives. For many, it has caused significant stress, anxiety, and concerns over health, social isolation, employment, finances, and balancing work and family obligations. Such an important life event will likely disrupt sleep and impact market growth. The COVID-19 pandemic impacted sleep.
• According to the American Academy of Sleep Medicine's (AASM) Sleep Prioritization Survey 2020, about a third of adults (33%) noticed a change in their sleep quality, 30% noticed a change in their ability to fall asleep, and 29% noticed a difference in their nightly amount of sleep. Furthermore, females were more likely than males to report that the COVID-19 pandemic impacted their bedtimes (31% vs. 25%). Such an impact on people's sleep led to the rising demand for insomnia treatment during the pandemic. However, the need for insomnia treatment, even after the pandemic, is expected to remain the same, contributing to the market's growth over the coming five years.
• Also, the increasing prevalence of insomnia, rising stress levels, and increasing awareness about various treatment options for this condition are some of the factors expected to propel the market. For instance, an article published in Springer in July 2021 mentioned that the overall prevalence of insomnia was 12.13%, and mild insomnia was 31.97%. The same source noted that most insomnia increased in females compared to males. Such a prevalence of insomnia is expected to drive the market's growth.
• The rising stress levels among the global population are another primary driver for the market's growth. According to the Health and Safety Executive report published in December 2021, over 822,000 workers suffered from work-related stress, depression, or anxiety in 2020-2021. Such high-stress levels among the population are also expected to drive the market's growth. Insomnia rarely occurs on its own and is frequently associated with other illnesses.
• Furthermore, innovative product developments for the treatment of insomnia are also expected to contribute to the market's growth. For instance, in June 2022, Pear Therapeutics reported interim follow-up real-world data from a decentralized trail that showed treatment with Somryst, one of the FDA-authorised digital therapeutics for treating chronic insomnia. This device significantly reduced symptoms of insomnia, anxiety, and depression severity.
• Thus, the factors such as the prevalence of insomnia, rising awareness for treatment, and increasing product launches are expected to contribute to the market's growth over the forecast period. However, misconceptions about the seriousness of insomnia and patients' non-adherence to the treatment are some factors that may limit market growth during the forecast period.