Despite the emergence of alternative resources for improving sleep such as psychotherapy, herbal teas and ointments, the proven efficacy of pharmaceutical products remains the factor that attracts most insomniacs to sleeping pills, says GlobalData, a leading data and analytics company.
According to GlobalData, the global sleeping disorders market is worth over $1.5bn and is expected to reach over $1.7bn by 2023. Despite this growth, primary research conducted by GlobalData shows that the sleep disorders market is in need of drugs with better safety profiles and fewer side effects.
A recent spike in accidental death from sleeping pill overdoses has resulted in the FDA making an executive decision to add warning labels to popular medications for insomnia.
Magdalene Crabbe Pharma Analyst at GlobalData comments, “Psychological dependence is also a major issue for patients, many of whom suffer from comorbid mental disorders. Drugs with novel mechanisms of action are in the best position to address the unmet needs for this therapy area.
“With more than 80 drugs in clinical development for sleep disturbances, drug companies are likely to focus more on improving safety for patients. This is expected to encourage growth within the sleep disorders market, of which the indications within this category will affect up to 40% of the global population over the age of 15 at some point in their lifetime.”