The Global Sleep Wake Disorders Market is Expected to Grow With the CAGR of 16.8% (Approx.) During the Forecast Period 2016-2023: Occams Business Research & Consulting
INDORE, India, June 6, 2017 /PRNewswire/ --
Global sleep wake disorders market was valued at $19.2 billion in 2016 that is expected to reach to around $57 billion by the end of 2023. Increasing sleep wake disorders across the globe is key factor that is adding meaningful growth in the global sleep wake disorders. The rapid change in lifestyle and increase in disposable income is the key factor which results into increase in sleep wake disorders. North America held the largest market share of around 35% in global sleep wake disorder market. The large share is mainly attributed by the high prevalence rate of sleep disorders in North America region.
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Increasing prevalence of various sleep wake disorders such as insomnia, snoring, sleep waking, sleep talking, depression, anxiety disorder, etc. are the key factors that are boosting the growth in the global market.
Depression
Depression is the most common disorder in the world after cancer, diabetes and others. According to World Health Organization around 300 million people in the world are suffering from depression in 2016. Around 800,000 people die owing to depression and attempted suicide every year across the globe as per World Health Organization. According to National Institute of Mental Health, around 16.1 million people are suffering from at least one major episode of depression in the past year aged 18 years or above in 2015. Such 16.1 million people represents around 6.7% of total U.S. adult population. Moreover, according to Beyond Blue an organization for depression and anxiety, around 1 million people every year in Australia are suffering from depression. According to World Bank, around 615 million people are suffering from depression and anxiety in the world in 2015. That is around 10% of world population. The cost of depression and anxiety disorders in the world is around $1 trillion every year. The depression disorders treatment cost around $800 billion in 2010 that is expected to be doubled by the end of 2030 according to World Bank. Thus, the growing expenditure for the treatment of depression and anxiety disorder is boosting the growth in the global sleep wake disorder market.
Sleep Apnea
Sleep apnea is also one of the major sleep disorders which is increasing at a rapid pace. According to America Academy of Sleep Medicine, around 30 million U.S. adults are suffering from sleep in United States in 2015 which was 25 million U.S. adults in 2014. Moreover, according to American Sleep Association around 21% of woman are suffering from obstructive sleep apnea whereas around 34% of the men are suffering from sleep apnea in 2015. Hence, the growing prevalence of sleep apnea is also adding meaningful growth in the global sleep wake disorders market.
Others
The other disorders include: insomnia, sleep walking, sleep talking, snoring, etc. According to American Sleep Association around 70 million adults in the United States are suffering from sleep disorders in 2015. Furthermore, around 48% people snore in United States and around 38% people report fall asleep during the day in United States in 2015. As per American Sleep Association centers for diseases control and prevention, around 10% of adults in United States are suffering from chronic insomnia disorders. According to WHO, around half of the American lose their sleep due to anxiety and stress. The population aged above 60 years have the highest prevalence of insomnia in U.S. According to national sleep foundation, around 60% of the people aged above 60 years are suffering from insomnia. Moreover, further it is also found that around 90% of the people who are suffering from depression is also experience insomnia as per national sleep foundation. Moreover, in a survey conducted by national sleep foundation, it is found that around 60% of the people have driven in spite feeling sleepy. Hence, the growing sleep disorders across the globe is one of the major factor that is adding meaning full growth in the global sleep wake disorder market.
Causes of Sleep Disorders
There are various causes of sleep wake disorders which are increasing the demand for the sleep wake market. According to National Highway Traffic Safety Administration, every year around 100,000 vehicle accidents occurs due to drowsy driving or driving while they feel sleepy. Out of that around 1,500 people die every year in such drowsy driving accident or collisions. Moreover, according to US surgeon, general insomnia disorder cost around $15 billion every year for health care cost in U.S. Thus, the growing incidences of sleep disorders is having a huge impact over the market growth.
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