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| Melatonin Market |
Market Overview:
The global melatonin market is projected to reach a value of US$ 436.8 Mn billion by 2022, growing at a CAGR
of 7.2% during the forecast period (2020-2027). Melatonin is a hormone
naturally produced by the pineal gland in the brain, and it regulates sleep and
wakefulness. The market for melatonin products is driven by increasing
awareness about the benefits of melatonin in improving sleep disorders and its
use in the treatment of various medical conditions. Melatonin supplements are
widely used to alleviate symptoms of insomnia, jet lag, and shift work sleep disorder.
The rising prevalence of sleep disorders, coupled with a growing preference for
natural sleep aids, is expected to fuel the demand for melatonin products in
the coming years.
Market Key Trends:
One key trend in the melatonin market is the growing demand for melatonin in
the elderly population. The aging population is more prone to sleep disorders,
and melatonin supplements are being increasingly prescribed to improve the
quality of sleep in older individuals. Melatonin is known to regulate the sleep-wake
cycle and promote healthy sleep patterns, making it an effective option for
managing sleep disorders in the elderly. Moreover, melatonin has been found to
have potential health benefits in reducing the risk of age-related
neurodegenerative diseases, such as Alzheimer's and Parkinson's. The
pharmaceutical industry is witnessing a surge in the development of
melatonin-based products targeting the elderly population, which is expected to
drive market growth. Additionally, the use of melatonin supplements for other
medical conditions, such as migraine, cancer, and obesity, is also gaining
traction, further contributing to market expansion.
Segment Analysis:
The melatonin market can be segmented based on product type, distribution
channel, and application.
In terms of product type, the melatonin market is dominated by tablets. Tablets
are the most popular form of melatonin supplementation due to their convenience
and ease of consumption. They are widely available and can be easily taken
before bedtime. The dominance of tablets in the market can also be attributed
to their longer shelf life compared to other formulations.
Based on the distribution channel, the retail pharmacies segment holds a
significant market share. Retail pharmacies are the go-to place for consumers
to purchase melatonin supplements due to their availability and the assurance
of purchasing genuine and high-quality products. Moreover, the presence of
knowledgeable pharmacists can help consumers in making informed decisions
regarding the appropriate dosage and timing of melatonin supplementation.
In terms of application, the sleep disorders segment dominates the market.
Melatonin supplements are widely used as an alternative treatment for sleep
disorders such as insomnia and jet lag. The increasing prevalence of sleep
disorders, coupled with the growing awareness about the benefits of melatonin
supplementation in improving sleep quality, is driving the growth of this
segment.
Key Takeaways:
The global Melatonin
Market Growth is expected to witness high growth, exhibiting a CAGR of 7.2% over the forecast period
of 2020-2027. This growth can be attributed to several factors. Firstly, there
is a growing trend of self-medication and consumer preference for natural and
alternative therapies, which is driving the demand for melatonin supplements.
Additionally, the increasing prevalence of sleep disorders and the rising
geriatric population are fueling the market growth.
In terms of regional analysis, North America is the fastest-growing and
dominating region in the melatonin market. The region has a well-established
healthcare infrastructure, high awareness regarding sleep disorders, and a
large consumer base for melatonin supplements. Moreover, favorable government
initiatives and increasing investments in research and development activities
are contributing to the market growth in North America.
Key players operating in the melatonin market include Natrol Inc., Neurim
Pharmaceuticals Ltd., Pulse Pharmaceuticals Pvt. Ltd., Flynn Pharma Ltd., Fidia
Farmaceutici S.P.A., Aspen Pharmacare Holdings Ltd., Schiff Nutrition
International Inc., Solal Technologies (Pty) Ltd., Rexall Sundown, Inc., and
Bebida Beverage Co. These players have a strong presence in the market and are
implementing various strategies such as product launches, collaborations, and
acquisitions to gain a competitive edge and expand their market share.
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