According to a new report by — BIS Healthcare ( a division of BIS Research), the global jet lag therapy market is expected to reach $732.4 million in 2023, growing at a CAGR of 6.3% from 2017 to 2023. The growth of the market is attributed to the voluminous increase in the number regular fliers, elderly fliers and the increasing cases of circadian rhythm related problems such as jet lag, winter blues, and sleep disorders.
The growth of the market is attributed to the voluminous increase in the number regular fliers, elderly fliers and the increasing cases of circadian rhythm related problems such as jet lag, winter blues, and sleep disorders.
Jet lag management is a billion dollar industry and with increasing number of elderly population and frequent fliers, this industry is set to fly high in the coming years. Since jet lag symptoms affect myriad of travellers, it adversely affects their lifestyle and decision-making. Market players are utilizing this opportunity by investing in research and development of jet lag treatment industry and to develop cost-effective and efficient products such as light box, wearable mask, glasses, and ear buds, for the consumers. Since the newly developed light therapy and other treatments have minimum side-effects, the acceptance and awareness of jet lag therapy market has widened over a few years.
According to the research report, around 30 million people fly overseas annually from the U.S. alone, crossing five or more time zones, which affects most of them adversely, resulting in fatigue, poor concentration, reduced daytime alertness, memory problems, weakness, lethargy, and drowsiness during daytime after a long haul flight. And if the symptoms are left unchecked, it can develop into chronic diseases.
The global jet lag market has been bifurcated in the report along the lines of types of products and end-users. The market offers four types of products viz. melatonin, prescription drugs, medical devices, and herbal & natural products. Due to minimal side-effects and better patient compliance, the market is inclining towards herbal & natural products and melatonin, however, prescription drugs segment accounted for the largest market share of the jet lag therapy market in 2016, which will grow at a promising rate of 4.8% from 2017 to 2023. Prescription drugs dominated the market due to the instance action and wide availability in the market. It was closely followed by melatonin, which had a market share of 34% in 2016.
According to BIS Healthcare, among end-users, the athletes segment was the fastest growing market for jet lag therapy due to the increased cases of sleep disturbances among athletes, and a whopping $300 million was spent on the jet lag treatment by athletes in the U.S. alone. However, it was the segment of business travelers which held the largest share of the jet lag therapy market, with 44.5% market share of the global market. Furthermore, cabin crew segment is poised to grow exponentially as swift trans-meridian transitions have led to increased incidences of jetlag among the cabin crew members which adversely affects their overall performance.
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Following are some of the key questions addressed in the report:
• What are the major market drivers, challenges and opportunities of the global jet lag therapy market and their use cases?
• How is the jet lag therapy market evolving during the forecast period?
• What are the driving and restraining factors in the jet lag therapy market?
• What are the market shares of the leading segments and sub-segments of the global jet lag therapy market in 2016 and 2023?
• How will each segment of the jet lag therapy market grow over the forecast period and how much revenue will these account for in 2023?
• How will the market share of the leading companies change in 2016 and which country will lead the market in 2016?
• How will the industry evolve during the period between 2017 and 2023?
• What are the key developmental strategies implemented in different applications across all regions?
• Which geographical region will lead the global jet lag therapy market by the end of the forecast period?
• What are the market trends and key developments in this market?
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Following are some of the key players analysed in the report:
• Ayo (Novalogy)
• Litebook Co. Ltd.
• Nature Bright
• Northern Light Technologies
• Royal Philips
• Verilux Inc.
About BIS Research:
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