Provided by BIS Research
The global jet lag therapy market has expanded over the years, with the increase in number of frequent fliers, which has further increased the cases of jet lag symptoms among them. These symptoms include insomnia, sleepiness, daytime fatigue, lack of concentration, constipation, diarrhoea, dehydration, and nausea among others.
In today’s blog, we’re going to explore some of the symptoms and talk about the latest developments in the market.
Though these sound benign, if left undetected, these symptoms can accumulate to depression and different types of cancer. The procedure to treat jet lag symptoms is expensive and complicated and thus it has posed an immense challenge for the healthcare industry over the years. Now, with several breakthrough in the technology of jet lag therapy, the companies are developing cost-effective and efficient methods for its treatment.
More than 30 million travelers are affected by jet lag symptoms annually in the U.S. alone and the treatment costs around $1 billion every year. A plethora of research and development in the field of jet lag therapy market and positive outcomes of clinical trials have helped in the introduction of cost-effective and efficient jet lag management products such as light glasses, wearable mask and ear buds, etc.
There has been a substantial rise in circadian rhythm related problems such as jet lag, winter blues, and sleep disorders. This has contributed significantly to the growth of global jet lag therapy market, along with rising elderly population who need better and effective care. The growing awareness about advanced light therapy has spread widely over the years which is helping in further growth of the market, and with minimum side-effects, these therapies and solutions are bound to escalate in the global market.
According to a research report by BIS Research, titled ‘Global Jet Lag Therapy Market - Analysis and Forecast (2017-2023)’, the global jet lag therapy market is expected to reach $732.4 million in 2023, growing at a significant rate from 2017 to 2023. According to the report, the jet lag symptoms affects people across all regions, and as of 2015, jet lag affected 11 million U.S. residents who flew overseas, over 13 million European travelers and 7 million Asian travelers. The travellers who are affected the most, as they are frequent fliers, are athletes, business executives, military and cabin crew. Jet lag can affect decision making ability of business executives and can cause dizziness and fatigue in athletes which adversely affects their lives and lifestyle.
The report categorizes the jet lag therapy market on the lines of geography, product type and end-users. Geographically, the U.S. is expected to lead the global jet lag therapy market, with largest number of fliers in the region, in the coming years. Based on product type, the report subdivides this segment into medical devices, prescription drugs, melatonin, and herbal products. Of these, prescription drugs dominated the jet lag therapy market with 48% of market share in 2016, and is expected to grow at a CAGR of 4.8% from 2017 to 2023. Similarly, in medical devices segment, wearable devices registered the highest growth in 2016 due to their versatility and portability. The medical devices segment is expected to grow at a rate of 11.9% from 2017 to 2023.
Among end-users, business executives dominated the market in 2016, taking an average of 4.5 trips per year, with 44.5% of the market share. However, it was athletes segment which was the fastest growing market in 2016, as a lot of athletes reported sleep disturbances and other related problem, which cost $300 million to treat. Among these, cabin crew segment is expected to register immense growth over the period of 2017 to 2023. The report also provides an overview of the key market developments, and strategies adopted by prominent industry players.
Stay up-to-date with the latest market developments, trending news stories and industry advances with the Research and Markets blog. Don’t forget to join our mailing list to receive alerts for the latest blog plus information about new products.