Jet lag symptoms has taken over a major share of our population who are frequent fliers, like athletes, business executives and seasonal travelers. Jet lag symptoms have affected millions of people and costs up to $1 billion annually to treat. It may sound very clichéd but jet lag symptoms can pose substantial hazards to the health of frequent fliers, and it has been observed over the years that jet lag has peculiar effect on the quality of their lives. There has been profound research and development in the jet lag treatment market and companies have come up with different products to treat this, with hardly any side-effects which can occur with prescription drugs and melatonin.
With successful clinical trials and meticulous research and development, market players in the jet lag therapy market have been able to utilize the opportunities to develop cost-effective and efficient jet lag management products such as light box, wearable mask, glasses, and ear buds among others. The global jet lag market is estimated to grow exponentially, owing to the factors such as growing elderly population, and rising incidence and prevalence rate of circadian rhythm related problems such as jet lag, winter blues, and sleep disorders. And the demand for wearable light therapy devices is expected to increase over time with spreading awareness about advanced light therapy.
With day to day increasing number of fliers, jet lag impacts a major share of the 30 million jet fliers who leave the U.S. annually, crossing over more five or more time zones. It is estimated that jet lag affects 100 million people annually, of which many fliers are business executives, athletes, military and diplomats among others. Jet lag can have severe effects on the judgement ability of business executives and may pose a threat to security of the people if it affects military and diplomats.
The global jet lag therapy market is estimated to reach $732.4 million by 2023, growing with a robust CAGR from 2017 to 2023. Based on types of therapy, jet lag therapy market can be categorized into melatonin, prescription drugs, medical devices, and herbal & natural products, wherein the inclination towards herbal products and melatonin is higher because of their fast and safe management properties. However, prescription drug held the largest market share of 48% of the global market in 2016 closely followed by melatonin, and will grow at a rate of 4.8% from 2017 to 2023. The factors responsible for the growth of prescription drugs are instant action and clinical competence along with availability factor.
The medical devices sector, especially wearable devices, was the fastest growing category in 2016, due to their versatility and huge demand among athletes. The expected growth rate for medical devices sector is 11.9% over the period of 2017 to 2023, providing a wide range of options to various end-user groups. Geographically, the U.S. is expected to be the fastest growing market in the global jet lag therapy market.
BIS Healthcare has compiled an extensive market research report on ‘Global Jet Lag Therapy Market -Analysis and Forecast (2017-2023)’. The market analysis report provides an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which includes drivers, restraints and opportunities prevailing in the industry.
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