Jet Lag Therapy Market Analysis | Size Forecast 2023
The global jet lag therapy market size was valued at USD 476.2 million in 2022 and is poised to grow at a significant CAGR of 4.7% during the forecast period 2023-29. Increased international travelers along with the availability of safe and effective therapy are the main driving factor for the growth of the jet lag therapy market in the analysis period. The global Jet Lag Therapy market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region.
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The global Jet Lag Therapy Market is segmented into the following types:
1) By Type: Prescription Drugs, Melatonin, Herbal & Natural Products, and Others
2) End User: Business Travelers, Cabin Crew, Athletes, and Seasonal Travelers
Although prescription medications dominated the jet lag therapy market in 2021, the melatonin category has been gaining ground over time, and both segments are projected to expand at a CAGR of xx% over the upcoming years. This is explained by the fact that melatonin supplements control circadian rhythms, which aid the body in adapting to jet lag. In order to assist a person obtain rest when they get to their destination, and prevent sleep loss throughout the travel, prescription medications frequently include hypnotic sleeping pills. However, as technology develops, the market for medical devices is also expanding. These devices help to regulate a number of physiological processes, including sleep, hormone production, metabolism, and even how the brain functions, and their market value was USD xx million in 2021.
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In terms of revenue, North America is the largest market for jet lag treatments in 2021, followed by the Asia Pacific. The majority of the market in the North American region belongs to the US, which also holds the top spot. While the Middle East and Latin America are developing economies. Over the forecast timeframe, emerging markets are expected to grow considerably. The concentration of development in those regions is predicted to see substantial growth throughout the anticipated term. The key driver of the jet lag therapy market's growth in the anticipated term would be the rise in international travelers, particularly business travelers in developed nations. The development of successful treatments also lures sportsmen and business travelers to try the therapy, according to a market analysis report on jet lag treatments.
The global jet lag therapy market key players Ayo (Novalogy), Inteliclinic, Litebook., Lucimed, Lumie, Nature Bright, Northern Light Technologies, Propeaq, Re-Timer, Royal Philips, Valkee, Verilux Inc., Vielight Inc.
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