Technavio analysts forecast the global melatonin supplements market to grow at a compound annual growth rate (CAGR) of over 12% from 2017 to 2021, according to their latest report.
The demand for melatonin supplements is more in developed countries such as the United States, Canada, the United Kingdom, and Germany. This is due to increased awareness about melatonin supplements and the growing prevalence of circadian rhythm disorders in these countries, according to Technavio, which adds that the demand for melatonin supplements from developing countries such as India, China, Mexico, and Brazil is expected to increase.
Technavio analysts highlight the following 3 factors that are contributing to the growth of the global melatonin supplements market:
- Wide applications of melatonin
- Growing number of healthcare providers for lifestyle and chronic diseases
- Intense competition in developed countries
Wide Applications of Melatonin
Melatonin is a sleep boosting hormone that controls the internal body clock of human beings. Changes in the melatonin level change the circadian rhythm of people. Due to conditions such as jet lag, delayed sleep phase syndrome, insomnia, and advanced sleep phase syndrome, the sleep cycle of people changes. For such conditions, melatonin supplements are used to restore the sleep cycle.
Amber Chourasia, a lead health and wellness research analyst at Technavio, says in a release, “Melatonin supplements are also used to reset the circadian rhythm for other medical conditions such as AD [Alzeheimer’s disease], dementia, bipolar disorder, COPD [chronic obstructive pulmonary disease], and endometriosis, which affect the sleep cycle of people. To treat such conditions, melatonin supplements are provided in different formulations and dosages depending on the condition. The growing prevalence of such diseases has increased the adoption of melatonin supplements.”
Growing Number of Healthcare Providers for Lifestyle and Chronic Diseases
Due to the growing prevalence of lifestyle and chronic diseases, there has been a substantial growth in the number of clinics, diagnostics centers, multi-specialty and super specialty hospitals, and patient care centers. Lifestyle diseases such as diabetes and obesity prevent people from consuming normal diets, which can cause sleep-related disorders such as insomnia.
“The growing number of healthcare providers indirectly increases the demand for melatonin supplements. The growing demand for melatonin supplements is encouraging vendors to improve their production. Vendors are collaborating with healthcare providers to sell their products in bulk, which will improve their revenue. The number of hospitals is growing in APAC [Asia Pacific] due to the growing prevalence of lifestyle and chronic diseases,” says Chourasia.
Intense Competition in Developed Countries
In developed countries, due to the preference for a healthy lifestyle, people are adopting preventive treatments such as hormone therapy. Melatonin supplements are used after hormone therapy to reset the circadian rhythm of patients. Hence, the growing demand for hormone therapy in developed countries is increasing the adoption of melatonin supplements.
Global vendors such as Optimum Nutrition and NOW Foods have financial support from large businesses. However, regional vendors do not have such support, which affects their sustainability. Hence, they sell their products online and obtain recommendations from healthcare providers and nutritionists to create awareness among consumers.
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