Melatonin Supplements Market: Introduction
Melatonin supplement is commonly used to treat sleep disorders and to maintain circadian rhythms. Circadian rhythm is body’s internal clock, which gives human body signal when to sleep and when to stay alert. In addition, growing prevalence of diseases such as bipolar disorder, dementia, and endometriosis symptoms are increasing due to hectic lifestyle of people especially amongst the millennial population. As the melatonin supplements control the internal body clock of human beings and boosts sleeping orders, its consumption pattern is expected to increase, in turn, expanding the market demand across the globe. Moreover, the steadily increasing stress level and anxiety has led to increased awareness regarding the serious problems related with insomnia, this in turn, is creating favorable dynamics for the melatonin supplements market.
Further, the rapid growing number of healthcare suppliers for lifestyle and chronic diseases is one of the significant factor attributing towards the growth of the melatonin supplements market. Another emerging trend in the melatonin supplements market is the easy availability of nutrimental supplements. In many clinical trials it has also been found that melatonin supplements also reduces side effects of chemotherapy and increases survival period of a cancer patient. The listed factors are expected to boost the market growth of melatonin supplements and anticipated to remain dominant over the forthcoming period.
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Growing Number of Healthcare Providers for Lifestyle and Chronic Diseases
Changing lifestyle and hectic schedule has led to several diseases such as asthma, arthritis sinus and allergies leading to sleep disorders, in turn, creating demand for melatonin supplements in the global market. There has been substantial growth in the number of clinical centers, pharmacies, multi-specialty stores and diagnostics center due to rapidly growing prevalence of lifestyle and chronic diseases. Change in eating habits causes lifestyle diseases like obesity and diabetes which also cause sleep-related disorders, hence the demand for melatonin supplements market is increasing across the globe. Melatonin supplements also helps to enhance the innate and cellular immunity as it stimulates the production of progenitor cells of granulocytes and macrophages which strengthen the immunity system. Thereby, expanding the demand for melatonin supplements in the globe market.
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Melatonin supplements Market: Segmentation
The melatonin supplements market is segmented on the basis of product type, application, and distribution channel.
On the basis of product type, the global melatonin supplements market is segmented as-
On the basis of application, the global melatonin supplements market is segmented as-
- Weak Immune System
- Alzheimer ’s Disease
- Cancer Treatment
- Nerve Pain
On the basis of Distribution Channel, the global melatonin supplements market is segmented as-
- Hospital Pharmacies
- Online Pharmacies
- Retail Pharmacies
- Drug Stores
Melatonin supplements: Key Players
Some of the leading players of global melatonin supplements market include Puritan's Pride, Inc., Nature Made, Just Potent, Douglas Laboratories Canada Inc., Life Extension, Pharmavite, PacificCoast NutriLabs, Nature's Bounty, Inc., NOW Foods, Pure Encapsulations, Inc., Solaray Inc, Solgar Inc., Source Naturals, Inc., Doctor's Best, Inc., and others. Key players are launching melatonin supplements in different flavors and properties. For Instance,
- In 2020, Nature's Bounty, Inc., launched new melatonin supplements in orange flavor – a quick-dissolve tablet which can be taken without water.
- Natrol LLC. launched advanced Vitamin B6 sleep tablets with 100% drug free that helps to fall sleep longer hours.
Melatonin Supplements: Opportunities
Growing table- bound work and hectic lifestyle has led to many health issues such as nerve pain, weak immune system. Thus, now day’s consumers are opting for various nutritional supplements which also include melatonin supplements. This creates opportunities for the manufactures who are operating in the melatonin supplements market to offers innovative supplements with different properties and flavor. The gradually growing demand for melatonin supplements is encouraging suppliers to sell their products through online channel as well in order to ensure that their products are easily available for the target consumers.
Moreover, key manufacturers are also expand their footprint through collaboration and acquisition in the U.S., Canada, the UK, and Germany. According to Centers for Disease Control and Prevention, it is found that 3 million of Americans are using melatonin pills on daily basis and 87% of adults are dealing with sleep-disorder issues. Also, the demand for melatonin supplements are also increasing due to circadian rhythm in developing countries such as India, China, Mexico and Brazil.
An Effect of COVID-19 on Melatonin Supplements:
Presently, amidst the COVID-19 pandemic, the main factor hindering the growth of melatonin supplement are trade disruption and border closures, especially in the countries such as U.S., China and India, where this pandemic has hit hard. Rising stress levels amidst this pandemic is increasing the demand for these supplements and its demand is expected to grow at a high rate following the pandemic.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
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Below is a snapshot of these quadrants.
1. Customer Experience Map
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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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