Originally developed in the 1970s by French neuroscientist Michel Jouvet and Lafon Laboratories, modafinil has been prescribed in France since 1994, and was approved for medical use in the United States in 1998.
Concerns have been raised about the growing use of modafinil as a "smart drug" or cognitive enhancer among healthy individuals who use it with the aim to improve concentration and memory. In 2003, modafinil sales were skyrocketing, with some experts concerned that it had become a tempting pick-me-up for people looking for an extra edge in a productivity-obsessed society. The cost of modafinil varied depending on factors such as location and insurance coverage, still, in 2004, the price of modafinil in the US was around $120 or more per monthly supply. However, the availability of generic versions has increased since then and may have driven down prices.
In 2020, modafinil was the 302nd most commonly prescribed medication in the United States, with just over  prescriptions.
 the global sales figures for modafinil are not known. Still, modafinil sold under the brand name Provigil accounted for over 40% of Cephalon's global turnover for several years, according to the information published in 2020.