by Alzheimer’s disease is a progressive neurological disorder that slowly destroys memory and thinking skills. It is the most common cause of dementia – a group of brain disorders that result in the loss of cognitive abilities to such an extent that it interferes with daily life and activities. Currently, there are no treatments available to delay or stop the progression of Alzheimer’s disease. The existing drugs such as donepezil, rivastigmine, and memantine are only for symptom management and treatment of behavioral symptoms associated with the disease. However, researchers across the globe are increasingly investing in research and development activities for discovering disease-modifying drugs that could slow or stop the progression of Alzheimer’s. The increase in research and development investment is expected to drive significant growth in the global Alzheimer’s drugs market.
The global Alzheimer’s Drugs Market is estimated to be valued at US$ 4.86 Bn in 2023 and is expected to exhibit a CAGR of 11.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increase in R&D investment for disease modifying drugs is one of the major drivers augmenting the growth of global Alzheimer’s drugs market. Various pharmaceutical companies and research institutes have ramped up investments towards research and clinical trials exploring new drug targets and pathways for developing effective disease-modifying treatments. For instance, Biogen received approval for its disease-modifying drug Aduhelm (aducanumab) in 2021 and Eli Lilly is currently conducting phase 3 clinical trials for its antibodies drug donanemab. Such ongoing research and new drug approvals are fueling the market growth. Second driver is increasing prevalence of Alzheimer’s disease globally. As per Alzheimer’s Association, around 6.5 million Americans of all ages have Alzheimer’s dementia in 2022. The number is projected to rise to around 13 million by 2050. The surging incidence rate of Alzheimer’s presents lucrative opportunities for pharmaceutical manufacturers in the market.
Segment Analysis
The global Alzheimer’s Drugs market is dominated by disease-modifying drugs segment which accounts for over 50% share of the total market. This is because disease-modifying drugs aim to slow down or stop the progression of Alzheimer’s by targeting the biological processes that are believed to underlie the disease such as amyloid beta and tau proteins. The approved drugs belong to this segment includes drugs such as Namzaric, Namenda, and Exelon.
PEST Analysis
Political: Governments across major countries are focusing on increasing healthcare spending for Alzheimer’s research which is positively impacting the market growth. For instance, the US government provides funding for Alzheimer’s research through National Institute on Aging.
Economic: Rising geriatric population prone to neurodegenerative diseases and growing awareness about early diagnostics is fueling the market growth. However, high treatment cost of drugs remains a challenge.
Social: Growing social stigma associated with Alzheimer’s is increasing awareness regarding early detection and management of the disease. Support groups are also helping patients and caregivers cope with the condition.
Technological: Biomarkers and neuroimaging technologies are playing a vital role in early and accurate diagnosis of Alzheimer’s disease before symptoms appear. Advancements in drug discovery offer potential treatment options.
Key Takeaways
The global Alzheimer’s Drugs Market is expected to witness high growth during the forecast period.
Regionally, North America dominates the market currently due to high healthcare spending and presence of major players. Europe and Asia Pacific are fastest growing markets owing to increasing geriatric population susceptible to neurodegenerative diseases.
Key players operating in the Alzheimer’s Drugs market are AstraZeneca, GlaxoSmithKline plc, Pfizer Inc., Clovis Oncology, Inc., Tesaro. Key players like AstraZeneca are continuously focusing on developing new drug candidates targeting major pathologies of Alzheimer’s disease.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
