by The Neurodegenerative Disease Treatment Market is estimated to be valued at US$ 42,388.8 Mn in 2023 and is expected to exhibit a CAGR of 3.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Neurodegenerative diseases refer to conditions that primarily affect the neurons in the human brain. Some of the major neurodegenerative diseases include Alzheimer’s disease, Parkinson’s disease, Huntington’s disease and Amyotrophic lateral sclerosis (ALS). Currently available treatment options are aimed at improving symptoms and delaying disease progression. Drug therapies include medications to manage behaviors and psychiatric symptoms, as well as those that increase dopamine levels to manage movement difficulties.
Market Dynamics:
Growing research activities in neuroscience: Significant investments are being made in neuroscience research aimed at better understanding of disease pathology and identification of new drug targets. Growing research collaborations between academia and industry are also boosting drug development efforts. Currently several drug candidates are in clinical trials for various neurodegenerative conditions. These extensive research and development initiatives are expected to result in approval of novel disease modifying therapies over the forecast period.
Rising disease prevalence: According to WHO, over 55 million people globally are suffering from dementia. Alzheimer’s disease accounts for 60-80% of dementia cases. Prevalence of various neurodegenerative diseases is increasing principally due to aging population worldwide. Increasing life expectancy will further drive up the number of people diagnosed with these conditions in future, thereby fueling market growth.
Segment Analysis
The neurodegenerative disease treatment market is segmented based on disease, drug type and distribution channel. By disease, the Alzheimer’s disease segment dominates the market, accounting for over 30% share. The segment witnesses high demand owing to increasing prevalence of Alzheimer’s disease among the geriatric population. By drug type, cholinesterase inhibitors lead the segment due to their efficacy in improving memory and thinking in mild to moderate Alzheimer’s disease.
PEST Analysis
Political: Government initiatives to increase funding for neurodegenerative disease research and development of novel treatment options will drive market growth.
Economic: Rising healthcare spending on treatment of neurodegenerative diseases and high cost of disease management will support market revenue.
Social: Growing geriatric population susceptible to neurodegenerative ailments and increasing disease awareness create a social need for effective treatment options.
Technological: Advancements in gene therapies, biologics and digital technology for precision medicine are expanding treatment opportunities.
Key Takeaways
The global neurodegenerative disease treatment market is expected to witness high growth, exhibiting CAGR of 3.1% over the forecast period, due to increasing prevalence of neurodegenerative disorders among the aging population.
Regionally, North America dominates the market accounting for over 40% share owing to presence of major players, higher healthcare expenditure and growing disease burden. Asia Pacific exhibits fastest growth driven by expanding medical tourism industry, improving healthcare facilities and economic development in major countries.
Key players operating in the neurodegenerative disease treatment market are Abbvie Inc., Amneal Pharmaceuticals Inc., Boehringer Ingelheim International Gmbh, F. Hoffmann-La Roche, and Merck & Co. Inc., among others. Major players focus on collaborative agreements to develop novel drug candidates, acquisitions for portfolio expansion and geographical expansion strategies to strengthen market position.
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